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Use a Scalable Blockchain
The tech behind every cryptocurrency is a distributed ledger It is well-known that cryptocurrencies use the power of distributed computing. Cryptocurrencies are decentralized digital assets based on particular Blockchain protocols. The total numbers of cryptocurrencies are preserved at the time of launching. **Blockchain technology is the backbone of Bitcoin** The cryptocurrency transactions are validated by solving a computational puzzle called mining, such as proof of work for Bitcoin, over a decentralized computing network infrastructure. All transactions are written on immutable ledgers distributed over the network. The network participators are rewarded for solving the computational puzzle (called mining) to carry out each validated transaction. Blockchain is just one type of distributed ledger technology Blockchain is just one type of distributed ledger technology that Bitcoin uses. Distributed ledgers are decentralized in most applications. For example, in the case of a cryptocurrency, the distributed ledgers are primarily decentralized. **Don't call all distributed ledger technologeis as blockchain** There are many variations of distributed ledger technologies. Not all distributed ledgers use blockchains. Decentralized applications can be more versatile if one innovates with distributed ledger technologies. The Bitcoin version of the blockchain is not scalable
As the network of Bitcoin users grows, the time of each transaction increases, and it burns more electrical energies. As a result, the transaction cost rises. The transaction time also rises. It is a severe scalability problem with Bitcoin and associated variations of cryptocurrencies. **Time and cost of transaction of Bitcoin increase with more users** Some tech innovations, such as lightning networks, are worth mentioning that have tried to surmount the scalability issues of the Bitcoin blockchain. The results are still not enough to overcome the high electrical energy requirement issue of the Bitcoin blockchain. Adopt a distributed ledger that is scalable There are a few distributed ledgers that can scale. They are not based on Bitcoin blockchain technology. They don't use any blocks. Instead, these are block-less distributed ledgers.
**IOTA** **is a scalable distributed ledger technology** https://www.iota.org/ IOTA is an open-source distributed ledger designed for the Internet of things (IoT). IOTA uses a directed acyclic graph (DAG) to store transactions on its ledger. IOTA has higher scalability over blockchain-based distributed ledgers. https://www.iota.org/ https://en.wikipedia.org/wiki/Distributed_ledger https://en.wikipedia.org/wiki/Internet_of_things https://en.wikipedia.org/wiki/Directed_acyclic_graph **IOTA** **transactions incur almost zero fees facilitating mirotransactions** https://www.iota.org/ IOTA does not require miners to validate transactions. IOTA uses nodes that issue a new transaction on the network that must approve two previous transactions. The IOTA transactions can therefore be accomplished without fees, thereby facilitating microtransactions. https://www.iota.org/ https://en.wikipedia.org/wiki/Cryptocurrency_mining <><><><><><><><><><><><><><><><><> Other articles in the series 1) "**Fiat Versus Cryptocurrencies**," https://read.cash/@Debesh/fiat-versus-cryptocurrencies-902f4029 **https://read.cash/@Debesh/fiat-versus-cryptocurrencies-902f4029** 2) "**What about a world without fit currencies**," https://read.cash/@Debesh/what-about-a-world-without-fiat-currencies-1ae85570 **https://read.cash/@Debesh/what-about-a-world-without-fiat-currencies-1ae85570** 3) "Private Key-Loss Conundrum of Blockchain," https://read.cash/@Debesh/private-key-loss-conundrum-of-blockchain-8f364dec https://read.cash/@Debesh/private-key-loss-conundrum-of-blockchain-8f364dec <><><><><><><><><><><><><><><><><> ***Cheers!*** *****Debesh Choudhury***** https://twitter.com/debeshchoudhury/ ***Join me at*** *****Odysee********,*** *****LinkedIn********,*** *****Twitter********,*** *****Publish0x********,*** *****noise.cash********, and*** *****Facebook***** https://odysee.com/$/invite/@debesh.choudhury:d https://www.linkedin.com/in/debeshchoudhury/ https://twitter.com/debeshchoudhury https://www.publish0x.com/@Debesh-Choudhury https://noise.cash/u/Debesh https://www.facebook.com/debesh.choudhury/ *Text Copyright © 2021 Debesh Choudhury — All Rights Reserved* Lead Photo https://pixabay.com/images/id-3357567/ #privatekeys #passwords #cryptocurrencies #blockchain #bitcoin #technology #research **Read the content of my sponsors.**
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