As one of the most revolutionary technologies, blockchain may change the way people transmit anything of value. However, there are many fundamental challenges that public blockchain must overcome before its mainstream adoption. It is not possible for a blockchain to achieve all three properties – Security, Scalability, and Decentralization, at the same time. While decentralization alone is the biggest hurdle of all, as described in the CAP Theorem, a distributed s ystem cannot simultaneously be consistent, available and partition tolerant. This also significantly affects issues such as network capacity, finality, attack resistance, reward mechanism, and anonymity, etc.
This report will cover the fundamental knowledge of blockchain and discuss some of the biggest technical challenges of public blockchains and their solutions. In the meantime, this report will also compare the public blockchain developed by major exchanges and introduce GateChain’s technical innovation on transaction security.
- Decentralization is the most critical challenge of public blockchain technology.
- According to the CAP Theorem, a distributed cannot provide Partition Tolerance, Availability, Consistency at all optimal levels.
- Issues including network capacity (TPS), finality, attack resistance, reward mechanism, anonymity are closely related to decentralization and need to be resolved.
- Public blockchain pioneers Bitcoin and Ethereum have the same problems, while the community and the team have proposed various innovative approaches to address the above issues.
- Many exchanges have also developed their own public blockchain to facilitate the establishment of decentralized exchanges. By comparison, GateChain has a higher level of security and greater network capacity.
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Disclaimer: Based on the due diligence and objective analysis by internal staff, the research draws a conclusion based on the information disclosed to the public of the public blockchain projects. However it should not be treated as the sole basis of investment.
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