Improving transaction speed is necessary for crypto to pass the test of time. Since blockchain is a technological improvement, its demise is not likely to occur. Another possible scenario is that crypto will become what it genuinely is – a means of cryptography.
As the oldest cryptocurrency, Bitcoin has a transaction speed that is way too slow. In this case, slow means seven transactions per second (TPS) as its record high. On the other hand, Ethereum is a bit faster (20 TPS) but prone to crashes since it is unscalable. Both are seemingly irrelevant when compared to Visa’s 24,000 transactions per second.
Since improving transaction speed has yielded new, innovative concepts, the quest itself is a valuable one. Similar to groups of companions seeking the Holy Grail, many have embarked on this adventure. New crypto platforms, as well as off-chain theories, have emerged.
As the legends fade, time is of utmost importance. However, like a strike of lightning, the solution could hit the blockchain world. As the Lightning Network is losing momentum, what existing solutions can pave the way for future innovation? Read More at DailyHODL...