Some thoughts on blockchain scalability and future research
After reading many papers on blockchain scalability over the years, I am starting to see the painful truth that none of these systems can be scaled. For years I thought that some genius researcher would find a way to do it, and we would get blockchains with on-chain Visa scalability with the same security properties as Bitcoin… but that just hasn’t happened.
Here’s why that is currently impossible and maybe a path forwards…
The consensus basket
If you make a list of all the properties that make up a good consensus system you might end up with a basket with the following things inside it:
- Censorship resistance
- Byzantine fault tolerance
- Open, equal participation
- Privacy / pseudo-anonymity
Unfortunately, you cannot have everything and keep scalablity.
If you want to have more scalable p2p networks just reduce the number of nodes, and lose decentralization. If you
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