Recent talking points include a blog post by Preethi Kasireddy, “fundamental challenges with public blockchains.” The post outlines several problems faced by blockchain platforms at the moment; limited scalability, limited privacy, lack of formal contract verification, storage constraints, and unsustainable consensus mechanisms – to name a few.
Scaling issues on Ethereum became apparent in a post-CryptoKitties world. The Decentralized Application (Dapp) helped pushed an already busy network to its limits upon release. In the span of four days, CryptoKitty transactions went from 3% of all Ethereum transactions to 11.77%. This resulted in transaction backlogs, network delays, and higher gas fees. The backlog of transactions currently stands at over 14,000 transactions. Ethereum is capable of running 10-30 transactions per second.
Vitalik Buterin, Vlad Zamfir, and other Ethereum developers are currently working on a variety of scaling solutions, the most drastic being a switch…