Scalability has been one of the major issues that have been prevalent in the cryptocurrency world for quite some time now. Different projects are springing up on the scene with their proposed solution for this issue. One of such projects to look out for is Bitcore.
Talking to BlockPublisher regarding how the issue of scalability is handled in the Bitcore framework, Thomas Casper, who is the Head of Administration at Bitcore (BTX), stated:
Through a combination of increased block size, block time and a super smart algo.
One of Bitcore’s major goal is to improve the transaction rate on the blockchain network and increase scalability overall. It aims at achieving this goal by reducing the block time, which is quartered as compared to the Bitcoin network and increasing block size, which is also significantly larger than in the Bitcoin network. The block time specified by the Bitcore team is 10 minutes, which is four times the block time of Bitcoin. The block size is also increased by the platform to 20 MB.
Thomas also boasted the algorithm used by the Bitcore platform. Instead of using Bitcoin’s Sha256 (ASIC) mining algorithm, Bitcore employs Timetravel10 (GPU) algorithm at its core.
As mentioned in Bitcore’s whitepaper, the maximum number of transactions per-day on Bitcore’s network is approximately ~48,000,000, while on the bitcoin network, it is around a value of ~1,208,000.
Bitcore seems to be one of the projects to watch out when the question of scalability on a blockchain network comes into play. But as of now, it is also a fact that Bitcore is still in its development phase. Improvements are being made in its framework continuously. The issue of scalability has not arisen to the extent to which its network could be tested exhaustively. Only large-scale adoption of Bitcore will decide how it caters to this issue.
In order to solve the issue of scalability, many solutions are being recommended by various projects. Off-chain transactions are one of the proposed solutions to the issue of scalability on a blockchain network. Would Bitcore redirect to off-chain solutions in the future if public adoption becomes large-scale and scalability bottleneck arrives?
Previously, talking to BlockPublisher about this, Thomas stated:
Well actually there’s no need for an off-chain solution with Bitcore at the moment. Offer and demand will speak for itself.
Thomas suggested that how the proceedings of this project will go depend largely on the public adoption and public drive in the coming future, but as of yet, there is no such urgent need.