My concern is that of scale. At the moment Hive works with the volume of transactions we have but I would be interested in a technical answer into how Hive can scale. We have all witnessed other cryptos getting flooded. That usually results in high transaction fees which turns people away. And although that may not be the case with Hive, if we need to stake a higher value to be able to transaction, that could push away users.
You are viewing a single comment's thread from:
I don't think RC is tied to the value of hive in any way, I believe it can be easily adjusted by witnesses.
So if I happen to be correct, a higher Hive price should actually result to a lower RC required to transact because the incentives witnesses are getting could be a bank maker that simply enables them handle whatever volumes and keep the cost low.
I'm just making guesses anyways.
hmm, not sure. Most systems when they get flooded by transactions means that those who can afford win and those who can't lose out.
You have to stake Hive to be able to transact. To transact more you need to stake more to get more RC (or have it delegated to you). In the short term, witnesses get more money from, can buy bigger kit and systems to support the increase in transactions but eventually that has diminishing returns.
In my view, it is unproven but just my (guess) opinion. Hopefully things scale well.
I already understand this, what I meant was that let's say Hive goes to $100 a coin, witness making like 16 Hive a day from producing blocks are effectively making $1,600 a day, this huge profit from producing blocks may lead to a concensus to reduce the RC required to transact given that Hive is very expensive and they earn quite enough to handle the cost of increased volume.
The fees escalating is due, in part, to the system not being able to scale.
We had tests from Blocktrades incurring significantly higher amount of traffic even without expanding the block size.
Plus there is more work being done to optimize the chain. The goal is to get it to the point where it can be run on a PC.
Posted Using LeoFinance Beta
Thanks, I think optimisation is key and hopefully everything will scale and hold out nicely. We are just a long way of the volume of Visa but the future is going to be really interesting - exciting times!
The blockchain could really handle an influx of billions of transactions a day 😲?