Anyone who has spent the last few years following the cryptocurrency space has likely run across the name of Dan Larimer. His involvement in Bitcoin dates back to some of the earliest forum posts by Satoshi Nakamoto. Now, Dan Larimer is looking to push the boundaries of the blockchain itself. While cryptocurrencies have obviously gained a lot of traction in 2017, we have already seen the potential for transaction times to outpace the capacity of the individual blockchains in which the transactions exist. Essentially, independent blockchains result in creating this scarcity, as they are all significantly limited by their bandwidth, hardware and overall designs.
As we have seen over the past year, both Bitcoin and Ethereum have hit their transaction limits at times of peak network activity, putting significant strain on the ability of users to access their tokens. This resulted in delays, higher fees and a significant backlog of transactions. Larimer has long advocated using his self-developed DPoS (Delegated Proof of Stake) as a solution to this problem. This technology has come under some criticism in the past, however, as many have argued that by relying on only 20-100 validators, the system can be unduly centralized. This point has been argued by Larimer on many occasions, who has responded that in fact, DPoS is “the most decentralized”, by choosing not to focus on wealth as a selection criteria, something often used in other blockchains.
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