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Author Topic: How to make blockchain manage a lot of transactions ?  (Read 82 times)
MisterBBB (OP)
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February 03, 2022, 09:21:07 AM
 #1

how to make a blockchain manage a lot of transactions per second in proof of work?  Huh
 please.
mk4
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February 03, 2022, 09:34:40 AM
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 #2

Drastically increase the block size and at the same time shorten up the block time as well — in exchange, drastically sacrificing security and decentralization. It's what Bitcoin forks like LTC/BCH/BSV/etc did.

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February 03, 2022, 11:33:19 AM
 #3

Drastically increase the block size and at the same time shorten up the block time as well — in exchange, drastically sacrificing security and decentralization. It's what Bitcoin forks like LTC/BCH/BSV/etc did.

Or use second layer solutions, such as lightning network.

On lightning network you can make a lot of transaction for fees smaller than a satoshi and just settle the final balance on the blockchain.

But I believe this discussion about transactions per second is not as important as it looks like, especially for newbies.

Most newcomers see those discussions about scalability and think that this is the main point of bitcoin and its a great weakness, but it is not.

Even when you compare to the banking system (where international transactions may sometimes takes 2-3 business days and costs more than a dozen of dollars), bitcoin is  doing fine.

We make a transaction for less than 0.5 USD which will be confirmed in 10-20 minutes, to anywhere in the world. Without asking for any third-party authorization and a reasonable anonymity if you want. I think this really amazing.

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February 03, 2022, 11:51:53 AM
 #4

how to make a blockchain manage a lot of transactions per second in proof of work?  Huh
 please.

If speed is crucial, there may be that blockchain and PoW are not what you actually want/need and a common database can do the job.
However, you have to think it well (and then maybe tell us too) what you want to achieve.

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February 03, 2022, 12:22:23 PM
 #5

how to make a blockchain manage a lot of transactions per second in proof of work?  Huh
 please.

If you define the word "a lot of transactions per second," we may be able to get more accurate answers, but smart solutions lie in using the most of the available space, trying to reduce signatures and thus increasing the space without harming to increase the size of the block or second-layer solutions for small transactions that require immediate confirmations.

Increasing the size of the block is an easy solution, but after several years you will face the same problem.
Note that even altcoins that have done this still need the user to wait for several blocks to be sure that the conversion is 100% done (in bitcoin you generally need one confirmation)

Remember you cannot do what the central services are doing (24,000 transactions per second) in decentralized and fast way.


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February 03, 2022, 03:54:56 PM
 #6

how to make a blockchain manage a lot of transactions per second in proof of work?  Huh
 please.
Bigger block will increase the number of transactions per block so you are decreasing the security of the blocks you can do that with PoS which gives effective results but decreases the decentralization so we have a reason why the bitcoin is better in security and almost impossible to reverse a transaction but the mempool can be clogged with few thousand transactions.

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