What's wrong with the BitCoin?
BitCoin is the first Crypto Currency for a fully decentralized p2p value transfer system with the help of distributed open ledger called BlockChain. It is an amazing tech and eye opener for entire tech world in 2009. But fast forward to 2016, is it still a promising tech as we saw it in 2009? What should we take forward from its design? What could have been designed better considering the problems we are facing today within the BitCoin network?
I will walk you through folowing topics in detail.
What should we take forward from its design?
1) Open Ledger
2) Distributed Consensus
3) Flexible transaction models using scripts
4) Network resiliency
What are some of the flaws?
1) Lack of anonymity
2) Resource wastage owing to Hash Rate based Proof of Work
3) 51% Attack
4) Huge BlockChain size
5) Lack of flexibility to adjust Block Size
6) Zeroing in on BitCoin Generation
7) Increasing Transaction fee
Mohan Palaniappan is a long time Crypto Currency entusiast, BitCoin Trader and (was) a miner. He has conducted BitCoin sessions in PayPal as well as few external venues. He is very passionate about upcoming technologies and keep a close eye on tech world. He has more than a decade experience in the Software industry and has a personal blog https://mohanpalaniappan.com where he scribbles sometimes. He is a Domain Technical Lead and Subject Matter Expert in PayPal customer support product development group. Other than work, Hacker News and reddit are his favourite hangout places.