{"title":"Scaling up public blockchains","authors":"G. Spathoulas","doi":"10.1109/MPOT.2022.3198928","DOIUrl":null,"url":null,"abstract":"Blockchain technology has emerged as the means to change the structure of the Internet and build more trustful and secure services. While deploying an application to a blockchain network brings significant development overhead, the level of decentralization and security offered by permissionless blockchain systems has triggered a huge interest in the technology and a high demand for using existing networks. This increased demand has highlighted the most significant problem of public blockchain systems, scalability in terms of the transaction processing rate. The first generation of blockchain systems is characterized by very low transaction processing rates that, in combination with high usage demand, trigger high latency and high usage fees.","PeriodicalId":39514,"journal":{"name":"IEEE Potentials","volume":"41 1","pages":"26-31"},"PeriodicalIF":0.0000,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"IEEE Potentials","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1109/MPOT.2022.3198928","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
Blockchain technology has emerged as the means to change the structure of the Internet and build more trustful and secure services. While deploying an application to a blockchain network brings significant development overhead, the level of decentralization and security offered by permissionless blockchain systems has triggered a huge interest in the technology and a high demand for using existing networks. This increased demand has highlighted the most significant problem of public blockchain systems, scalability in terms of the transaction processing rate. The first generation of blockchain systems is characterized by very low transaction processing rates that, in combination with high usage demand, trigger high latency and high usage fees.
期刊介绍:
IEEE Potentials is the magazine dedicated to undergraduate and graduate students and young professionals. IEEE Potentials explores career strategies, the latest in research, and important technical developments. Through its articles, it also relates theories to practical applications, highlights technology?s global impact and generates international forums that foster the sharing of diverse ideas about the profession.