Communications of the ACM
Building the Blockchain to End All Blockchains
Blockchain technology needs to overcome challenges in scalability, speed, and flexibility.
Credit: techjuice.pk
Although blockchain technology could enable a democratic revolution in trust by facilitating a decentralized peer-to-peer database in which cryptography is used to validate transactions, it needs to overcome challenges in scalability, speed, and flexibility to achieve widespread use, writes Singularity University's Nathana Sharma.
Sharma notes bitcoin and Ethereum currently are facing significant scaling problems, and blockchain networks will only be able to truly scale if they are able to process transactions as fast as credit card transactions.
One potential solution is Tezos, a blockchain that will be released as a proof-of-stake, which enables entities to stake a portion of their tokens in the system on one new block or another.
Tezos token holders can vote to upgrade the Tezos protocol to deploy new cryptography and blockchain technology deployments in the Tezos blockchain. Developers propose rewards for implementing network improvements, and if token holders opt for a proposal to improve the network, the developers get the proposed incentives.
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Abstracts Copyright © 2017 Information Inc., Bethesda, Maryland, USA
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