Bitcoin Global News (BGN)
January 08, 2019 -- ADVFN Crypto NewsWire -- Over the course of
2018, one of the key topics in the cryptocurrency space was the
issue of how the leading cryptocurrency networks plan to scale over
the long-term. Central to this discussion has been the Ethereum
network, which has, to-date, received five major proposals as to
how the scaling of its’ blockchain could be achieved.
Until today, it seemed like none of
these ideas would rise to the head of the pack and the network
would go ahead with all of them, almost simultaneously, even though
they target similar areas in similar ways.
At this point, the reason that all
of these ideas might simultaneously work is that the development
community appears to have taken the highlights of each proposal,
while making sure that none of them conflict with each
other.
For example, one targets the
overall aspects of how Ethereum’s native currency functions
economically, while another aims to gradually scale down its’ fees,
which are seen as exorbitant at times.
Today, CoinDesk penned an article
in response to an event yesterday that just might change all of
this, at least partially. In it, they detail a $5 million grant
that the Ethereum foundation has given to one of the five teams
working on Constantinople. Parity Technologies, which is the team
in question, appears to have gained the foundation’s favor for a
few reasons, including the fact that they are working on
implementing sharding across the network.
If you are not well-versed on what
sharding is, it can help to first imagine how a blockchain achieves
anything now. In a nutshell, any sort of agreement has to be
reached by all of the network’s nodes or users. Because of this,
most major networks are experiencing high latency due to the wait
times required for everyone to approve every proposal.
With is in mind, imagine what would
happen if all of a blockchain’s active users were automatically
split into groups, each of which handled different proposals or
groups of transactions without conflicting with each
other.
That is what sharding is reportedly
able to facilitate.
In the end, at least temporarily,
it is reasonable to conclude that if Parity is able to bring this
about across the Ethereum network, then they will come out of the
chaos as the development leader for its’ future efforts.
By: BGN Editorial Staff