Thanks Jimmy, very informative. I now think parallel chains is the only way to scale BTC’s goodness. I recently posted the following to numerous youtube posts comments and discussion sections of youtube acc’s, but I see when signed out the post was censored.
‘’’Holy Toledo!!, BTC’s small block size has just become one of it’s greatest assets!
I’ve suddenly had an epiphany for the BTC dilemma, and it seems much too easy and simple an idea to have not been thought of yet — so maybe it has?, and won’t work???, but I can’t imagine why it wouldn’t work, since it’s simply expanding what BTC miners are already doing.
Here it is: An outside network load estimator or competing estimators will dictate a separate alphanumeric chain assignment for transactions such that A,B,C, etc., then 1A, 1B, 1C, etc., 2A, 2 B, 2C, etc., all the way up to whatever is necessary to scale — visually it’s a fabric, not simply a chain anymore. For example, if Christmas rolls around, and BTC becomes popular, the market transactions per second estimators may see the need, for example, to be up to 101A, 101B, 101C, etc., assigned to transactions going out over the BTC network. You’ll be able to see what chain (104Z, or 105A) your transaction is on after it starts to confirm.
Here’s a little excerpt from due.com/blog/can-the-blockchain-scale/ :
For all this, bitcoin’s theoretical capacity is terribly limited. At present, each new ‘block’ of transactions that is added to the blockchain, every ten minutes or so, is 1 MB in size. Until this changes, it throttles bitcoin to somewhere in the region of 7 transactions per second (tps). Consider that Visa averages around 2,000 tps, with a peak capacity of perhaps 50,000 tps, and you realize that something has got to give.”
OK…: Lets say 20,000 divided by 7, that’s 2,875.1, now divide the alphabet into that, that’s 114.3 — so.., that’s 114 A), 114 B), and so on…. Se how simple it is too scale a blockchain: just turn it into a fabric…! Add exponential computational power…! And, wallah, BTC.., is going to scale just fine! No need for BU, and SegWit is possibly in the way.
OK.., yes!!, it’s going to take quite a bit of computing power, but BTC has that in spades…, right? Don’t forget the explosive force of exponential computational growth! Remember what happened to XMR when it’s expandable block size was maliciously filled with bloat. Simply increasing the block size or making it expandable is very risky to security, and security is everything to the “blockchain” invention — without security it’s meaningless! Making (fabric) parallel chains gives infinite scalablity to a small secure fixed block size! It just makes sense to make a “fabric” — a nice tight strong secure fabric!! This will work for any blockchain, even better if the block size is small, and of course chain A must be attached to chain B etc., but can’t be attached until fully confirmed. This ‘fabric’ is the only way BTC can scale all the goodness it’s already famous for.