Solving The Bitcoin Block Size Debate With A Two-Pronged Proposal
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....
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The block size debate has gotten to a point that some bitcoin observers think it could doom bitcoin. Bitcoin has defied all the bitcoin naysayers and prospered, recently setting record market capitalization. Will internal strife prove its ultimate undoing? A recent proposal designed to appease both sides in the bitcoin scalability debate may be doomed because of the way in which it became public. Laura Shin, a Forbes columnist, reported on the Extension Blocks proposal and its role the increasingly contentious conflict over changing the bitcoin block size. Proposal Didn’t Follow Protocol.....
Bitcoin developers have been debating whether or not to increase the allowable block size to 20MB, as the network is struggling with verifying transactions now that volumes are growing. At the moment, there is a limit of 1MB per block, which limits the number of transactions that the network can handle per second. According to lead bitcoin developer Gavin Andresen, the best solution might be to develop a code that would allow for a larger block size. His proposal features a bitcoin hard fork that would allow any block with a timestamp on or after March 1, 2016 to be up to 20 megabytes.....
The block size debate, long one of the defining challenges hanging over bitcoin's tech community, took an interesting twist late last month. A years-long discussion about how best to scale the functioning $15bn economic network mid-flight, the debate has largely been characterized by a face-off between those who would increase the 1MB block size via an efficiency improvement called SegWit, and those who want to change the hard-coded block size limit to 2MB or more. You'll notice that, so far, neither side has called for a block size decrease. But that was exactly the view represented in a....
Many people are keeping a close eye on the block size debate for very different reasons. Solving the Bitcoin block size problem has been a top priority for developers over the past few months. Multiple solutions have been proposed, although only two of them are in actual “contention” right now. Bitcoin Core developers have begun development of a third solution that would shift the block size to 2MB. It is always good to have options on the table. Even though Segregated Witness has not been denied by the mining community yet, it is due time to consider alternatives. Bitcoin Core developers....
The best-capitalised mining firm in bitcoin has waded into the block size debate - stating it must be resolved by consensus. BitFury, previously silent on the hot-button issue, said it will join bitcoin's biggest mining pool in backing Jeff Garzik's "market-led" BIP 100 proposal, which lets miners 'vote' on the size of each block. CEO Valery Vavilov told CoinDesk: "We think that the block size debate must be resolved by consensus and the voting mechanism introduced in BIP 100 is a good way to achieve such a consensus ... The power to make such future defining decisions must belong to the....