Bitcoin 0.8.6 Fixes Bugs And Updates Block Size Limits
Bitcoin 0.8.6 was officially released this week and the incremental update brings a few bug fixes and some nifty features, such as relaxed restrictions on block size. The biggest changes affect block size. The maximum size of free transactions is now 1,000 bytes instead of 10,000 bytes, allowing more transactions per block. Since each block allows 27,000 bytes for free transactions, this means that as many as 27 free transactions will be available per block, up from three or less in 0.8.5 and previous releases. The minimum output requirement of 0.01 BTC has been dropped, too. The....
Related News
Justus Ranvier, crypto commentator and reviewer with Open Bitcoin Privacy Project, proposed in an essay that the idea of block size limits is based on economic fallacy. He writes that if price discovery were instead introduced to the Bitcoin network, no block size limits would be needed. In terms of application, once the “price” of any given transaction is discovered, says Ranvier, Bitcoin's nodes, miners, and users could pay one another directly for bandwidth, information and hardware-driven services via existing micropayment channels. It seems almost political: The Bitcoin block size....
Updated with commentary from core developer Mike Hearn. Update 20th March 6:30 pm GMT: Updated with commentary from BitMonet founder and developer Ankur Nandwani. Update 21st March 6:30 pm GMT: Updated with commentary from bitcoin developer Peter Todd. Bitcoin's core developers have released the latest update to the bitcoin reference client, version 0.9.0, which includes transaction malleability-related fixes, as well as updates to how transactions are relayed on the network. Version 0.9.0 notably includes coin control features and a Windows 64-bit installer, among other updates, bug fixes....
An issue that has been the source for months of debate and rancor throughout the Bitcoin mining and developer community over Bitcoin's block size appears to have reached a long-awaited resolution. Within the most recent BitcoinXT update, Gavin Andresen has begun the process of revising the block chain individual block size from 1 MB to 8 MB starting next year. This is deemed necessary for the overall growth and usability of Bitcoin, as the current limits of seven transactions per second are becoming insufficient for the growing global community as consumer and business interest increases.....
A Bitcoin hardfork is coming. In a recent post to the Bitcoin Foundation's blog, Chief Scientist Gavin Andresen sketched out "one possible path for the behind-the-scenes technical work that is being done (or will need to get done) over the next few years to scale up Bitcoin." He proposed that the Bitcoin protocol would require a hardfork to implement an annual 50% increase in maximum block size. When Bitcoin first started off, there was technically an infinite maximum block size; though, Andresen mentions that the p2p protocol limited the block size to 32 mb. Following increased media....
The Bitcoin block size limit is a parameter in the Bitcoin protocol that limits the size of Bitcoin blocks, and, therefore, the number of transactions that can be confirmed on the network approximately every 10 minutes. Although Bitcoin launched without this parameter, Satoshi Nakamoto added a 1 ...