Zcash technology could make Blockchains scalable: Multicoin Capital’s Kyle Samani
Zcash developers are currently working on a technology which could make Blockchains extrememly scalable. Kyle Samani, the managing partner at cryptocurrency investment fund Multicoin Capital, says he sees great potential in their work. According to him, the number of transactions per second could potentially be amped up to millions because of this.
The Zcash foundation recently shared the results of the experimental community governance process which they conducted throughout June. They released the results on the last day of the Zcon0 conference. Executive Director, Josh Cincinnati said over 200 members from the Zcash community will be selected to form the “Community Governance Panel.”
Kyle Samani spoke about the topic with Laura Shin, former editor of Forbes on her podcast -“Unconfirmed.” According to Samani, though Zcash’s work is still in the speculative stage, it shows promise. He adds that he feels “much more optimistic” about Blockchains being more scalable. Multicoin Capital’s managing partner said he spoke to several Zcash developers at their recent Zcon0 conference.
Zcash’s technology according to him, would clear the “chain bloat” hurdle. A lot of people are of the opinion that this hurdle could limit the future potential of blockchain. He elaborates that the idea is to submit a series of private transactions to the Blockchain. Using iterative verifiable computation (IVC), the chain will ensure that any node in the world can only download 1 or 2 MB of data. Thus, the integrity of the chain can be validated until the current point in time.
He told Shin,
“What’s really amazing about these technologies is they will allow any node anywhere in the world to no longer need to download the entire history of the chain in order to validate the current state of chain, and that’s a really amazing concept, and ultimately that will enable maximal decentralization for these systems as we try and scale them.”
He further adds,
“This will allow for us to go from 10 or 20 transactions per second to hundreds of thousands or perhaps even millions of transactions per second without any other upgrades in charting or consensus algorithms.”
In other news, Faucet Hub has updated their faucet list with new Zcash faucets. As of now, there are 16 faucets listed on the platform, but they add that the list is updated every hour. And all new faucets that are listed will be visible immediately, according to faucethub.io.
Image via AngelList
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