To Infinity and Beyond! How blockchains are scaling to meet demand…
To Infinity and Beyond! How blockchains are scaling to meet demand
Key items to cover
A young technology like the early days of the internet
Many competing, innovative solutions - "Cambrian Explosion"
succeed! (Problem is solvable, future is bright)
Experiment - Compare securities/derivatives trading on
Centralisation allows for high throughput, low latency transactions (relatively) easily.
Multiple bidders competing for same asset - if using price/
priority, timestamping is super-important - same problem BTC attempts to solve (to prevent double spend)
Evolution - "Natural selection of blockchain tech"
Contrasting scaling approaches - centralised vs decentralised
Proof of work vs Proof of stake
How do we scale regular centralised systems? - scale cube
Decentralised systems are akin to X-axis scaling - no load balancer
Types of scaling
Increasing block size
Pruning block data (SegWit)
Directed Acyclic Graph
The success of blockchains are proving to be a double edged sword. What began as an experiment in peer-to-peer payments has exploded into a global phenomenon with massive economic, technological and societal impacts. The continued success of blockchains is dependent on how they must scale to meet this demand. Aatish will demystify and compare the various approaches to scaling and their implications for the future.
Images to get
Evolutionary survivors (oddities) - platypus (due to environmental specialisation/isolation (Aus/NZ)
Evolutionary failures (which were once successful)
Early internet diagram
Current internet diagram
Centralised, decentralised, distributed
Kicking can down the road
Lightning network explainer
Lightning network growth
Mastercard, Visa, AMEX transactions graph
BTC, ETH, LTC (most pop) transactions graph
Scale cube (Art of Scaling)
Gold mining (energy intensive)
Hydro, geothermal, solar power
Video of BTC mining in a cave!
VHS and Betmax
Cluttered home (segwit)
Storage shed (segwit)
Mining farm (racks)