Toda.Network's CEO, Toufi Saliba spoke at VANFunding in November of 2018 about the 5 technical necessities for massive blockchain adoption.
In this talk, Toufi explained that current blockchains have in fact only seen less than 0.2% global penetration, and for the technology to reach the remaining 99.8% it will not be ledger-based. Further, he explains that there are five technical necessities that are still missing or incomplete:
- Security
- Efficiency
- Confidentiality
- Scalability
- Interoperability
Despite the intention that the most popular blockchains had to achieve this, an exploitation of the Bitcoin protocol that started almost 7 years ago, precisely on Hashcash, the core component of PoW got us to the point where only certain classes of machines can be miners. The incentives of those machines diverged from the incentive of users and contributed largely to the regressive evolution of this revolutionary technology at its infancy stage.
Toufi then explains that this has resulted in a major leakage of value that is a cost to everyone. Ethereum miners alone extracted directly over $3.4B from the community YTD, which led to the collapse of the ETH price as supply outpaced demand.
These issues must be solved by design, the blockchain in questions must have all 5 of the key elements described - not three, not even four is not enough. A system that does not offer security, efficiency, confidentiality, scalability, and interoperability (in that order of importance) all must be met or else, what we have to show will never be revolutionary.
Watch the talk to learn more about why this is - and how massive adoption could be made
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