New DAG tech based cryptocurrency, decentralized social travel network and payment system. Travelflex is a new cryptocurrency that is aiming to solve the scalability issues that other coins like Bitcoin or Ethereum, are facing at the moment. By using a complete new DAG based algorithm Travelflex isn’t just a simple clone or a token. The block speed, for example, is 1 block per second, compared to 1 block per 10 min for Bitcoin
For anyone who is interested to understand why Bitcoin is the next gold and not cash, read and understand what causes Bitcoin's scalability issues. Why is the block time 10 minutes? Why can't it be decreased? Why is the block size 2 MB? Why can't that be increased? What about block difficulty? This is all intertwined, and there is actually quite an easy explanation as to why it doesn't work like that. If you explain Bitcoin to someone, make sure you understand all of this.
RSK sidechain is more realistic short term solution to bitcoin scalability issue.
Everybody on bitcoin is talking about the Lightning Network but it is wishful thinking as we all know. It's months away and can't scale with the 1 mb blocksize limit. The RSK sidechain on the other hand can scale because there's no need to "close channels". You can keep bitcoins locked in the sidechain indefinitely and use the native RSK smart bitcoin to transact cheaply. The sidechain is already launched on mainnet and is limited to 21 bitcoins due to security reasons for a few months until all potential bugs are found and fixed. Why there's no discussion about it?
I had a look at Daily tx chart and found something disturbing. At its peak there were 332000 btc tx per day and the btc fee was more than 1000 sats/byte. Yesterday it was 187,000 and tx as lows as 5 sats/byte were accepted. So if the tx count rises to just 1.8X the network can't scale to handle the transactions without a higher fee? What do you guys think the future bitcoin network will be able to do when the adoption grows and tx rate goes up? You keep paying more and more in tx fees for every 100% increase in tx rate? That sounds stupid.
My conjecture on solving scalability issues. A system with substructures that depend on other substructures in the system can scale out iff the substructures can be partitioned in a way that the dependencies between substructures in different partitions can be minimized while the number of partitions are maximized. Examples>
A relational DBMS cannot scale out, because there is no way for a relational DBMS to control the relationships between tables. The relationships are decided by schema designers.
The number of time steps on recurrent neural networks cannot scale out, because the forward processing depends on the previous time step, the BPTT depends on the next time step.
Facebook can scale out because it is possible to partition users in a way that the friendship between users in differerent partitions can be minimized. For example, when users using the same language are in a partition, the number of friendships between users in different partitions can be minimized.
Bitcoin blockchain cannot scale out, as we have no control on dependencies between transaction outputs. Users decide which coin to spend to where, we have no control on the dependencies between transaction outputs.
To make Bitcoin blockchain scalable in terms of the number of transactions per second it can process, we need to build a completely new architecture that partitions transaction outputs in a way that dependencies between transaction outputs in different partitions are minimized while the number of partitions are maximized. Please correct me if I am wrong. :-)
Note to Readers. When techies hear about how bitcoin works they frequently stop at the word "flooding" and say "Oh-my-god! that can't scale!". The purpose of this article is to take an extreme example, the peak transaction rate of Visa, and show that bitcoin could technically reach that kind of rate without any kind of questionable reasoning, changes in the core design, or non-existent overlays. The Lightning Network is a second-layer payment protocol that operates on top of the Bitcoin blockchain. At the time of writing, the implementation of this protocol is running in beta mode on Bitcoin’s mainnet. It is a routed bidirectional network that was proposed to solve the Bitcoin transaction scalability problem. The battle for a scalable solution is the blockchain’s moon race. Bitcoin processes 4.6 transactions per second. Visa does around 1,700 transactions per second on average (based on a calculation derived from the official claim of over 150 million transactions per day). The potential for adoption is there but is bottlenecked currently by scalability. Will Increased Scalability Solve all of Bitcoin's Issues? Will Increased Scalability Solve all of Bitcoin's Issues? Sep 23, 2020, 5:47PM. Bitcoin 4 min, 54 sec READ. Brought to you by Top Forex Trading Brokers. Bitcoin's principal objective is to provide an advanced and decentralized substitution to customary standards of money. Effects of Bitcoin’s Scalability Problem. The scalability problem of Blockchains can result in negative side effects for the community. Expensive Fees: In the early days of Bitcoin, you can send a transaction by paying an average fee of just $0.05. Compare that to now, where fees have exceeded $40 when the network is congested.
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