Re: Is any crypto truly scalable to a global scale? BTC, ETH, IOTA, DCR, PIVX...?
A whole host of questions that I feel are important. Any insights would be appreciated!
1. Can blockchain-based currencies really work with billions of users?
2. Will it become a choice between impractically expensive fees or impractically slow transaction confirmations?
3. Are the proposed plans for BTC and ETH scalability just short-term fixes that will eventually run into the same problems later on?
4. Are DAGs the solution?
5. How much time will IOTA transactions take if each user has to process their own share of the "tangle"? Can tiny IOT devices even handle such processing requirements?
6. Others have suggested that currencies such as DCR, PIVX or BURST solve the problem in different ways. If so, how?
7. Are there any other solutions?
Thanks
1. Can blockchain-based currencies really work with billions of users?
2. Will it become a choice between impractically expensive fees or impractically slow transaction confirmations?
3. Are the proposed plans for BTC and ETH scalability just short-term fixes that will eventually run into the same problems later on?
4. Are DAGs the solution?
5. How much time will IOTA transactions take if each user has to process their own share of the "tangle"? Can tiny IOT devices even handle such processing requirements?
6. Others have suggested that currencies such as DCR, PIVX or BURST solve the problem in different ways. If so, how?
7. Are there any other solutions?
Thanks
Good questions. I don't think anybody really knows yet, which is what makes it all such an interesting experiment.
I doubt we'll ever get to a sustained 2) type situation because competitor networks will take market share, if only because they will operate better due to less users.
I think this is related to 7) because a solution could come by connecting to an ecosystem of blockchain based coins. If payment systems had access to hundreds of blockchains they could choose which to use dynamically based on factors like current fees, confirmation times, network security, etc. This would kind of be the direct opposite of the "one coin to rule them all" philosophy, although I think btc maximalists envision doing something similar only with sidechains.
Of course there's also always the possibility that the next satoshi is out there and will come up with a scaling breakthrough analogous to solving the byzantine general's problem for btc.