On Scaling Decentralized Blockchains
This article summarizes a technical paper on scaling blockchains. I do not disaggregate the entire work, but I definitely get under the hood. So if you do not have the time, spoiler alert! “Here is the takeaway. Blockchains must be massively more scalable than the current tech that supports Bitcoin. We start scaling slowly or quickly. And if we choose the latter, it will “require fundamental protocol redesign.”” If you choose to read on, you will see the aforementioned again. Ready? As the classic joke goes, what do you get when you mix the Initiative for CyrpoCurrencies and Contracts....
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Scalability is one of the main challenges faced by distributed ledger technology. It is widely felt that in order to challenge traditional payment networks and assume a key role in the decentralized future of the internet, blockchains must find ways to radically improve their throughput, measured in number of transactions per second. “Today’s representative blockchain such as Bitcoin takes 10 min or longer to confirm transactions, achieves 7 transactions/sec maximum throughput,” note the authors of a recent research paper titled "On Scaling Decentralized Blockchains," presented....