MultiVac, a blockchain platform similar to Ethereum, has announced that they may have solved the scalability issues plaguing blockchain technology.
Multivac states that their network has achieved a whopping 30,784 transactions per second. In comparison, bitcoin has about 5 and Ethereum has 10 transactions per second.
If this is true, this announcement is a game changer.
One important thing to note however is that Multivac hasn’t even released their testnet yet. This means that at the moment the 30,784 transactions per second are just a claim they’ve made, not something that can be proven or tested.
It’s certainly possible though, because Multivac uses sharding.
I’m not a programmer, but I’ll do my best to explain sharding.
Sharding is one of the ways blockchain platforms like Ethereum are trying to solve their dismally low transaction per second limit. It involves putting a small portion, or ‘shard’ of the blockchain on each node (computer).
This is in contrast to how the blockchain currently works, in which the entire history of the blockchain is maintained on each computer.
By putting fractions of the blockchain on a wide variety of computers, you can greatly increase the speed of the entire network.
So Multivac’s claim isn’t ridiculous – if they’ve successfully implemented sharding, they could have a network capable of exponentially greater transactions per second.
Multivac’s testnet releases in a few months, and their mainnet releases in Q2 of 2019.
I can’t exaggerate how big of a deal it is if Multivac has solved blockchain’s scalability issues. This would affect every facet of blockchain and cryptocurrency technology.
The dreams of having a decentralized platform that spans the world, allowing complex apps to run for millions of people could become a reality. You could run 25 MMO games on a single blockchain network.
You could store the world’s collected medical information on one decentralized database that any hospital could access.
I’m sure there are hundreds of other implications for what happens when blockchain’s scalability issues are addressed. I can’t wait to see what we come up with in the future when that happens.
Will Salisbury is the co-founder of Blockchain Decrypted and full-time cryptocurrency trader. He also hosts the Blockchain Decrypted podcast, and when he's not talking or writing about blockchain technology and cryptos, he likes to play games and relax in his home state of Michigan.
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