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Search for Potential Solutions to Blockchain Scalability Issue
This thesis explores potential solutions to the scalability problem of Blockchain, an anonymous public ledger that is maintained by a decentralized peer to peer network. It will examine the technical limitations of Blockchain by assessing block size and latency of block propagation for the Bitcoin and Ethereum platforms. It will discuss current solutions in the industry, such as parallel block creations with implementation of Directed Acyclic Graph and Sharding. It will investigate consensus protocols, such as Proof of Work and Proof of Stake. Further, it will study establishment of instant micropayment channels through off chain transaction implementation. Additionally, it will test imposed difficulty limitations of the Ethereum platform and present results that originated in experiments. Finally, it will present a proposed Sharding method that can potentially aid towards scalability solution.