Scalability is one of the major issues associated with the world of cryptocurrencies. As the entire crypto world is based on the technology of blockchain, the issues that are associated with blockchain naturally become a part of the crypto world. As of now, there is a limit to which the number of transactions can take place on a blockchain network and along with this, arises the issue of scalability. In order to get an expert opinion regarding this topic, BlockPublisher got in touch with the Core Developer and Co-Founder of Ubiq, a platform that allows users to build dApps implemented on smart contracts, Luke Williams.
Talking to BlockPublisher regarding this issue, Luke stated:
Scalability in a decentralized ecosystem is a very difficult problem, it is easy to sacrifice decentralization for scalability, which we have seen a number of projects do. However, many of us would argue that cost is too high and cripples the technology.
The entire essence of blockchain technology is the elimination of a centrally controlling party. But to resolve this ever-important issue of scalability, some of the projects in the crypto arena are employing centralized frameworks. The issue of scalability needs to be resolved as soon as possible if blockchain technology is to gain mainstream adoption, but sacrificing decentralization for it is not the way to go, as suggested by Luke.
Adding on to his statements, Luke further stated:
Right now layer 2 solutions via payment channels such as lightning/raiden are very promising in the short term, long term some form of sharding makes the most sense as it allows horizontal scaling.
With the immense rise in the intensity of this issue, many solutions have been proposed by major giants of the blockchain arena. These include off-chain solutions, lightning networks, raiden, sharding etc. Luke seemed to be of the view that these layer 2 solutions should be preferred when the topic of solving the issue of scalability comes into question. Decentralization should not be compromised at any cost.
One of the reasons why blockchain has not gotten the widespread adoption it wanted is the scalability problem. The technology is still very nascent. Once this issue is resolved, the adoption of blockchain technology on an industrial level is more likely. With the prospects that it provides, blockchain can surely help revamp different industrial structures across the globe.