One of the biggest issues that the blockchain space has come up against since its conception is the problem of capacity and scalability. While there have been cryptocurrency hard forks and high profile contentions over the matter, reaching a compact solution still seems afar from inherent projects on all corners. It adds to the already persistent problem of trust deficit and mainstream adoption among industries and masses. Hence, it is widely argued the space will die out eventually if it is unable to overcome its own drawbacks.
This narrative is also aided by the fact that there are hundreds of numerous blockchain startups and projects working on all forms of its applications, with the majority invested in the cryptocurrency space and these large numbers act in a derogative manner for the technology, rather than stimulating the best of its applications and finding solutions for development and adoption.
An expert opinion on how blockchain projects can overcome their dilemmas was provided by the standout label of Miss Jonha Richman, who advises various blockchain companies all over the world and was recently inducted among the Top 25 Blockchain Influencers Distupting the Industry. When asked of her opinion, she wisely explained the situation and tipped for the solution to be found in all quadrants working together for the space. Speaking to Block Publisher, she stated:
Just like every emerging technology, Blockchain will undergo several evolution and reiteration before it becomes fully adoptable and scalable. While there had been various possible solutions such as Lighting Network, Plasma Cash, among others.
I think having various project stakeholders and creators work towards a consensus will help pave the way to increase more conversation around it, as opposed to current environment where most projects are simply in it for competition.
She reflected a knowledgeable yet diplomatic approach when suggesting that the race to succeed among companies, coupled by their common ambition to develop the space to its fullest would result in groundbreaking successes. She also said:
Competition is also healthy in a way that it help showcase various project capabilities. However, the best way to achieve a more scalable Blockchain environment and setup is for projects to work together towards finding a common ground and solutions.
Speaking over the problem of scalability on blockchains and its counter effect on speed of transactions, Miss Jonha discussed the possibility of implementation of off-chain solutions, that would cater for some transactions to be verified without the particular consensus protocols and miners. She tipped as:
Another possible option is off-chain scaling solutions which would ensure that certain transactions are completed without miners (which currently are only operating based monetary incentives, usually clogging the network as a result) allowing only essential information to be synchronized.
Another potential technology for off-chain transaction is sidechains, which is where bitcoins are moved onto another blockchain which can support transactions with different properties to bitcoin’s blockchain.
The positivity showed by Miss Richman along with other pioneers of the space ships belief that its prospects are in safe hands. While technically implementable solutions are there, the real adoption of the technology seems to come by when all corners involved will come at consensus and work together. Only time will tell, if and when it happens.