Zcash (ZEC) developers are working on a technology that could make blockchains enormously scalable, potentially amping up the number of transactions per second to the millions, according to Kyle Samani, managing partner at cryptocurrency investment fund Multicoin Capital.
Speaking with former Forbes editor Laura Shin on her “Unconfirmed” podcast, Samani said Zcash’s work, while still in the speculative stage, shows promise and makes him “much more optimistic” about scaling blockchains.
Samani said he’d been talking with Zcash developers at its Zcon0 conference.
If successfully developed, Zcash’s technology would clear the “chain bloat” hurdle many see limiting blockchain’s future potential.
Samani said the idea is that a series of private transactions can be submitted to the blockchain, and the chain will use iterative verifiable computation, or IVC, to allow any node in the world to download only 1 or 2 MB of data and be able to validate the integrity of the chain up until the current point in time.
“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,” Samani told Shin.
“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,” he added. Click here for a link to the podcast.