What technical and non-technical issues do blockchains face?

10 000 question challengeCategory: Core Blockchain DevelopmentWhat technical and non-technical issues do blockchains face?
tokenh6_wp Staff asked 3 years ago
1 Answers
tokenh6_wp Staff answered 3 years ago

Blockchains now are under numerous threats. It is possible to group them into two segments: technological and non-technological.
Technological group involves 3 factors:

  • Complexity (the possibilities of underlying technology are still being opened by developers and scientists)
  • Size of blockchains’ networks (blockchains are requiring more and more space on computers making it not easy for usual users to work directly with it)
  • Networks’ speed and costs of transactions (miners in traditional mining methods like POW cannot process more than N transactions with N being incomparable to such services as Visa or Mastercard)

Non-technological group consists of the following:

  • Human errors (for instance, blockchains of ICOs often are hacked because of low level of developers’ competence)
  • Unavoidable security flaw (such as 51% attack)
  • Politics (Issues between leaders of crypto world and governments, issues between different groups of interest inside crypto world (like BTC and BCash developers))