What We Need To Scale Blockchain Technology Into the Future from qocsuing's blog

What We Need To Scale Blockchain Technology Into the Future

Scalability is a major roadblock on the path toward bringing blockchains to mainstream audiences. The ultimate goal of providing low-cost access to blockchain-based applications while guaranteeingsecurity and decentralization is based on the blockchain trilemma. To get more news about blockchain knowledge, you can visit wikifx.com official website.

The blockchain trilemma is premised on the idea that we can only achieve two of the following three aims: decentralization, security, and/or scalability. This has led to countless blockchains sacrificing decentralization or security to achieve scalability, an undesirable tradeoff to say the least.

Despite this challenge, the blockchain industry has seen remarkable growth in its first decade, with a $1 trillion valuation and over 420 million users. The next few years could bring even greater milestones, with the number of crypto users on track to breach the one billion mark within six years.

The industry’s future undoubtedly lies in building high-performance scalable blockchains, and the need for such solutions has never been as pressing as now. This piece dives deeper into crypto’s scaling problem and how it affects users and developers.

Crypto’s scaling problem
The cryptocurrency ecosystem faces severe limitations and bottlenecks impeding adoption. The most largely-used blockchains routinely suffer from high transaction fees, congestion, and downtimes during peak periods. And of course, these limitations remain even for projects that sacrifice a degree of decentralization to prioritize speed and low network fees.

Crypto’s scaling problem is further evident in the fragmentation of developers and users on different blockchains. DefiLlama shows there are 170 chains with thousands of additional decentralized applications (dApps) for multiple use cases. The current multi-chain approach results in fragmented liquidity and increased security risks as users bridge assets across chains. It poses an even greater challenge for developers who must jump through hoops to build dApps on different chains.

Developers must adopt a common standard for blockchain technology to truly go mainstream. The current approach to development is widely fragmented with vastly different approaches being adopted. Most unfortunately, this fragmented approach trickles down to the end user and results in widely different onboarding and adoption processes.

Building a scalable Web3 with Ethereum as a backbone
Ethereum’s position as the leading public blockchain in terms of development makes it the ideal foundation for building scalable networks. This article will map out a future where Ethereum is the backbone of Web3 and will provide the necessary tooling for developers to onboard the first billion users to the blockchain industry.

It is easy to envision such a future given the wide adoption of Solidity, Ethereum’s native programming language. Solidity is the preferred language for blockchain developers because it is easy to learn and unlocks access to the largest community of Web3 users.

Solidity complements the Ethereum Virtual Machine (EVM) and provides excellent tooling for building truly decentralized applications with reduced development time and increased interoperability. The number of Ethereum developers has risen by over 400% in the past year to 5,000, which is more than two times higher than competing smart contract blockchains. Ethereum also boasts the industry’s largest DeFi ecosystem, with a significant portion of non-ETH-based TVL still attributed to EVM-compatible networks.