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Analyze the defect of blockchain: tool cost barrier

Time : 24/01/2022 Author : 1fh0nq Click : + -
        Blockchain is just a tool to protect data. It is impossible to make blockchain a tool that is not easy to use. Tools are tools needed for work, and also a means to achieve, complete or promote something. We are optimistic that blockchain tools can subvert or even reshape the way many parties execute transactions in various scenarios, from simple transfers to complex transactions. We underestimate the cost of blockchain as a tool. IBM's blockchainplatform uses a large number of ibmz mainframes and hopes to improve the speed of blockchain. This is indeed a solution that can meet the requirements of banking customers. It can use the speed, encryption and reliability of zsystems to host blockchain, and seamlessly integrate with transaction data and applications that have been running on mainframes, However, the advantages of cost savings cannot be realized.
 
        (the Z-type machine with lower configuration is about 40million yuan). The distributed architecture of blockchain is a network spanning a large number of nodes. Each participant needs a node, which is also the entrance to the blockchain. Multiple participants and multiple processing nodes increase the total cost of each transaction. The strength of the chain depends on the weakest link. One node has performance, scale or security problems, which may affect other nodes. Even IBM recognizes the scalability challenges of blockchain. Michaelwhitaker, vice president of emerging solutions at ICF, said, "the hyperledger performance and scalability working group shows that scalability challenges have not been overcome.
 
        The energy cost and storage requirements of blockchain, coupled with the uncertainty associated with any emerging technology, make blockchain a solution far less scalable than existing databases. ". Bitcoin, which has been operating for more than nine years, currently has transaction data close to 200g, but its user activity does not exceed 500000 people. Without improving the transaction speed and capacity expansion, 1MB every ten minutes will increase 50GB a year. In about a hundred years, the size of the whole node will exceed 5TB. If the block size is limited to 30MB, the biggest problem is not the bottleneck of CPU computing power, but the propagation and storage of blocks. 30MB blocks will lead to a sharp increase in the isolated block rate and empty block rate of the whole network, and the annual output of 1.5tb blockchain data will also exceed the hard disk capacity of some node machines.
 
        Based on this 1.5tb data, blockchain browsers and wallet service providers may expand 10 times to 15tb. These data are not very challenging for a neutral system, but for a globally distributed system, they are very challenging. At present, most of the lightweight improvements of blockchain are at the expense of reliability, security or centralization. The power cost of bitcoin is an important part of calculating the profitability of data centers. According to blockchainluxembourg, the cost of bitcoin per transaction has been floating between $75 and $160, mainly due to the power cost.
 
        As the transaction volume of blockchain increases, the energy cost will rise sharply. The storage cost consumed by blockchain is not high at first, but it will increase exponentially. If blockchain is used in various scenarios (such as traceability, copyright, streaming media, Internet of things, etc.), a large amount of transaction information needs to be stored. Some people hope to solve the storage obstacles of blockchain through the low-cost and high scalability of cloud storage, but the blockchain database must store data indefinitely, and the cloud is often paid and may be interrupted. "Judging from the current transaction cost, the long-term storage cost per GB of a bitcoin node will exceed US $22million, and the actual figure may be even higher." Jamilaomaar of the IPDB foundation said.
 
        Some blockchain practitioners feel that TPS (transaction performance) is the reason why their business cannot be realized, resulting in the blockchain project being in the proof of concept period. From the perspective of cost input, it is more based on unreasonable assumptions, without giving full consideration to the sharply increasing costs of storage in the future, and persuading those participants to share the costs. The same data is placed in hundreds of places, and the overhead of transmission, verification, storage and redundancy is very large. Each copy should be shared equally, rather than the cost paid by the centralized database at one time. Decentralized systems are difficult to handle, expensive to maintain, difficult to upgrade and difficult to expand. How to improve the TPS of blockchain? Those who have the ability to improve are the large enterprises that continue to invest, or the foundation teams that head cryptocurrencies.
 
        Blockchain is just a tool, like a knife, which can be carved against a fence or cut into pieces of meat and bones. Tools are an important means to participate in innovation activities and improve the efficiency of innovation activities. In the long run, blockchain is probably a slightly beautiful spray in the long river of technological development. (author: youyou finance and economics, the content comes from the "get number" of the chain get content open platform; this article only represents the author's point of view, not the official position of the chain get).
 
        
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