Blockchain for the metaverse: optimize blockchain transaction speed and scalability

• Main Author: Xu, Zhiyong
• Other Authors: Dusit Niyato
• Format: Final Year Project
• Language: English
• Published: Nanyang Technological University 2023
• Subjects: Engineering::Computer science and engineering::Computer systems organization::Performance of systems
• Online Access: https://hdl.handle.net/10356/165876
• Institution: Nanyang Technological University

Blockchain transaction speed and scalability are significant challenges that hinder the widespread adoption of this promising technology. In this study, we address these issues by conducting a comprehensive literature review of various optimization techniques and strategies. Our research method involves evaluating different consensus algorithms, Parallel Proof of Work, Network Optimization Techniques, Public blockchain (e.g., Ethereum), consortium blockchain (e.g., Fabric, Sawtooth and Fisco-Bcos) and layer 2 solutions to identify the most effective approaches for improving transaction speed and scalability. The conclusions of this study reveal that there is no single approach sufficient to optimize blockchain transaction speed and scalability. Instead, a combination of multiple techniques is necessary to achieve the desired performance. Additionally, the solutions often involve a trade-off between decentralization and security, requiring careful consideration of the specific use case and its requirements. Future research should focus on developing a holistic approach to address these challenges while maintaining the core principles of blockchain technology.