“Ethereum can do 25 transactions per second (TPS), but, of course, the more you use it the worse it gets,” said Wood. “Polkadot uses parachains [parallel processing chains] and can go from 100K TPS to up to 1 million TPS.” VC chains continue to miss the point.
Can you please explain to me how you can run the global financial system on 25 TPS? Or even 2500 TPS? Or even 25,000? I'm fairly certain you need at least 1M TPS for crypto to function at global scale
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You can’t but that’s missing the point. We don’t need to be there today. The demand isn’t there or anywhere close to it. Instead we need to focus to keep decentralized principles while slowly scaling. These chains are touting numbers on a handful of nodes and unscalable state
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First you build a community and then tooling. From there you find where demand is and chose to scale where it’s needed. For example, zkrollups coming to DExs (live on Looping) and optimistic rollups (testing on Synthetix) can handle all the demand a dex needs.
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Level 2 scaling. Theroticaly, there's no upper bound limit to scaling potential at level 2 and in practice the number keeps increasing.
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Seems over engineered and over complex.
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No blockchain is gonna run the global fin system for a while, but Ethereum is doing a fine job making a big dent and claiming the beachhead via DeFi.
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Bitcoin itself scales to that level, BSV has proven that, Bitcoin also has smart contract capablity, sCrypt has proven that
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