Blockchain Is About To Get A Lot Bigger
Posted on Friday, September 27, 2019
Blockchain technologies are being used to solve all kinds of real-world auditing and security problems. But scalability remains a major issue, because of the relatively small on-chain storage capabilities.
Take Bitcoin, for example. The cryptocurrency uses blocks of 1MB in size, restricting the number of transactions processed in a block in the network– a maximum of seven per second.
These limitations means that any application processing a high volume of transactions will struggle to perform at speed. But with such small blocks in play, local storage is relatively easy to facilitate.
Blocks are about to get (a lot) bigger
Clearly block sizes will need to change as applications increase in scale and complexity, and the developers at ILCOIN believe they have a solution called RIFT. RIFT uses an additional layer of ‘Mini-Blocks’ to contain transactions. Using Blocks and associated Mini-Blocks, this new technology makes it possible to store large files on-chain and increase scalability.
In the case of ILCOIN, RIFT is capable of handling 33,888 transactions per second, far exceeding the performance of Bitcoin. But solving one technical challenge always creates another. ILCOIN blocks will be up to 1.5 gigabytes each, requiring 1500x more disk space for storage.
The cost of storage continues to fall, but demand for capacity is growing exponentially. It may be that IT managers are able to offload some of their storage needs to the cloud, but they will still need to develop backup and archiving capabilities to maintain blockchain integrity. Yet again, the on-premise data center will be critical– and will continue to grow, too.
To learn more about growing your data center with CDS, contact us today.
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