Can we listen voice from China about Blockchain?
There is a famous person in China, Jimmy Zhong, the founder of IOS (internet of service). His speech impressed me so deeply on the Blockchain technology forum of Spring, 27th, May.
He mainly talked about technology application and the situation of Blockchain, and mentioned the solutions and cost for the bottleneck Blockchain met for now.
Firstly, there are 2 directions for the creation of Blockchain, one of which is providing a platform to other creators, like IOS and Andriod. Another direction is to create applications with assuming the blockchain is an operation system. He said Exchanges and On-line advertisements can apply on blockchain fittingly; But there are some problems with Exchanges, For example, If you put your Ripple, Ethereum or other cryptocurrency into it, like a private bank, they can’t do anything to protect your cryptocurrency if there is an fire. Assuming the 2 of them are blockchained, all of the exchanging data and advertisements we watched every time are packed up to save in Blockchain, which can’t be rephrased. That is a perfect situation. But for now, we haven’t seen that, as the self-existent blocknet of Blockchain.
Secondly, Jimmy Zhao mentioned the conflict the dilatation brought. Comparing with exchanges, every second volume of an Ripple or Ethereum is only 20 and needs extra fee, Exchanges’ is up to 2000 ~ 5000. This because not only the insufficient mills and imperfect programs but also the time issue. For example, every 6 exchanges for Bitcoin need 60 mins to confirm the character. So it’s hard.
I think there is another important and pivotal issue Jimmy Zhao said which also impressed me so deeply. The internet of Blockchain is not stable all the time. Assuming ethereum support one thousand transactions every second, the speed might be not able to follow up. So the internet of complete decentration Blockchain is hard to support more higher capacity of transaction with ensuring the consistency of data, and still needs to synchronize all data.
Now the most visual solution is the super node which is easy to deal with and can normally handle with the transaction on Blockchain. But it requires the capacity of internet speed up to millions level for every second. And another important way is partition in network, of which technology includes DAG and Shardin.
Apart from above issue and solution Jimmy Zhao mentioned, he analyzed that the development of blockchain in the future can unlikely become the oligarch.
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