Monthly Archives: December 2017
With Blockchain technology on the rise, there is a lot of hype to it and definitely some things to take into account as to what it offers currently. Since the technology is still evolving there are some negative sides to using it. Malanov mentions a few concerns that change what we know about blockchain technology. When it comes to speed, the lightning network was introduced to solve the slow issues with confirmations by using a separate channel for participants who need faster transactions. Scalability is also a concern for some people but since the classic blockchain is completely unscalable, it may be an issue to users however its fine the way it is. Because if those so-called 51% attacks are easily exploited, it makes sense that anyone with more computing power can just take over the whole blockchain but really it’s not. Also the concerns with blockchain being decentralized stops it from developing however with cryptocurrency now, it does offer flexibility with alternative coins. Engineers can develop a cryptocurrency that offers flexibility based on what the consumer wants with the coin and can even offer a voting system to make the coins more viable.
With this said, is blockchain technology fine the way it is or can there be more done to develop the technology further?