The growing popularity of blockchain as a reliable and transparent technology has led to high expectations. Users expect that ‘block’ technology will not only exclude any possible risks but will also allow fast transactions to take place.
Most recently, however, popular blockchain platforms do not always perform. The application Cryptokitties – the second most popular application on Ethereum (Ethereum) – now seriously threatens the network’s normal operation. The purpose of the game is to get as many different kinds of kitties as possible with different attributes, and you can purchase pets only with cryptocurrency – Ether. People’s love for kitties can only hurt the platform because the growth in the number of users is downloading the network and the application is responsible for at least 15 percent of the transactions in Ethereum.
Why is the platform facing this problem? In Ethereum, miners are responsible for maintaining the network, i.e. creating new blocks, paying gas (Gas), and its price, in turn, is set by the platform users themselves. If the price is high enough, it will take tens of seconds to wait for lovers to save waiting for a few minutes. Because of this, transactions in Ethereum-based applications take quite a long time.
The platform also uses smart contracts, which is the algorithm that runs automatically when the specified events occur in the blockchain. In, Ethereum cryptocurrency is transferred to the program, it confirms the terms of the transaction, nd determines whether the asset should go further over the network or be back. It takes some time, too. It turns out that the fans of blockchain need similar platforms, but with more bandwidth, so that the expectations of technology can be fulfilled.
Blockchain capacity can be increased
However, solutions have already been proposed. For example, the CREDITS platform provided for the possible traffic to be downloaded and new technologies were being used. These include compressing the information on the network to 90%, which not only reduces the time to load data, but also frees up space for servers on the platform. The increase in security measures has also had a positive impact on transaction speeds: Built encryption allows you to perform operations in blockchain with encrypted text without wasting time deciphering.
CREDITS also use smart contracts: Network members approve smart contracts, and you also run a check for all conditions. It’s almost like the Ethereum but the difference is that transactions pass faster. For comparison, Ethereum conducts a middle transaction in five minutes, and CREDITS takes a maximum of three seconds.
Blockchain platforms, as we see it, are rapidly developing and offering new solutions to emerging problems, including capacity problems. Little more, and the work of such networks will not be hampered by anything – even a mass love of kitties.
The difficult thing is not to learn, the difficult thing is to know how to teach.
Editor and coordinator of the free book “La era de las BLOCK punto COM”
CEO of bitcoiner.today