Bitcoin Blocksize and The Future
Today, one of BitGo’s major customers complained to us that their transactions weren’t getting confirmed. Why not? Well, because the blocks are full. They put the right fee on the transaction, BitGo’s platform dynamically computes the right fee every time. But a sudden spike in demand left their transactions lingering for hours. It’s not okay that our....
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There have been a few proposals to increase the maximum blocksize in Bitcoin over the past year, but the two plans that are garnering the most attention right now are Jeff Garzik's BIP 100 and Gavin Andresen's BIP 101. While Andresen has already implemented his plan in BitcoinXT, Garzik is still working on a formal write-up and the code for BIP 100. Andresen shared his thoughts on BIP 100 via an interview on Epicenter Bitcoin. Although he did not seem completely dismissive of the proposal, it's clear that he would prefer to go with his own idea for increasing the blocksize, which would....
In the midst of Bitcoin’s price rise and the dramatic flash crash of DAO and Ether, Core developer Gavin Andresen took to Reddit voicing his support for an unlimited blocksize increase. Blocksize Increase: ‘Nothing Bad Will Happen’. The comments were made in response to concerns about an increase to 2MB by longstanding r/btc subreddit user u/Pool30. “I....
A mood of resignation prevails across the bitcoin space as a viciously years-long debate that has taken the reputation of so many and the time and focus of all, seemingly, comes to an end. Eric Mu of HaoBTC, one of the most influential, if not the decisive, mining entity in the blocksize debate, stated today that most miners did not care about the blocksize question and those who do can easily collude/conspire, are easily alienated or cajoled or…. much more shockingly, are intimidated. Miners, from remote parts of China, were outed at the “scaling workshop” held during winter 2015 when....
“The system needs more analysis” might be Dave Hudson's motto as far as Bitcoin mining is concerned. It's not a surprising opinion for an engineer. Hudson, who's VP of Software for blockchain company PeerNova, dissects mining networks as a hobby. His leading mining blog hashingit.com teems with data-driven analysis of the mining network. Despite his work, there's still plenty left to analyze. Hudson joined Epicenter Bitcoin last week to talk about the long-term viability of the system. The process known as mining, which is the infrastructure that secures bitcoin transactions and prevents....
A new study by the Initiative for CryptoCurrencies and Contracts (IC3) at the Jacobs Technion-Cornell Institute authored by Christian Decker, Ittay Eyal, Andrew Miller and Emin Gün Sirer, among others, found that bitcoin’s blocksize could currently scale up to 4MB without affecting decentralization. According to the recently released position paper, On Scaling Decentralized Blockchains, 4,000 Bitcoin nodes were tested and per-node bandwidth performance was measured. The study found that 90%, of the then, 4565 bitcoin nodes (currently standing at more than 7,000), can continue to operate at....