Are cryptocurrencies ready to handle large number of transactions?
Are cryptocurrencies ready to handle large number of transactions? Say if the database is 1000TB or more? Doesn't handling large number of transactions contradict decentralization? Several days ago the BTC blockchain was about 150GB. Heard complains that BTC fees are rather large and transactions are currently slow. With growing popularity the database size will increase.
On Dec 24, 2017, at 6:18 AM, Georgi Guninski <guninski@guninski.com> wrote:
Are cryptocurrencies ready to handle large number of transactions?
Some are! Bitcoin is not, but all this incredible growth incentivizes people to get a move on with regard to making it scale.
Say if the database is 1000TB or more?
The bitcoin database is the historical record. It grows at a constant rate and will not reach that size soon.
Doesn't handling large number of transactions contradict decentralization?
Nope. Ask the change in your pocket.
Several days ago the BTC blockchain was about 150GB.
Heard complains that BTC fees are rather large and transactions are currently slow.
These two facts are unrelated. But yes, bitcoin has more use than it is tuned for at the moment. Devs are keeping it tuned down so that the demand will incentivize secure scaling improvements to the protocol. Alternatively, use will back off due to fees and devs will have more time to improve things. Other cryptocurrencies are not suffering this issue.
With growing popularity the database size will increase.
The database growth is already maxed out. More popularity will not make it increase any faster; it will just increase fees until the lightning protocol or segwit usage are mainstreamed.
What I mean by "large" is "prepare to conquer the world and displace major existing asset classes, including the US$. And the existing architecture is not going to be able to do that. The lightning network might be able to do that, but we will have to see what happens in practice. At present the lightning network is still pie in the sky. The way it might work is that there are seven billion client wallets, a thousand important peer wallets, a hundred very important peer wallets, and ten very important peer wallets. Every client wallet has a lightning connection to a peer wallet, usually an important peer wallet. Every peer wallet has a lightning connection to an important peer wallet, and often two or three important peer wallets, Every important peer wallet has two or three lightning connections to very important peer wallets. Every very important peer wallet wallet has a lightning connection to every other very important peer wallet. Worst case money transfer is that your client wallet talks to an important peer wallet, the important peer wallet talks to a very important peer wallet, which talks to another very important peer wallet, which talks to an important peer wallet, which talks to the client wallet of the person you are paying. --- This email has been checked for viruses by Avast antivirus software. https://www.avast.com/antivirus
On Sun, Dec 24, 2017 at 07:27:24AM -0500, Karl Semich wrote:
On Dec 24, 2017, at 6:18 AM, Georgi Guninski <guninski@guninski.com> wrote:
Are cryptocurrencies ready to handle large number of transactions?
Some are! Bitcoin is not, but all this incredible growth incentivizes people to get a move on with regard to making it scale.
Which cryptocurrencies are ready for large scale? Searching the interwebs and chat suggest decentralized solution will be extremely difficult if possible at all.
On Mon, Dec 25, 2017 at 8:17 AM Georgi Guninski <guninski@guninski.com> wrote:
Which cryptocurrencies are ready for large scale? Searching the interwebs and chat suggest decentralized solution will be extremely difficult if possible at all.
I used google and found these. LN support earlier this year: https://bitcointalk.org/index.php?topic=1891745.0 (groestlcoin, syscoin, planned litecoin, decred, viacoin) Discussion: https://bitcointalk.org/index.php?topic=1847410.0 (ardor, iota, bottom of first page)
Not a ready implementation yet but the mimblewimble protocol solves a lot of the scalability issues plagued in other blockchains. https://scalingbitcoin.org/papers/mimblewimble.pdf https://github.com/ignopeverell/grin/blob/master/doc/intro.md
-------- Original Message -------- Subject: Re: Are cryptocurrencies ready to handle large number of transactions? Local Time: December 25, 2017 3:08 PM UTC Time: December 25, 2017 2:08 PM From: gmkarl@gmail.com To: Georgi Guninski <guninski@guninski.com> cypherpunks@lists.cpunks.org
On Mon, Dec 25, 2017 at 8:17 AM Georgi Guninski <guninski@guninski.com> wrote:
Which cryptocurrencies are ready for large scale? Searching the interwebs and chat suggest decentralized solution will be extremely difficult if possible at all.
I used google and found these.
LN support earlier this year: https://bitcointalk.org/index.php?topic=1891745.0 (groestlcoin, syscoin, planned litecoin, decred, viacoin) Discussion: https://bitcointalk.org/index.php?topic=1847410.0 (ardor, iota, bottom of first page)
On 12/26/2017 12:58 AM, Michalis Kargakis wrote:
Not a ready implementation yet but the mimblewimble protocol solves a lot of the scalability issues plagued in other blockchains.
https://scalingbitcoin.org/papers/mimblewimble.pdf https://github.com/ignopeverell/grin/blob/master/doc/intro.md
Maybe I am understanding this imperfectly, but this hides how much you are paying, and thus how much you have, but does not hide whom you pay it to. Suppose HHitler create an evil fascist website, and requests donations in mimblewimble coins. Let us call the public key advertised on that evil fascist website HHitler. Ann buys mimblewimble coins on an exchange, using US$, and has to give her true name and an image of her true face. Won't the mimblewimble blockchain show that Ann gave an unknown amount to HHitler, whereupon antifa goes around and kills some girl whose face superficially resembles that of Ann, and then the judge lets them off as well intentioned good guys? As the judge recently let off a black man who killed a white man and then took his wallet, and subsequently claimed, without racist inconvenience of actually needing to produce any evidence, that the white man had called him a n****r --- This email has been checked for viruses by Avast antivirus software. https://www.avast.com/antivirus
participants (5)
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Georgi Guninski -
James A. Donald -
Karl -
Karl Semich
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Michalis Kargakis