The blockchain data structure was actually invented by Dr. Stuart Haber and his colleagues back in the early 1990s and was supposed to be used for digital document timestamping. It wasn’t until late 2008 when Satoshi Nakamoto, the pseudonymous creator of Bitcoin, proposed using blockchain or distributed ledger tech (DLT) to serve as part of the foundation for the Bitcoin protocol and network. In mid-2015, Russian-Canadian programmer Vitalik Buterin and many other colleagues introduced Ethereum, which is a more advanced blockchain-based network because it also features smart contracts.
This added functionality makes Ethereum Turing Complete, which basically means it can be used to build and deploy decentralized applications (dApps). At present, Ethereum is in the process of transitioning from the computationally-intensive proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS)-based blockchain consensus mechanism. This should address the significant (lack of) scalability issues that Ethereum is facing. If you’re an active ETH network user, then you may have seen how impractical it can become to conduct crypto transactions with ERC-20/ERC-721 tokens, due to the exorbitant gas fees.
Addressing the Blockchain Trilemma: Security, Scalability, Decentralization
In addition to high fees, transactions can take a very long time to complete. Then there’s also the issue of front-running, where certain users may get ahead of the queue by paying higher fees, so their transactions can be (unfairly) prioritized over other users who may be waiting for a very long time. Clearly, these problems need to be addressed if Ethereum and other smart contract platforms want to deploy enterprise-grade dApps and support mainstream adoption.
Continue reading: https://cryptonews.com/news/all-systems-go-can-current-crypto-chains-scale-up-for-mass-adoption.htm
This added functionality makes Ethereum Turing Complete, which basically means it can be used to build and deploy decentralized applications (dApps). At present, Ethereum is in the process of transitioning from the computationally-intensive proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS)-based blockchain consensus mechanism. This should address the significant (lack of) scalability issues that Ethereum is facing. If you’re an active ETH network user, then you may have seen how impractical it can become to conduct crypto transactions with ERC-20/ERC-721 tokens, due to the exorbitant gas fees.
Addressing the Blockchain Trilemma: Security, Scalability, Decentralization
In addition to high fees, transactions can take a very long time to complete. Then there’s also the issue of front-running, where certain users may get ahead of the queue by paying higher fees, so their transactions can be (unfairly) prioritized over other users who may be waiting for a very long time. Clearly, these problems need to be addressed if Ethereum and other smart contract platforms want to deploy enterprise-grade dApps and support mainstream adoption.
Continue reading: https://cryptonews.com/news/all-systems-go-can-current-crypto-chains-scale-up-for-mass-adoption.htm
