Network validating identity stuck

Daily transactions increased from approximately 40K to 240K from Q2 2016 to Q2 2017 [4], which represents a 500% year-over-year growth.Moreover, just in the past month it reached a peak of over 440K transactions per day!median gas used by smart contract calls is 50K [3], which means roughly ~7 transactions per second).Combined with the fact that the number of transactions on the Ethereum network is growing at a significant pace, you can see how this would become a problem.Unfortunately, this is not the actual throughput due to Ethereum’s “gas limit”, which is currently around 6.7 million gas on average for each block [2].Quick “gas” primer in case the measurement is new to you: in Ethereum, gas is a measure of computational effort, and each operation is assigned a fixed amount of gas (for example, getting the balance of an account costs 400 gas, creating a contract costs 32,000 gas, sending a transaction costs 21,000 gas, etc.).In other words, as the size of the blockchain grows, the requirements for storage, bandwidth, and compute power required by fully participating in the network increases.

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My excitement about the potential of blockchain technology has been building ever since.

Decentralized digital currency, once just a far-fetched goal, is finally making inroads into the mainstream.

While that’s exciting on its own merit, I’m personally most excited about the potential for decentralized applications.

While a decentralization consensus mechanism offers some critical benefits, such as fault tolerance, a strong guarantee of security, political neutrality, and authenticity, it comes at the cost of scalability.

The number of transactions the blockchain can process can never exceed that of a single node that is participating in the network.


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