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RE: Why Blockchain & Cryptocurrency Is The Future Of Money

in #cryptocurrency • 6 years ago

I totally get your point and fully agree when we consider the state of blockchain at the moment. This will also certainly be the case for many years while the medium progresses and finds its feet. There was a time when no one thought the internet could support the rich media experience we have today and is the foundation of so many billion dollar value generators and I see blockchain doing the same thing for money over the next 20 years

6 years ago in #cryptocurrency by
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     6 years ago 

    Yes. Blockchain will evolve into more efficient.
    But it will still have huge limits in transaction volume because you need:

    1. math model which manage undisputable transactions and balance - this require greater amount of data to be stored than address/balance
    2. Main problem of cryptography is 2 separate tasks can have same result. For this purpose (especially in security and money-cryptocurrency where you need safety of avoiding this conflict), you need many variations - that means all keys have to be long (that's why private key is long). This require another huge volume of data.
    3. With anonymouse cryptocurrencies, the problem of blockchain growth with amount of transactions is even more critical (current default Monero ringsize is 7, highest ringsize is 26 if you don't want to risk you will hit 7 malitious nodes or some flaw or fingerprinting by TX volume). So to cover tracks, each transaction turns to be 7 transactions.
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