Will Block Size Debate Really Address Bitcoin Scalability?
To what extent does block size increase improve bitcoin scalability? Will the blockchain ever be able to match VISA's transaction processing rate? Bitcoin was first introduced in the year 2009. Since then the digital currency’s network has been growing non-stop. Over the past few years, bitcoin network has grown over multiple times but not much changes have happened on the technical side since its inception. The bitcoin block size has remained at 1 MB since the beginning and in order to ensure the survival of bitcoin, it is very important to increase the block size. The bitcoin community....
Related News
Based on block size voting results, only 27.94% of the community is in favor of the Bitcoin Core solution. The Bitcoin ecosystem is divided into multiple camps. With the lingering scalability issues, and other proposals representing an immediate solution to this problem, there is an interesting mid shift taking place. As it turns out, the majority of miners is still supporting Bitcoin Core in the block size debate. But they are losing ground at a rapid pace. Right now, there are different proposals on the table to solve the Bitcoin scalability issue. One thing everyone seems to agree on is....
Chinese miners would not need to worry about explosive block size growth either, as the maximum rate of growth is capped at twice the previous size. There will be no jumps from 1MB blocks to 2MB blocks and then suddenly increasing to 8 MB. This should give the local Internet infrastructure enough time to ramp up the overall network speed and [try to] get rid of data caps. For those people looking to see the Bitcoin block size debate coming to an end, that will not be happening anytime soon, unfortunately. Things have gotten more interesting a few weeks ago when rumours....
As much as most people would like to think otherwise, the Bitcoin block size debate is far from over. Various new proposals have been suggested in the past, and another interesting concept was posted on Reddit earlier today. According to this user, a small block size increase should be done first, followed by the integration of Segregated Witness. Addressing the key issue as soon as possible should be the top priority for all Bitcoin developers. Based on the findings of the Reddit in question, Segregated Witness should not be the first and foremost solution to settling the Bitcoin block....
There seems to be no end in sight for the block size debate as the Bitcoin community continues to go around in circles trying to drive the same set of points home... The Bitcoin block size debate rages on. It has been almost a year since we started hearing the Bitcoin community fiercely contesting about whether to increase the bitcoin block size from the existing 1 MB or not. Both the sides have so far come up with some valid arguments, of which few are very convincing towards both the causes. Recently the “Jesus of Bitcoin”, Roger Ver wrote an article about why the Bitcoin block size....
There has been an ongoing Bitcoin block size debate, and most recently a radical, old idea resurfaced: instead of increasing the block size from 1MB to 2,4 or 8MB, the protocol should be changed to accommodate 32MB blocks. This probably pissed off Bram Cohen. Are 32MB Blocks Too Big? Here’s why that’s not a radical idea: it’s how Satoshi Nakamoto, creator of Bitcoin, for a time had designed Bitcoin before settling on a 1MB transaction size — a decision which, perhaps, led to Bitcoin being christened “digital gold.” Calls for large block sizes are not so uncommon: Gavin Andresen himself....