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iExec White Paper Quote #1 : blockchain computing challenges

iExec White Paper Quote #1 : blockchain computing challenges

iexec-wp-quotes-blockhain-computing-challenges

The following quote is from IEXEC White Paper (p. 5). It’s about blockchain computing challenges :

3.1 Blockchain computing challenges

Blockchains like Ethereum offer a new approach to run decentralized applications; often called DApps in this context. Ethereum allows programmers to write smart contracts – code which is executed on the blockchain virtual machine. This represents a potential revolution in designing and executing services like investment, finance, crowdfunding, internet of things, insurance, prediction markets, gambling, distributed data processing, and others – in essence, disrupting a wide swath of incumbents.

Despite their unique promise, blockchains offer very limited computing capacities to run decentralized applications: few kilobytes of storage, very inefficient virtual machine and very high latency protocol. Eventually, blockchain technology will evolve to overcome some of these issues, but there will be a growing need to provide additional capacities to all but the simplest applications.

Gilles Fedak’s article How can Blockchain Improve Cloud Computing tells more on this topic. We’re expanding Ethereum blockchain capacity.

The full version of IEXEC White Paper is available at this page (English, Chinese and Russian versions). Feel free to subscribe our newsletter to receive fresh updates or join our Slack to ask all the questions you have in mind about the decentralization of the cloud.

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