Blockchain systems, such as Electra Protocol, were developed as a network that can enable interactions between participants without any central authority. All the participating nodes in the blockchain network have equal rights and it is reasonable to wonder how the network runs without any governing authority. Every individual node in the network has the capability to govern and manage transactions in the blockchain network.
Blockchain scalability is the potential of a blockchain network to operate a thriving transaction base effectively. It involves the ability of a network to handle an increased workload. The determinants of blockchain scalability include
- transaction rate (TPS),
- block height (number of transactions per block), and
- transaction size.
These determinants are important as the higher the TPS and/or the bigger the blocks, the higher the ability of a blockchain protocol to accommodate workload increases efficiently.
Electra Protocol found the right balance in providing a decentralized, scalable, and secure blockchain network.