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In other words, as the size of the blockchain grows, the requirements for storage, bandwidth, and compute power required by fully participating in the network increases.
At some point, it becomes unwieldy enough that it’s only feasible for a few nodes to process a block — leading to the risk of centralization.
The first Bitcoin paper was first released in 2008.
My excitement about the potential of blockchain technology has been building ever since.
That’s not to say that this will be the case forever, but it’s definitely true today.
In fact, I’d argue it’s one of the biggest technological barriers we face with blockchain technology today.
Financial exchanges, prediction markets, and asset management platforms all carry enormous potential. The most disruptive use cases probably haven’t even been dreamt up yet.
This gets much lower with more complex transactions (e.g.
Private blockchains can, in fact, achieve over 1,000 transactions per second on Ethereum or Bitcoin. Because if you’re running a private blockchain, you have the ability to ensure that every node on the network is a high-quality computer with high bandwidth internet connection.
Scaling the blockchain currently would require us to add more compute to every node for the network to get faster.
Transactions have a gas limit field to specify the maximum amount of gas the sender is willing to buy.
Hence, the “gas limit” for each block determines how many transactions will fit in a block based on the gas limit specified by each transaction in the block.
Decentralized digital currency, once just a far-fetched goal, is finally making inroads into the mainstream.