What We Need To Scale Blockchain Technology Into the FuturePosted by freeamfva on May 10th, 2023 What We Need To Scale Blockchain Technology Into the Future Scalability is a major roadblock on the path toward bringing blockchains to mainstream audiences. The ultimate goal of providing low-cost access to blockchain-based applications while guaranteeingsecurity and decentralization is based on the blockchain trilemma. To get more news about blockchain knowledge, you can visit wikifx.com official website. The blockchain trilemma is premised on the idea that we can only achieve two of the following three aims: decentralization, security, and/or scalability. This has led to countless blockchains sacrificing decentralization or security to achieve scalability, an undesirable tradeoff to say the least. The industry’s future undoubtedly lies in building high-performance scalable blockchains, and the need for such solutions has never been as pressing as now. This piece dives deeper into crypto’s scaling problem and how it affects users and developers. Crypto’s scaling problem Crypto’s scaling problem is further evident in the fragmentation of developers and users on different blockchains. DefiLlama shows there are 170 chains with thousands of additional decentralized applications (dApps) for multiple use cases. The current multi-chain approach results in fragmented liquidity and increased security risks as users bridge assets across chains. It poses an even greater challenge for developers who must jump through hoops to build dApps on different chains. Developers must adopt a common standard for blockchain technology to truly go mainstream. The current approach to development is widely fragmented with vastly different approaches being adopted. Most unfortunately, this fragmented approach trickles down to the end user and results in widely different onboarding and adoption processes. Building a scalable Web3 with Ethereum as a backbone It is easy to envision such a future given the wide adoption of Solidity, Ethereum’s native programming language. Solidity is the preferred language for blockchain developers because it is easy to learn and unlocks access to the largest community of Web3 users. Solidity complements the Ethereum Virtual Machine (EVM) and provides excellent tooling for building truly decentralized applications with reduced development time and increased interoperability. The number of Ethereum developers has risen by over 400% in the past year to 5,000, which is more than two times higher than competing smart contract blockchains. Ethereum also boasts the industry’s largest DeFi ecosystem, with a significant portion of non-ETH-based TVL still attributed to EVM-compatible networks. Like it? Share it!More by this author |