Friend: I believe if we achieve 1 million TPS the blockchain will have more usage.
Me: I don’t think so because even with such TPS the individual smart contract are still very simple program.
Friend: how is that a problem?
Me: because there are factors that limit its usage.
Friend: so what you are saying is that increasing TPS is pointless.
Me: not exactly, blockchain is in its infancy stage more innovation will ensue over the course of time. And moreover I recently came across a project that wants to tackle this problem.
Friend: what project is that?
Me: Taxa Network.
High TPS is what most blockchain platform strive to achieve but the big question is will that still increase the overall usage of blockchain well Taxa Network don’t think so and here is why. A smart contract is a simple computer code running on top of a blockchain containing a set of rules under which the parties to that smart contract agree to interact with each other. It forms the bedrock of all blockchain platform. Smart contract makes decentralize apps possible, it what powers blockchain platform like ethereum, neo etc. but even with their importance smart contracts are still simple programs and there are Factors that limit the usage and value of smart contracts, these includes:
- Time resource: As just one example, Ethereum processes 2-digit transactions per second as of June 2018. Because of that, the execution time for each transaction and its associated smart contract is limited. Smart contracts on Ethereum lack the time capacity to execute complex business logics or intensive computations.
- Space resource: Due to the current design of major blockchains, all the transaction information, including smart contract input, must be packed into blocks. Say, the entire Ethereum blockchain is only ~450 GB (in less than 3 years), and each block size is only 20–30 KB. There’s no sufficient space resource for heavy data.
- Privacy protection: Due to the consensus mechanism, each node has access to each byte of the code and data of a smart contract executed on chain. Due to the lack of data privacy, one can hardly build significant, real-world applications on blockchain.(Source: https://medium.com/@taxanetwork/taxa-pave-the-way-for-blockchain-mass-adoption-2ba22342fd67)
So obviously having a high TPS won’t guarantee high usage. But the good news is that Taxa Network wants to make smart contract better and thereby create a more scalable blockchain platform. Taxa Network is a smart contract platform powered by state-of-the-art trusted computing technology. Taxa Network enables data-rich, computation-intensive, privacy-preserving, highly developable smart contracts named Hyper Smart Contracts for any blockchain and DApp.
As a Layer 2 network, Taxa Network enables input/output with most decentralized infrastructures such as Ethereum and IPFS (or from direct client input). Taxa aims at becoming the standard of blockchain business logic, and enable real-world deployment to develop and thrive. (Source: https://medium.com/@taxanetwork/taxa-network-architecture-walkthrough-c3eb26a03591)
In summary, taxa network enables data-rich, computation-intensive, privacy-preserving, highly developable Hyper Smart Contracts, which empowers public blockchains and dapps to unlock whole new use cases. And also they implement a layered structure to communicate with public blockchains and DApp clients. Each Taxa Node includes at least one hardware-based trusted execution environment. It has a PBFT (Practical Byzantine fault tolerance)-derived PoS consensus mechanism is applied to ensure Taxa Network’s availability and reliability while minimizing redundant computations.
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AngelList: https://angel.co/taxanetwork
Medium: https://medium.com/@taxanetwork