Ensuring Network Scalibility: How to Fight Blockchain Bloat
With more and more users turning to Bitcoin and Chief Scientist Gavin Andresen having proposed a hard fork of the blockchain, the issue of network scalability has once again risen to the surface. The problem is called "blockchain bloat": when more transactions are made, the blockchain has more data to record, and if it grows too large, it becomes....
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The Ethereum ecosystem is going through several changes with the recently announced new hard fork. Unfortunately, it appears the network is showing signs of fewer transactions being accepted than before. Developers are also advising on raising the gas limit to 3.3 million as soon as possible. Similarly to Bitcoin, Ethereum’s blockchain is showing signs of bloat as well. To be more precise, there are quite a few Ethereum wallet addresses taking up blockchain space. Most of these accounts are empty, yet their dataset carries over into newer network blocks. To debloat the blockchain, Ethereum....
This article will cover another approach to solving the data bloat problem in blockchains utilizing a tried and tested enterprise software solution – the Enterprise Database – alongside an Ephemeral Blockchain. Blockchain Data Bloat in the Supply Chain. MultiChain, Sidechain, BigchainDB, Factom, and other chains built either on or off the Bitcoin Blockchain will eventually suffer from the data bloat syndrome. Pruning techniques like SPV and sharding can help with this syndrome but to a limit. Take an example of Boeing using a blockchain to implement its supply chain solution for an....
Blockchain technology could potentially transform payments, says a new report by American multinational banking corporation BNY Mellon. Although the report - titled "Innovation in Payments: The Future is FinTech" - notes that bitcoin may not survive in the long-term, the blockchain, it says, could help to reduce risk, transaction costs and improve speed, efficiency and transparency in the realm of payments. The report goes on to assert that this process does not come without a set of challenges: "Indeed, blockchain technology presents a number of challenges that have yet to be resolved,....
Bitcoin may be a victim of its own success. The blockchain is now around 28 gigabytes, and as more people jump on the Bitcoin bandwagon, it will only grow faster. With new Bitcoin technologies like Omni andCounterparty on the horizon, letting us put all kinds of things on the blockchain, scalability has become a concern. Bitcoin's blockchain is not just for bitcoins anymore, and many fear it's running out of room. It increases in size with each transaction, and with the current maximum block size, the network can only support seven transactions per second. This has caused a serious debate....
The last few weeks have provided evidence that the emerging crypto 2.0 community is moving to integrate more fully with the mainstream bitcoin industry. The trend is evidenced by projects such as DigitalTangible, a gold and bitcoin exchange that uses tokens in an effort to bring gold trading into the 21st century. The project was backed by major partners Amagi Metals and Agora Commodities. However, the increased interaction between these two industry sectors has not been without controversy. The block chain bloat debate. An increasing number of bitcoin industry observers now fear that the....