#blockchain Scalability: Do Layer I Solutions Hold the Key?
Cryptocurrencies currently do not scale in any meaningful sense. The scalability of blockchain technology — in both total transaction volume and the number of independent participants involved in processing them — is a crucial hurdle to mainstream adoption. This is especially true when weighted against security and decentralisation challenges.Visa handles around 24,000 transactions per second (TPS) at capacity and needless to say, leaders like Bitcoin and #ethereum fall well short of that figure. Many other projects claim global-scale TPS — EOS or Zilliqa, for example — but these are mostly untested claims.Many methods for #scaling have been proposed, be they layer I ‘on-chain’ solutions or layer II solutions built on top of the blockchain ‘off-chain’. There are many differing viewpoints on how best (...)