• Latest
Why Is Scalability So Important for Blockchain Solutions?

Why Is Scalability So Important for Blockchain Solutions?

July 9, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Litecoin

Why Is Scalability So Important for Blockchain Solutions?

coinnewsdaily by coinnewsdaily
July 9, 2019
in Litecoin
0
Why Is Scalability So Important for Blockchain Solutions?
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin Will Overtake Gold’s MarketCap in 9 years, Says Bobby Lee |

Sell or hodl? How to prepare for the end of the bull run, Part 2

April 10, 2022
How to prepare for the end of the bull run, Part 1: Timing

How to prepare for the end of the bull run, Part 1: Timing

April 3, 2022

Bart Wyatt leads Block.one’s Blockchain Team and is responsible for guiding the development of the company’s strategic vision for EOSIO. Bart came to Block.one as a veteran in the industry with six years dedicated to asset tokenization and decentralized identity. Prior to joining Block.one, Bart oversaw technology teams at several firms that specialized in personal privacy solutions, deniable attestations, and degradable cryptographic proofs, gaming and advertising technology.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.

In the blockchain industry, “scalability” can mean a lot of things. In one debate, you may hear about a technology’s lack of scalability in terms of blockchain’s size over time, conflating the ability to on-board new network participants cheaply with the technology’s ability to survive the test of time. In another discussion, you may hear comparisons to legacy technologies like traditional payment processors and the transaction volume they have on certain holidays as a worthy definition of what is required of a scalable technology. 

Yet another heated conversation may attempt to persuade the listener that there is a fundamental trade-off between scalability and decentralization, and that one or the other is a sacred quality of blockchains. 

Indeed, there is no consensus (pun intended) on what a scalable blockchain is — or should be. What is clear however, is that the mass market has not yet arrived at the promise of blockchain; when that day comes, we will need scalable solutions for every problem that blockchains address.

To underscore the point that scalability is a gating factor for mass market adoption, I offer a simple and generic definition of scalability: Scalability refers to a blockchain’s ability to provide a rich experience for users independent of how many users have this experience. Whether the user’s experience is joining a blockchain’s network, interacting with a decentralized application (DApp) during a prime-time rush, or breaking out from a centralized walled garden, the experience must be excellent to achieve mass market adoption. So, scalability is a key consideration if a technology seeks mainstream adoption, but is mass adoption itself important?

Is mass adoption itself important?

I think it is. Let me explain by using an everyday example. Think about the experience of attending a major sporting event — like the World Cup rather than a regular league match. The dimensions of the field are the same, the rules of the game are the same, the players are the same… you get the idea.  

Yes, the stakes are higher for the teams and therefore the fans, but in isolation, that has a limited effect. Where events like this come alive for fans and players alike is when you reach a critical mass of people in the stadium, moving, chanting, screaming, crying and celebrating together. There is, quite literally, exponential experiential value in the crowd sizes that these events draw, which is impossible to replicate. These kinds of user experiences are only achievable with a critical mass of users. And this, I contend, is the true value of mass market adoption: It is itself a gate — or a ceiling — on the level of user experiences achievable that require a critical mass.

Furthermore, scalability is not only a gate, whose value would drop sharply once it crosses some imagined line for critical mass; it is also a means to more fair and open access of experiences. When a technology can scale in excess of its baseline need for critical mass, it becomes cheaper to operate. This, in turn, lowers the barriers of participation for users. If an experience lacks scalability but has achieved critical mass, it becomes an exclusive experience.  The technology itself may constantly oust “lesser” participants in favor of those with higher perceived value. 

We have avoided many dogmatic arguments around blockchain so far, but this situation seems clearly to be the opposite of what many of us want blockchain to be. This means that a lack of open-access can be considered an existential threat to blockchain technology outright. As a result, scalability of blockchain technology is more than a lofty goal — it is a requirement for future blockchain technology.

Team sport

Scalability is critical in order to achieve the experiences and goals of the blockchain industry. One of the most approachable ways to improve scalability in the industry is to consider a decentralized application not as a resident on a single blockchain technology, but an experience that is provided by coordinating many independent platforms and protocols. Consider how the internet has developed into a fundamental part of our daily lives: collaborative standards, competitive technology providers working together in a stack, a focus on the end-users, and a tide that lifts many boats. Ultimately, I believe it would serve the blockchain industry well to recognize that solving scalability for blockchains is a team sport.



Credit: Source link

Tags: Litecoin
Share76Tweet47
Previous Post

Facebook’s David Marcus Assures Congress That Libra Will Cooperate

Next Post

Blockchain Startup Solve.Care Partners with Uber to Transport Patients

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

Bitcoin Will Overtake Gold’s MarketCap in 9 years, Says Bobby Lee |
Bitcoin

Sell or hodl? How to prepare for the end of the bull run, Part 2

April 10, 2022
How to prepare for the end of the bull run, Part 1: Timing
Bitcoin

How to prepare for the end of the bull run, Part 1: Timing

April 3, 2022
Bull or bear market, creators are diving headfirst into crypto
Alt Coin

Bull or bear market, creators are diving headfirst into crypto

April 2, 2022
crypto listing and delisting announcements: week 9
Alt Coin

Crypto Listing and Delisting Announcements: Week 9

February 28, 2022
unstable markets how to invest in cryptocurrency
Alt Coin

How to invest in cryptocurrency when the market is uncertain, explained

December 21, 2021
be your own banker secrets
Alt Coin

Bitcoin and Crypto Wallet Hygiene 101

November 22, 2021
Load More
Next Post
Blockchain Startup Solve.Care Partners with Uber to Transport Patients

Blockchain Startup Solve.Care Partners with Uber to Transport Patients

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$28,383.003.15%
  • ethereumEthereum(ETH)$1,822.594.58%
  • tetherTether(USDT)$1.01-0.30%
  • binancecoinBNB(BNB)$330.541.84%
  • rippleXRP(XRP)$0.4455623.95%
  • cardanoCardano(ADA)$0.3722302.24%
  • dogecoinDogecoin(DOGE)$0.0775694.63%
  • matic-networkPolygon(MATIC)$1.130.44%
  • solanaSolana(SOL)$22.201.89%
  • polkadotPolkadot(DOT)$6.283.23%
  • litecoinLitecoin(LTC)$93.417.77%
  • shiba-inuShiba Inu(SHIB)$0.0000112.16%
  • tronTRON(TRX)$0.06621210.93%
  • daiDai(DAI)$1.00-0.07%
  • chainlinkChainlink(LINK)$7.595.37%
  • cosmosCosmos Hub(ATOM)$11.723.99%
  • leo-tokenLEO Token(LEO)$3.38-0.06%
  • ethereum-classicEthereum Classic(ETC)$20.763.88%
  • moneroMonero(XMR)$156.464.95%
  • okbOKB(OKB)$44.97-0.37%
  • bitcoin-cashBitcoin Cash(BCH)$128.241.58%
  • stellarStellar(XLM)$0.0927612.92%
  • filecoinFilecoin(FIL)$5.895.41%
  • crypto-com-chainCronos(CRO)$0.0701412.28%
  • vechainVeChain(VET)$0.0236603.82%
  • algorandAlgorand(ALGO)$0.2183530.42%
  • internet-computerInternet Computer(ICP)$5.193.74%
  • eosEOS(EOS)$1.165.64%
  • aaveAave(AAVE)$76.703.17%
  • elrond-erd-2MultiversX(EGLD)$43.533.06%
  • tezosTezos(XTZ)$1.175.36%
  • theta-tokenTheta Network(THETA)$1.055.51%
  • neoNEO(NEO)$12.325.42%
  • havvenSynthetix Network(SNX)$2.68-2.52%
  • paxos-standardPax Dollar(USDP)$1.00-0.49%
  • bitcoin-cash-svBitcoin SV(BSV)$37.505.19%
  • dashDash(DASH)$62.609.34%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.780.50%
  • makerMaker(MKR)$680.241.91%
  • iotaIOTA(MIOTA)$0.2172144.79%
  • huobi-tokenHuobi(HT)$3.68-0.93%
  • zilliqaZilliqa(ZIL)$0.0284864.73%
  • zcashZcash(ZEC)$37.939.97%
  • basic-attention-tokenBasic Attention(BAT)$0.2540656.48%
  • nemNEM(XEM)$0.0398553.23%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • qtumQtum(QTUM)$3.267.08%
  • kusamaKusama(KSM)$34.705.22%
  • compound-governance-tokenCompound(COMP)$44.002.72%
  • bitcoin-goldBitcoin Gold(BTG)$16.842.67%
  • yearn-financeyearn.finance(YFI)$8,718.762.49%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • omisegoOMG Network(OMG)$1.762.02%
  • golemGolem(GLM)$0.2446791.75%
  • wavesWaves(WAVES)$2.242.67%
  • ontologyOntology(ONT)$0.2357577.32%
  • sushiSushi(SUSHI)$1.082.50%
  • digibyteDigiByte(DGB)$0.0098093.69%
  • umaUMA(UMA)$2.113.03%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%