Blockchain phase 2: will be scaled?


More than one organization has worked on solving a big blockchain enigma: how to improve the performance of slow transactions.

Blockchain distributed journals work by linking a chain of electronic records, each inextricably linked to the previous one; each new series of entries or "blocks" is completed and marked with a hashtag only after passing through a consensus process on a peer-to-peer (P2P) network.

Because of its concatenated nature, every new record inserted in a blockchain must be serialized, which means – with the increase of the blockchain – the speed of updates is slower than traditional databases that can update data in parallel.

Today, the world's most popular cryptocurrency master books – bitcoin and Ethereum – use a work-based consensus model (PoW) that requires nodes (servers) to complete a complicated mathematical problem as a way to authenticate new blocks (similar to the way CAPTCHA acts as a challenge / response mechanism for websites that confirm human users).

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