Am I the only one who thinks that the biggest BitCoin flaw is scalability?
When you have at least O(n2) algorithm you can be pretty sure it will bite you in the ass.
Sooner, rather than later.
We have 800 Mb transaction database now. This means that people with slow or traffic-limited internet are out. Mobile devices are out. And it's what 20 000 users?
Yes, I know you can prune the chain, but to what extent?
When each transaction must be distributed to each member and you have, let's say, a million users, it's roughly one million network packets to send per one transaction.
Each user will do at least one transaction, so it will be one trillion packets!
And a million users? It's nothing. There are 300 million people in US alone.
You get to 100 million users and you will shutdown the Internet
10 quadrillion packets is a pretty big number. And with more users the number of transactions will grow. And I suspect the growth will be non-linear.
So, I don't know. I've heard people saying that BitCoin was a nice proof-of-concept. To me, it wasn't. It doesn't scale beyond a small town population.
These are just some scary thoughts I've been having lately
You're welcome to refute. I'd be more than happy to know that I am wrong.
When you have at least O(n2) algorithm you can be pretty sure it will bite you in the ass.
Sooner, rather than later.
We have 800 Mb transaction database now. This means that people with slow or traffic-limited internet are out. Mobile devices are out. And it's what 20 000 users?
Yes, I know you can prune the chain, but to what extent?
When each transaction must be distributed to each member and you have, let's say, a million users, it's roughly one million network packets to send per one transaction.
Each user will do at least one transaction, so it will be one trillion packets!
And a million users? It's nothing. There are 300 million people in US alone.
You get to 100 million users and you will shutdown the Internet
10 quadrillion packets is a pretty big number. And with more users the number of transactions will grow. And I suspect the growth will be non-linear.
So, I don't know. I've heard people saying that BitCoin was a nice proof-of-concept. To me, it wasn't. It doesn't scale beyond a small town population.
These are just some scary thoughts I've been having lately
You're welcome to refute. I'd be more than happy to know that I am wrong.