Video: Blockchain scalability explained
https://youtu.be/UyxDaPGIXig Problem Pick 2 out of Decentralized Secure Fast Bitcoin chooses Decentralized Secure But loses ‘fast’ Bitcoin’s proof of work limits it’s throughput to 3-7 transactions per second This is already showing as too little. A lot of energy is wasted in bitcoin Proposed solutions [bitcoin cash] Increase blocksize Proof of stake (instead of proof of work) [eos] Delegated proof of stake (DPOS sacrifices decentralisation) [ripple] transfer ‘I owe you’ (centralized) [stellar] stellar consensus protocol Side-chains (secondary layer for lower cost and higher speed) Off-chains (move entire computation outside blockchain) [lightning] Offchain state channels (part of the blockchain is locked by a smart contract that requires 100% consensus, then is transfered back to the blockchain and the state channel is closed) Offchain computations [plasma] only block headers in main chain Etherium sharding Decentralized storage