Cryptocurrency should be scalable | Silvio Micali and Lex Fridman | Summary and Q&A

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March 20, 2021
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Lex Clips
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Cryptocurrency should be scalable | Silvio Micali and Lex Fridman

TL;DR

Scalability in blockchain refers to the ability to process and validate a large number of transactions quickly and efficiently, while ensuring shared visibility and certainty.

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Questions & Answers

Q: What is scalability in the context of blockchain and cryptocurrency?

Scalability in blockchain refers to the ability to handle a high volume of transactions efficiently. It involves both the speed of processing transactions and the ability to share and validate them.

Q: How does scalability impact the world of blockchain and cryptocurrency?

Scalability is crucial in a world where billions of people want to transact with each other. It ensures that transactions can be processed quickly and shared for validation, enabling widespread participation and adoption of blockchain technology.

Q: What is the relationship between scalability and shared visibility of transactions?

Scalability is not just about processing transactions quickly. It also involves ensuring that transactions are visible to everyone on the blockchain. Shared visibility helps maintain transparency and trust in the system.

Q: How does scalability affect the complexity of blockchain systems?

As more people join the blockchain network, scalability becomes even more important. The system must be able to handle a large number of users, each performing transactions simultaneously. Scalability ensures that the system can maintain efficiency and effectiveness as it grows.

Summary & Key Takeaways

  • Scalability in blockchain refers to the speed and capacity of processing transactions and sharing them for validation.

  • A scalable blockchain should be able to handle thousands of transactions per second and support billions of users.

  • The value of scalability lies in ensuring shared visibility of transactions and the certainty of their validity.

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