It is only a research paper but the founder of Lokad Joannes Vermorel
has come up with a possible answer by creating terabyte size blocks.
His idea has only focused on transactions for bitcoin cash but if it
works there you can bet that adaptations for other currencies will follow.
Joannes argues that terabyte blocks could not only be fast but economical.
He explains how terabyte blocks could scale to far more than the current
1MB blocks size or about 3-4 transactions per second.
According to his research paper a terabyte block could contain around 7 million
transactions per second.
That relates to 50 daily transactions for virtually every human on planet earth.
That promise alone is what makes Vermorel’s idea worth keeping an eye on.
How difficult it will be to translate Joannes idea into a real world application
and then be adapt to cryptocurrencies beyond bitcoin cash is anybody’s guess.
One thing is certain, transaction speed and costs are likely to be hot
topics in the New Year.
Remember, one of the original selling points of bitcoin was that
transactions were fast and free.
At present neither of these two promises are being consistently met.
Even so, the possibilities are so fascinating that it keeps our attention glued to
events that will shape the future.
Whatever 2018 brings we will share our views and hope your
prosperity continues.