- Bitcoin Is Improving Its Scalability to Drive the Growth of DApps
- Bitcoin Introduced Lightning Network to Solve Its Scalability Issue
- EOS Puts More Effort to Boost the Growth of Decentralized Apps
Bitcoin News Today – EOS and Bitcoin are currently working on scalability in order to boost the growth of decentralized applications. The goal of Satoshi, when he launched Bitcoin (BTC), was for it to become a universal currency. Satoshi wanted BTC to become a decentralized currency that cannot be manipulated by centralized governments across the globe. Bitcoin (BTC) has come a pretty long way since its emergence. However, the digital currency still needs some improvements. One of the major issues the digital currency has been facing over the past years is scalability.
Bitcoin Is Improving Its Scalability to Drive the Growth of DApps
In late 2017 and early 2018 when crypto-mania took over the world, network congestion was one of the major complaints of users. Transactions took longer time to confirm. This has been a major drawback for Bitcoin (BTC). For the dream of Satoshi to become a reality, scalability needs to improve. Once the scalability of the network improves, the decentralized application is certain to thrive. There are already signs of development and mainstream adoption from firms such as HTC, Samsung, and LG.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Introduced Lightning Network to Solve Its Scalability Issue
When Bitcoin and other digital currencies tested their all-time high in 2017 and early 2018, the network was severely congested. While other payment firms, such as VISA, can process 24,000 transactions per second, Bitcoin can only process seven transactions per second. That is very poor and it needs to be fixed quickly in order to boost mass adoption.
Bitcoin News Today – Luckily, Bitcoin introduced the Lightning Network to improve the network significantly. The LN would enable extremely quick and efficient transactions between participating nodes. By using the LN, users will benefit from fast transaction speed and low transaction fees. Transaction cost and speed are the two major issues the network has been facing. The LN is here to solve those issues and mass adoption may be on the way. The growth of decentralized apps will also follow suit.
EOS Puts More Effort to Boost the Growth of Decentralized Apps
EOS initially come into the blockchain space to address the scalability issues of the earlier blockchains. EOS has some major advantages such as 500ms block time, and a delegated proof-of-stake (DPOS). At the beginning of this year, the EOS network was growing by 10,000 new accounts every week.
The demand for Dapps is high and there are several limitations for Dapp developers. To resolve this issue, EOS is supporting the Dapp Network that functions as a second layer on top of the mainnet of EOS. Dapp developers are now able to access secure communication servers, extra storage capacity, and vital utilities. EOS has shown great support for Dapp, and the network has greatly contributed to the development of Dapp.