Perfect Ideas for Resolving Blockchain Performance Issues

The blockchain is undoubtedly unique and the most advanced technology of the 21st century. This fast-growing technology is so amazing that its actual potential is yet to be uncovered. The best thing about blockchain is its ability of carrying out large and so many transactions at a time. The feature is coupled with security that has made it famous in the finance industry. Financial market is using it at large scale all over the world. This chain has been named as “digital gold” by the tech experts.Cyptocurrency is the subset of blockchain and Bitcoin is the most popular digital currency that has achieved milestones.

The expansion of the technology and its usage is considerablein the tech world. The recent threshold value of blockchain is US $100 billion.This interesting application has come across with a major issue of scalability that is related with the performance. Experts have been looking for the solution to this problem and have come up with the best idea.

Let’s understand scalability first.

Blockchain Performance Issues

The issue is related to human error, transaction, complexity, network and security.

Human Error

The most common issue is the human error. The hurdle in the performance is that the information entered in the database of the blockchain need high accuracy and attention. This accuracy depends solely on manual input of information by human beings that increase the chance of error.

Transaction

There is a transaction fee to carry more transactions as in the year 2016 only 6-7 transactions were possible in a second with a fee of around $0.20 on each transaction. It also held 80 bytes storage capacity. Cryptocurrency, on the other hand, has the least fee that is approximately free.

Complexity

Many professionals are passionate at becoming blockchain developers but it is not that easy. Many areas related to it are not explored yet. People are putting efforts to get into it.

Network

It works like a distributed system that grows and get stronger at each attack on the system. It demands for a high speed and size to operate for the end-users with a distributed network.

Security

This is the important flaw that the system is not perfect all the time as; if a false statement is supported by nodes, it will become dominant and the statement will be considered true.

Now have a look on the solutions to the hurdles.

Next-Gen High-Throughput Platform

The platform is called Zilliqahaving capacity of hundred and thousands of transactions in a second that increases the performance. It supports easy payment through Master and visa cards etc. It has gossip protocol, smart contract language, built-in sharing, high transaction rates.

Directed Acyclic Graph (DAG)

It is famous as Tangle Technology and this solution is based on new approach called decentralized technology. Using this solution is perfect for machine to machine working where the framework is made consisting on nodes that are parallel and spread in all directions. The network work as one node and allow interconnection of the blockchain.

Aerum

This is the platform for the fast transactions at lowest rate with the blockchain. It aims at delivering 500 tps yearly and 15 billion total transactions.

Stellar

It measures the performance and being used commonly for the blockchain. This is developed and launched by Coin Market Cap that make 4000 transactions possible in a second.

Ethereum

The Ethereum solutions include Sharding, Plasma and Raiden Network. Sharding distributes the workload over the storage portions called shards. Plasma make hierarchy in the blockchain for the better broadcasting and performance. Raiden Networkallows value transfer to the users using P2P methods.

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