Decred’s co-founder says Bitcoin still has chain scalability issues

As Bitcoin (BTC) continues to attract the attention of the conventional public, the scalability of the asset blockchain remains an issue, according to Decred co-founder Jake Yocom-Piatt.

„There is a great demand for transactions in the Iq Option, and during these periods, the demand serves to completely fill the blocks and substantially raise commissions,“ Yocom-Piatt told Cointelegraph, pointing out the difficulties the Bitcoin network can face during peak times, given the number of stakeholders.

Illegal crypto coin miner caught after stealing more than $400,000 of electricity

Bitcoin’s scalability has been a problem for many years.
When it comes to mass adoption, Bitcoin’s ability to work effectively in high-traffic conditions has been questioned for several years, and the debate caused a major breakthrough within the Bitcoin community in 2017, when Bitcoin forked into Bitcoin Cash (BCH) in an effort to scale using larger blocks; however, BTC with a smaller block remains the dominant asset in the market.

At the peak of the last upward race in cryptosystems in 2018, Bitcoin saw its network become congested by all the conventional users who joined, stimulating slow transactions with very high commissions.

Some users within the crypto community see small blocks as a way to keep Bitcoin decentralized, „increasing block size would mean longer chain synchronizations, fewer full nodes operating from home Internet connections, and more centralization overall,“ Yocom-Piatt said of a transition to an additional block.

Australians and New Zealanders can now use Bitcoin in vending machines

Scalability out of the chain as a single option
Scalability outside the Bitcoin chain might be the right solution, with options such as Lightning Network facilitating transactions on a second network layer.

„Improving Bitcoin scalability by using off-chain transactions is virtually the only option, similar to how electromagnetic telecommunications allows radio to scale,“ said Yocom-Piatt, mentioning Lightning Network as an option.

If the conventional world adopted Bitcoin as a viable storage asset, the asset could successfully handle traffic with an off-chain solution, Yocom-Piatt explained:

„I believe that the adoption of Bitcoin and other cryptosystems as value repositories can be successful if most transactions occur outside the chain.
However, Bitcoin’s network fees would likely increase significantly, as off-chain solutions have yet to interact with the network in the form of opening and closing payment channels for Lightning Network, which „would create some challenges in terms of user experience while fees remain high,“ added Yocom-Piatt.

With respect to complexity, the main goal of Lightning Network should be simple enough for the general public to learn and use, according to Yocom-Piatt.

Last month, before Bitcoin’s halving, Yocom-Piatt predicted that Bitcoin’s price would double „in the short term.

Die Kommentare sind geschlossen, aber trackbacks und Pingbacks sind offen.