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Discussion on: Is Blockchain really changing the world at all?

marcissism profile image

Libra is a joke being played on the US government. The tears of laughter never stop. Anyone who understands Blockchain knows there is no way to build it, as promoted, with current tech without undoing the very parts of blockchain that make it appealing.

In the current world, your blockchain app needs broad international distribution (PoW has that, but at a high cost, POS can have it, but you need to mandate 10k validators or more to start approaching unassailability. Now that distributed nature requires bandwidth. A safe limit, given the state of the internet, is 2MB per second. So, if your transaction data size is 1kB (reasonable size) you can handle ~2k TPS. That will not support a decentralized global currency. Ever.

There are regional products that could work with that and there are non currency oriented use cases that could support global products.

For 2020, and probably a few years beyond, 2 MB/s is your cap for a truly decentralized blockchain-based product.

For the product designers out there. There are two core properties to keep in mind for your product (when it's fully scaled out) ;

  1. Transaction volume under 2MB/s on average
  2. Writes (on chain) are expensive; Reads are almost free. Does your economic model support this?