What are the main scalability issues in blockchain technology?
An example of an AI chatbot conversation about scalability challenges in blockchain systems.
What are the main scalability issues in blockchain technology?
The main scalability issues in blockchain include limited transaction throughput, high latency, and increased costs during peak times.
Can you explain why transaction throughput is limited?
Transaction throughput is limited due to the consensus mechanisms used, like Proof of Work, which require significant time and resources to validate transactions.
What solutions are being proposed to address these issues?
Solutions include layer 2 scaling solutions like the Lightning Network, sharding, and transitioning to more efficient consensus algorithms.
Are there any real-world examples of these solutions in action?
Yes, for instance, the Lightning Network is being used on Bitcoin to facilitate faster transactions, and Ethereum is exploring sharding in its upgrades.
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