Media Blockchain and extensibility contention __ Blockchain

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Author: Christopher Tozzi Translator: Pencil case

If your technology doesn't scale, it probably doesn't have any meaning at all. At least, in the real world there is no use in any sense.

Blockchain-based media is no exception. In order to be able to apply in the media domain, blockchain technology must be scaled up to accommodate and increase user and demand.

Bitcoin-based media blockchain is facing a huge challenge. Traditionally, Bitcoin has not been able to scale seamlessly as some blockchain developers and users would like. Its limitations in this regard have raised doubts about the future of the Bitcoin media blockchain. This also increases the likelihood that alternative blockchain chains such as Ethereum will surpass Bitcoin in the media market. In the media blockchain company growing up, it is necessary to put the expansion factor into their consideration plan.

Bitcoin expansion issues

The concept of blockchain is known for Bitcoin, and bitcoin was designed ten years ago. At first it only takes into account the number of dozens of users. Although the current number of Bitcoin users is hard to quantify, at least 1 million, and probably several times the number.

The huge growth in the Bitcoin user base over the past 10 years also means that the Bitcoin blockchain now has to accommodate more participants. The number of deals now is much larger than it was earlier.

When Bitcoin was initially designed to limit the number of transactions that could be processed quickly, it would be more difficult to scale up to address the problem. This limitation mainly comes from the size of the Bitcoin block. A bitcoin chunk size (that is, a trading unit that combines a distributed ledger that forms a bitcoin blockchain) is limited to 1 gigabytes. This does not have enough space to support and satisfy the hundreds of task requests of existing users. Therefore, Bitcoin trading takes a long time-even days-in some cases processing is done.

As the size of the Bitcoin blockchain expands, the problem is only getting worse. The original Bitcoin design did not include a way to solve the problem.

Solution: Use another alternative blockchain or isolate a witness

For Bitcoin users, there are two main ways to solve the problem of Bitcoin expansion.

The first approach is simple: they can choose another type of blockchain, such as Ethereum. Although Ethereum has its own scalability issues, these commitments are easier to solve without the need to modify the platform's core design. Similar to "Parallel transaction processing" and "chunking", this way can help ethereum expand its capacity.

In addition, the size of the Ethereum community is not so serious, because the Ethereum user base is almost certain that the BBT is small. The transaction costs of the Ethereum blockchain have not yet become unacceptably hard to accept.

Another extension solution that is supported in the Bitcoin community is known as the "Quarantine witness" or "SegWit". "Initially considered to be a way to solve the reliability problems associated with Bitcoin transactions, Segwit can also help solve the problem of Bitcoin scalability. It will increase the size of the Bitcoin chunk by removing the signature data from each Bitcoin transaction and using the freed space.

According to Segwit's vision, the block size will reach the theoretical maximum of 4 megabytes at any moment, but in practice, most chunks may be close to 2 megabytes in size. Either way, the segwit will at least increase the speed of Bitcoin support transactions by a factor.

It is important to note that the quarantine witness needs to use a "side chain" like the Lightning Network. The side chain is independent of the main chain to handle transactions. They greatly increase the speed of transactions, but they require non-blockchain transactions to be handled in a centralized location by a third party, rather than on a decentralized blockchain.

Segwit Solutions only have limited support. The opponents raised two main reasons for opposing it. The first is to increase the size of the Bitcoin in a fixed amount, but that does not ultimately solve the scale problem. If the size of the bitcoin is large enough, even a larger chunk is provided by Segwit, it is not enough to support fast trading.

The second reason against Segwit is that the side chain destroys the dispersion and anonymity of the main chain.

The expansion challenge of media block chain

The debate about whether and how to address the scale of Bitcoin will have a unique impact on the future of the media blockchain.

This also means that companies that build their own media platforms on the Bitcoin blockchain need to make a choice: they can accept the current state of the Bitcoin blockchain and the accompanying slow trade, which will allow the community to accept solutions such as Segwit, or turn entirely to another blockchain.

Other blockchain media companies will have to make similar decisions sooner or later. Platforms like Mycelium, built on Ethereum rather than bitcoin, are not under the pressure of Bitcoin-based blockchain. However, as mentioned above, Ethereum does not fully solve the expansion problem. If Ethereum is large enough and does not introduce innovative ways to expand capacity, its trading speed may also slow.

In addition to increasing the size of the underlying blockchain technology, blockchain media companies can also take other strategies to help mitigate the impact of blockchain capacity issues. One solution is to use a side chain, whether or not the main chain is strictly aligned. As mentioned above, the side chain can greatly speed up trading. As the transaction itself, it must be done through a central hub operated by a third party.

Another approach is to build a business model for blockchain media platforms that do not rely on fast trading. But that means sacrificing the real-time results of blockchain trading. This may not be ideal, but for a media that handles digital content ownership, it is more receptive to transactions than a blockchain-based payment system. In the latter case, immediate real-time results are priority processing, which is not always the right way in the media world.

For bitcoin and other blockchain, scaling is a real challenge, and it's unclear whether this can really be solved. Blockchain media companies are unlikely to solve all problems in the short term, but they will adopt strategies to address scaling issues, ensure they are able to meet the growing platform and handle the transaction within the user's required time.

This article only represents the personal opinion, does not represent the block chain pencil position, does not constitute the investment proposal, the content is only for the reference.

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