Blockchain technology has often faced many limitations when it comes to achieving scalability without sacrificing decentralization. Up to this date, no project has been able to scale to meet today's demands without putting decentralization at risk. I'd be a "miracle" if we get a cryptocurrency that's highly-scalable and highly-secure at the same time.
Now I'm starting to wonder if there's a project that's aiming to achieve "unlimited scalability"? To my knowledge, there isn't a cryptocurrency with an unlimited block size. If there was such cryptocurrency, it would've been highly centralized, making it no different than traditional banks. Still, I'm curious to know if blockchain is capable of scaling infinitely to billions of people worldwide. If it's possible, then governments can use the same technology to replace the monetary system of today.
What are your thoughts?
NEAR protocol already solved the issue of unlimited scalability with horizontal sharding. It can do infinite TPS with two second finality. How does it do it? Each shard has its own validators. Instead of gas fees increasing when transaction volume goes up, another shard with new validators is opened. Each shard can do 2000 plus TPS so the blockchain goes as fast as it needs to go and the gas fees remain low. Each shard has 100 validators, which is twice as much as most other POS chains. Unlike all other sharded chains, there is no beacon chain to slow things down, every shard is independent. Now I'm starting to wonder if there's a project that's aiming to achieve "unlimited scalability"? To my knowledge, there isn't a cryptocurrency with an unlimited block size. If there was such cryptocurrency, it would've been highly centralized, making it no different than traditional banks. Still, I'm curious to know if blockchain is capable of scaling infinitely to billions of people worldwide. If it's possible, then governments can use the same technology to replace the monetary system of today.
What are your thoughts?