Blockchain the three major technical shortcomings

Recently, many people are confused about the future of the blockchain. The price of cryptocurrencies recently hit an all-time high with a total market cap of more than $ 800 billion. Everyone wonders if we are now seeing the wave of the second wave or the craziest bubble in history. If you ask me, I think both ways are a bit.

Today, some blockchain projects can get billions of dollars in financing with just a single piece of paper – no product, no appeal, only ideas and some technical parameters. Even if we are not in the venture capital industry, we know that such a level of speculation can not be sustained. In the meantime, we have witnessed the same scene in the early stages of the Internet, so we are on guard today.

I think the madness we’ve seen so far around cryptocurrencies is hiding much of the potential of this important architecture and technology. Putting aside speculation in the market Regardless, when I see the blockchain today, I see a very exciting technology that is dramatically changing the world we are digitizing.

However, this does not mean that it will happen overnight. While CryptoKitties, a seemingly useless game of breeding, trading virtual cats, can paralyze the most promising blockchain network in the world, it is clear that while this technology is working in the real world We still have a long way to go before we get ready for mass adoption.

To do this, creative and motivated developers must overcome the three big barriers that exist at the core of the blockchain: callous high latency, high computational costs, and limited storage space. Prior to this, the hundreds of billions of dollars invested in cryptocurrencies such as bitcoin, ethernet, Litecoin and the like were but speculative gamblers. More importantly, if blockchain technology fails to catch up with the enthusiasm of investors in the short term, there is a good chance that there will be a major market correction.

Delay high

One of the biggest innovations in the blockchain is the decentralization of trust by using a consistent approach to verifying all kinds of transactional information. While this model has created tremendous value, it has also brought significant costs: delaying issues and being a long delay.

This is because, when a transaction is posted to the blockchain, all nodes throughout the network are involved in verifying and recording transaction information. This is a slow and lengthy process that requires a lot of processing power. This runs counter to all our expectations about software systems and the Internet as a whole. On the one hand, the entire infrastructure of the Internet is evolving in real time; on the other hand, the blockchain is inherently slow.

If the blockchain wants to be widely adopted, it needs to get faster. Redundancy may be just a key feature, but high latency is always seen as a bug because all of us are now accustomed to real-time interactions with technology.

Calculation is expensive

While everyone is talking about unlocking parallelism, writing multithreaded and ultra-efficient code, we have to wonder how to write efficient single-threaded code again, which is undoubtedly ironic.

This is due to the distributed nature of the blockchain architecture and to the consistency mechanism that validates the activities of the blockchain. In this environment, every node in the network calculates an infinite number of parallel executions per transaction, which means the computational cost is very high. In other words, the computational power available in the network is very limited, making it a very scarce (and therefore expensive) resource.

This is a very interesting challenge. Today’s programmers are accustomed to getting cheap and almost limitless processing power. Blockchain does not have this processing power.

Today, we see all this effort in order to regain the knowledge of how to write ultra-efficient software. However, efficient code can only promote the popularity of the blockchain to a certain extent. To be widely adopted, blockchain processing power must be made cheaper.

Simply adding more computers does not solve the problem. On the contrary, the more computers on the network, the more nodes need to be synchronized with the latest transaction.

Storage space is extremely limited

As with the blockchain, storage is limited and costly.

In the blockchain, storage space exists in the form of blocks, and the data for a particular block is very large. In addition, the number of blocks that can be created is limited. Both of these results occur because each block needs to be validated and synchronized on each node of the network. As noted earlier, this places significant limitations on processing speed and processing power.

This also raises an important issue of how to monetize storage space. With the cloud platform, users can pay for storage on a monthly or yearly basis, even for unlimited storage. As long as users keep paying, it’s all their stuff. Once the subscription service expires, the user can choose to renew, or they will not be able to access the original file (that is, the file will be deleted).

Due to the blockchain, this model completely invalidated. Blockchain databases can store data indefinitely; it raises the question of how do you price your stored data? Data storage costs must be paid in advance, not only for one month’s usage fee, but also for twelve months and years ahead.

What is the time value of the data? Again, this is a matter of benevolence, wisdom, wisdom, urgent need for a creative solution.

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