Ten years after the advent of Bitcoin in 2008, the world has yet to witness the widespread adoption of digital currency as a recognized form of payment-even in concentrated areas. As Forbes emphasized, a deeper study of the digital currency market will reveal the shortcomings mentioned above, including usability issues, compliance barriers, and scalability fallacies. Although the blockchain has spent countless hours by developers around the world, by the end of 2017, the enthusiasm of digital currency investors has almost faded, and market sentiment can not help but raise questions: the classic "killer of blockchain and digital currency" When will "app" come out? Ask any entrepreneur from the traditional market, they will definitely put customer satisfaction, user experience and strong customer support together with reliable products as the foundation of sustainable operations. However, the core spirit of the decentralized world limits far-sighted applications, or in this case, limits the spread of dApps as powerful alternatives to applications currently used in the global market. This fallacy constitutes one of the biggest obstacles to building a truly decentralized system, and even the well-known consensus mechanism-decision voting from chain network users-has failed to solve the key decision-making problem of dApp life. In the digital currency market, most of them are driven by ideas on white papers and virtual blackboards, without mentioning what steps a team will take to solve legal issues, symbolic liquidity, or even public awareness. Although the industry’s difficult and slow growth can be largely attributed to lack of regulation, widespread fraud and lack of public information, the blockchain ecosystem faces three trade-offs. Unlike traditional markets, blockchain entrepreneurs or dApp developers face three basic trade-offs, which prevent distributed systems from becoming the next "killer application": decentralization, data throughput, and privacy. Developers need to prioritize, allocate and optimize these three to ensure that consumers' needs are fully met. However, here is the problem. The perfect combination of these three factors seems feasible on paper, but it is extremely difficult to implement in reality. Take Bitcoin as an example. This is a groundbreaking digital currency that runs on an intensive proof-of-work system controlled by tens of thousands of miners around the world. Although Bitcoin's computing power is very powerful, its throughput is limited to 7 transactions per second. In contrast, the payment processing program VISA makes 7 transactions every millisecond, which is one thousandth of the former. The lack of speed is to ensure the reliability of the network without the need for a centralized party. Each transaction block is encrypted and linked to each node every 10 minutes. If the transaction speed is accelerated and confirmed by a smaller interviewer on the network, the divergence between all nodes will cause questions about which chain is legal and may lead to splits or branches in the network. If the trade-off between transaction speed and credibility is handled as Ripple Labs did on the XRP mark, then the trade-off of centralization will be presented to network participants. The throughput marked by XRP is 1500 transactions per second. As far as Bitcoin is concerned, all efforts to speed up include some degree of centralization. In addition to Segregated Witness, it is proposed to increase the decentralized confirmation time by packing more data into one block. Even the well-known Lightning Network uses an "off-chain" method that does not take advantage of the security of the Bitcoin network in a strict sense. Let us continue to discuss commercial blockchains led by ambitious teams and self-proclaimed industry leaders who are promoting licensed blockchains and alliances. This purpose-built, highly specific network is built on open source technologies, which come from centralized institutions such as Hyperledger led by R3 and ibm. However, only censored parties can participate in such a network. Although they weigh the PoW mechanism to provide high throughput, the privacy and decentralization aspects have been severely damaged. Although R3 provides non-blockchain data structures to hide transactions and solve privacy issues, the government and regulators can legally view all transactions, just like the company's detailed rules. Based on the above, it seems unlikely to see a real decentralized product, at least in the short term, it will prove to be a serious competition for centralized, ceo-led teams that are committed to building their products A common and dynamic vision. Leaving aside all the initial issues, blockchain-based platforms, programs, and distributed technologies will continue to dominate the so-called "Fourth Industrial Revolution" while gradually solving every trade-off problem. Protocol upgrades like Ethereum's Sharding and Zcash's Sapling are close to finding an optimal position in this regard, but if they are not fully guided from the helm, they may face the contradiction of lack of user-friendly interface and use case output. However, this is not to say that the digital currency market is not progressing every day. On the contrary, it is facing many problems related to the rise of a promising industry. Solving all the shortcomings in time may determine whether this industry will succeed in the next few years, or it will become a fading fashion like an e-book. .
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