Will Murphy is that the vice chairman for blockchain at of Talla.com, the corporate behind Botchain, a blockchain for managing autonomous intelligent agents.
I predict that in 10 years blockchain technology will improve to A level that calling it “blockchain” will not be a useful term.
Let’s believe this a flash . Why can we call it a blockchain? The three most interesting parts of the blockchain are:
Management mechanisms (meta-consensus of the way to manage future improvements to the general chain)
The structure of the blockchain itself
The last one will affect how large the network can get, how briskly transaction times will happen, and so on. and therefore the structure of the blockchain is why we call it a “blockchain.”
So, what can we mean by “blockchain?” Let’s escape the 2 component terms:
Block: A bunch of transactions bundled together.
Chain: The blocks cryptographically connected during a linear fashion.
I think within the future the block won’t be needed. In its place are going to be a system where transactions are linked together and may confirm previous transactions.
In order to submit your next transaction, you would like to validate others within the queue. so as to urge what you would like (your transaction submitted), you’ve got to try to to some work for others.
Why roll in the hay this way? Transaction times during this model would be faster than, for instance , bitcoin’s transaction times today. The miner is technically removed and every transaction validates past transactions. Transaction times can actually go down as more people use the system.
Ciao to chains
I also think that within the future, the chain won’t be one directional string of blocks. i feel it’ll look more sort of a mesh (or graph). Maybe we could have a non-linear set of of branches that enter several different directions, where many parallel transactions are happening.
So, maybe we’ll call it a transaction graph. I’ve also seen the term Tangle (in the IOTA protocol) for early similar concepts.
Maybe we’ll call it “the graph” much an equivalent way we speak of “the cloud” today. we’ll all save information and transactions into this global graph (whether we all know it or not).
Enter the DAG
The closest thing I’ve seen thus far that matches my imagined path may be a directed acyclic graph.
What a future “blockchain” will appear as if .
“In mathematics and computing , a directed acyclic graph may be a finite directed graph with no directed cycles.”
A DAG model works differently than a blockchain. a standard blockchain requires miners to take care of blocks, but a DAG wouldn’t need either proof-of-work or blocks.
New models of management would be needed. So, there’s tons of labor to try to to .
But this model theoretically gets better as new nodes are added. So it’s going to be an improved model for both fees (or, in ethereum parlance, “gas”) and scalability over current blockchain models.
In the future, we may have something that does what a blockchain does, only better. There are still challenges to the present model, so I don’t skills this may play out. But, i feel this design is intriguing, and I’m curious to ascertain how it develops.