Blockchain is a new kind of database - block or records connected to another block. That's the simplest explanation. However, I want to ask the hard question.
What are the limitations of blockchain? I know this is a really good innovation and I highly support it, not because I join the bandwagon, but because bitcoin will not exist if not because of it.... But I want to have a better understanding of the blockchain (in layman's terms please) if I want to get really serious about cryptocurrency and ICOs. My second question is, what are the things experts do to improve blockchain?
The two most unavoidable limitations of blockchain will be its size and the transaction tax & speed .
When the market cap reaches to its highest extend it becomes unavoidable to overlook the shortcomings rising due to the network size . It gets filed and overloaded with the unconfirmed transactions . Moreover , that scenario leads to high transaction fees and its long delays.