Blockchain has a funny world. It is all big promises, bigger problems, and smaller solutions. In all of this big-small world of the blockchain, the biggest problem is that of blockchains scalability as a technology, as a larger whole. The problem is that all blockchain startups, are facing a great choke, they have made products that do something, and they are ready to take on the world, but the blockchain growth and interoperability crises are holding them back.
The question then becomes that how to free blockchain from such shackles? And really the answer is simple.
Firstly, bitcoin was the first blockchain and since its initial launch, things have changed rapidly. And by rapid change we mean, the journey from iPhone 3Gs to iPhone XR, this is how fastly we have moved and how old blockchain has been. Bitcoin was the first blockchain, not only has its own blockchain developed more and more since then, but others have also sprung out, one of the most famous ones being Ethereum.
Ethereum was the second one out. It then became known as the second gen blockchain, this was faster, easier to scale, much more diverse in terms of what it could do, it took blockchain from cryptos and games to the real world stage of health, industry, art, literature, political, social, psychological and legal uses. This changed what the blockchain meant.
Suddenly big solutions for all of the world’s problems started to prop up, each one of them being better and crazier what we could achieve under our local cloud systems. The solutions made headlines, people started to join the bandwagon, the love spread to things like buying Cryptokitties, trading cards and gambling on the blockchain. Then you could buy Virtual Reality spaces and Decentralized property, things started to get intense.
That is when people realized, oh Fuck, now what. These amazing things could at best be only so fast and never enough. They could not serve the whole world at once, the problem of scalability remained. And people kept trying and aiming to solve it.
This is when the third and fourth gen blockchains surfaced and they promised they are better than ever. While bitcoin and ethereum are still undergoing serious developments, and they are struggling with the problem of scalability among an iceberg worth problems under the surface right now, we are crossing our fingers and wishing for the best!