[Mac] Can Blockchain Be Overcome the Last’Clean’?

[출처: 셔터스톡]

[Mac의 미래 상상] ‘Chasm’, which means disconnected perception, refers to a difficult step in the process of success in business, like a deep valley between perceptions before a new product or technology is accepted by the public. The public’s interest and awareness of the blockchain is incomparable to the previous one, but the practical use cases that are still familiar to the public are far behind. Will there be a time when blockchain technology will be introduced to the whole society beyond chasm in the near future?

#Can Blockchain Really Go Over Chasm Now?

Bitcoin, which had been advocating for digital money (peer to peer electronic cash system), gradually gained global attention and transactions began to explode. In Korea, it was also the first in Korea to receive bitcoin payments at a bakery in Incheon, drawing attention. However, the limit of speed that bitcoin keeps up with was enough to give the public the perception that “Should not conveniently use a credit card to make payments in 10 minutes (blocks are created)”. As bitcoin transmission delays frequently occurred due to network overload, Segwit soft fork was conducted to solve this problem. It has not been improved significantly. Rather, there was a hard fork that increased the size of the block and another cryptocurrency called Bitcoin Cash appeared.

Problems like this also occurred on Ethereum. ICO (Cryptocurrency Disclosure) is a hit, and participants initiated transactions by raising their gas fee to the maximum in order to transfer their Ethereum faster than others. Don’t ask me, the Ethereum network has become extremely crowded due to the combination of ICOs that are overrun by investment and Fear of Missing Out (FOMO) of participants. It also went far beyond the range of acceptable fees. The Ethereum problem that occurred at this time became a chronic disease that occurred repeatedly whenever there was an opportunity for transactions to explode, from CryptoKitty to DeFi, which has been developing recently.

The issue of blockchain scalability has been discussed numerous times before as a prerequisite for popularization of the blockchain. To solve this problem, solution projects such as parallel processing, second layer, and interoperability between chains are emerging. However, even though opportunities are seized in the field where new blockchain technology can be used, products are created, and countless experiments are underway, scalability issues are still holding back.

Last month,’Ethereum 2.0 Phase 0’was launched, and 2.5 million Ethereum have been staked so far. Ethereum 2.0 aims to greatly increase scalability by introducing sharding and light clients. Can we finally overcome the scalability problem in the Ethereum network where various attempts of blockchain are concentrated? At this time when interest in blockchain technology is more focused than ever, it is noteworthy whether it can show a figure that goes beyond chasm.

Mac Alternative investment fund manager