Golem Core Wallet: a decentralized system of sharing

Golem Core Wallet: a decentralized system of sharing

One major problem with bitcoin is that it does not have scaling ability and this is what Golem Core offers. Scaling is the ability of the system to support global activities that involve many thousands of transactions at the same time. Bitcoin can only allow that up to transactions be made at the same every second. When you compare this to other financial systems like VISA you’ll discover this is really low. VISA allows up to 2,000 transactions every second and it is possible that this capacity be expanded. It can be expanded up to 56,000 transactions per second. This leaves us to wonder if bitcoin can expand or scale in this like.

There are questions we need to seek answers to. Then, we will see why we need to have a Golem Core Wallet. These questions are in 3-fold. First is, is there a possibility for bitcoin to scale and allow that we perform thousands of transactions at ones. Second, if this is possible that bitcoin can scale, how can this be done? Lastly, if there are many possible and viable ways to do this, which of these options will be the best? These are the three main questions, now let’s look at it one after the other. And from there we will draw our final conclusion. We will know which way to go about it and we will be able to stick to this.

It is important to note that bitcoin remains viable and highly valuable, despite the fact that it is currently unable to process many transactions at once. This is why platforms like Golem QT were developed to assist in this area of weakness. In preparation to answer the first question, history has it that the developer of bitcoin, Satoshi unknowingly programmed the bitcoin transaction process to be so. It was set at 1MB and it has been so till now. When questioned about this weakness, satoshi defended himself by saying, the design isn’t a weakness is it seems, rather, it is a way of defending the system from spam transactions and DDoS attacks. Whether it was done intentionally or not, bitcoin today has this limitation and platforms like Golem Github has looked into providing a solution to us users.

To change the blockchain size has been a point of debate for quite a while now. As some are in support of it while many are against the idea, stating security as their point against the expansion of the block. It has been said that creating a larger size block will cause fewer hashers operating modes which can then lead to a centralized system, given an entity the monopoly power. This will make it more difficult to transact in bitcoin that is, you will need more trust. Golem QT Wallet creates a solution to this.  

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