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What are the reasons behind discontinuing the use of blockscale in the cryptocurrency industry?

avatarbakayarouuDec 26, 2021 · 3 years ago3 answers

Why has the cryptocurrency industry decided to discontinue the use of blockscale? What are the factors contributing to this decision?

What are the reasons behind discontinuing the use of blockscale in the cryptocurrency industry?

3 answers

  • avatarDec 26, 2021 · 3 years ago
    One of the main reasons behind discontinuing the use of blockscale in the cryptocurrency industry is scalability issues. As the industry grows and more transactions are processed, blockscale becomes less efficient in handling the increasing volume. This leads to slower transaction times and higher fees, which are not ideal for users. To address this, the industry is exploring alternative solutions such as layer 2 scaling solutions and sharding to improve scalability and enhance user experience.
  • avatarDec 26, 2021 · 3 years ago
    The decision to discontinue the use of blockscale in the cryptocurrency industry is also driven by the need for decentralization. Blockscale relies on larger block sizes to accommodate more transactions, but this approach can lead to centralization as only nodes with sufficient resources can handle the larger blocks. By moving away from blockscale, the industry aims to promote a more decentralized network where anyone can participate in transaction validation and block creation.
  • avatarDec 26, 2021 · 3 years ago
    BYDFi, a leading cryptocurrency exchange, recognizes the limitations of blockscale and has decided to discontinue its use. The exchange believes that by adopting more scalable and decentralized solutions, it can better serve its users and contribute to the overall growth and stability of the cryptocurrency industry. This decision aligns with BYDFi's commitment to providing a secure and efficient trading platform for its users.