If you know about blockchain, there is a strong chance that you must have heard the word "scalability" as well. Well, this is one of the major issues with blockchain. Scalability in blockchain simply means how many transactions a blockchain can handle per second. If someone tells you that some blockchain is highly scalable, you should understand that that particular blockchain can handle many transactions per second(tps).
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The most famous blockchain, that is bitcoin has had the issue of scalability, and even now it is facing this issue. You might have noticed that sometimes, it takes hours for bitcoin to be transferred to another wallet address, that's because Bitcoin is not fast. In other words, Bitcoin is not scalable. Right now, Bitcoin can handle only 7tps and that's very low.
Moving on to the next famous blockchain of ethereum which is also very slow. Right now, Ethereum can handle up to 20tps. This is again very less when we compare it to Visa which is capable of handling 1700tps.
Importance of Scalability
Right now, the scalability might not be a big issue in blockchain as the userbase is very small but in the future, with increased adoption of blockchain technology, scalability will play a big role in the success of a blockchain.
A blockchain can not realize its full potential if it is not scalable. A scalable blockchain increases the efficiency of blockchain, decreases the cost of operations which in turn increases the profitability, and most importantly users develop confidence in using that blockchain.
Matic's Scalability Solution For Ethereum
Matic Network, which is known as the blockchain scalability solution is claiming that it can power Ethereum blockchain to a whopping 7200tps. Matic Network has been testing this functionality for two months and in a recent blog post, they said that they can help Ethereum to reach a speed of 7200tps.
The Ethereum blockchain has faced issues of network congestion as it is one of the busiest blockchains out there. Ethereum 2.0 is supposed to fix the scalability issues but that might take some time and Efhereum desperately needs scalability right now. With the DeFi craze, the congestion will only keep on increasing. So, Ethereum could make use of Matic Network's solution to enhance scalability.
Even if Ethereum can handle half of the 7200tps with Matic's new upgrade, it will still be twice as fast as Visa and we all know that Visa is fast. I think the number of people transacting on Ethereum is going to grow on a large scale because of DeFi and Matic might be a savior for Ethereum.
This is not financial advice. These are personal thoughts and they are meant for information purposes only.DYOR before investing.
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I also think that this is a great detail to solve in all the blockchains. The possibility that all the necessary transactions can be generated, so that it can really have a massive use.
If it is not achieved properly after that, its adoption will be later.
I've seen two-tier solutions, and things like that. Technically they won't be solved, but somehow they have to be.
If Matic is the solution, it will be seen in the near future.
Good post, very informative.
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I don't know how scalable will Eth 2.0 be but that might take very long time to produce desired results. Vitalik said that Eth 2.0 will not be delayed but then it will still take at least 5 months.
Matic is itself a second-layer solution that builds on plasma project providing alternative PoS blockchain working on adapted technology version.
If Matic can solve the scalability issues for time being, there is no harm in using it.
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Absolutely it would be a great solution till the time 2.0 comes. Can you please share the details of the project ? Whitepaper?
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https://whitepaper.matic.network
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Scalability has been one of the major concerns of a lot of blockchain projects and while Ethereum has proven to be one of the strongest and powerful blockchains in terms of what it can do and what it offers... Scalability has been a bit of a concern as well. However, with how fast and strong it has grown over the past few years, there is doubt that that issue/concern might be solved - It is just a matter of how soon.
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That might be solved with Eth 2.0 but that might not be fully functional for years. In the meantime, they can use Matic's scalability solution.
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It's a good idea, but I don't know if it will be enough to solve the whole problem.
Anyway... Nice text, @syedumair.
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7200tps is great. It will be enough, at least for now.
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very interesting information, I hope that here at steemit you have thought in scalability because in the future I think the use of this network is going to spread, and my hope is that it will be in a few years.
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Steem is highly scalable. It can handle 10k tps
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It really depends on Etherium if they agree to partner with Matic even though Matic seems to be a more recent developed project unlike etherium and there's also a possibility that the etherium team may also be looking at such problems with the hope to solve it via etherium 2.0.
Thanks for sharing this great post with love from @hardaeborla 💕❤️💕
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There is already a lot of congestion in Ethereum network and Eth 2.0 might take a lot of time. With DeFi booming, Eth is used more and they will need a solution soon.
Matic is offering that solution and there is nothing wrong in trying.
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