Blockchain Scalability Concerns
Blockchain technology has the potential to revolutionise many industries but still has many obstacles to overcome in its development. Scalability is a major issue stunting many projects. Difficulty can occur when maintaining a network that has no central processing hub simultaneously processes a high volume of transactions.
Blockchain.com shows an average Transaction Rate of three per second for the Bitcoin network. When the network is experiencing a high number of transactions, it becomes unable to process them fast enough and users can experience delays buying and selling Bitcoin. Congestion on the network back in November 2017 caused delays of up to an average of 28 minutes for confirmation on transactions including mining fees. A transaction to buy Bitcoin without a mining fee took much longer.
The Ethereum network processes transactions to buy ether slightly quicker at 15-20 per second but this is still not enough for mainstream adoption. This has sparked the Ethereum developers to explore different scaling solutions such as Sharding, Plasma, Casper and Raiden all to make processing more feasible and increase the speed of the network.
Ripple’s XRP boasts of the ability to handle a high volume of transactions reportedly able to consistently process 1,500 per second with the ability to scale up to 50,000 per second. Ripple uses ‘Payment Channels’ which are off-chain transactions that are bulk added to the blockchain periodically.
With all these developments and more occurring on other projects we're certain to see further adoption and more buying crypto.
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