Jeff Garzik Submits Proposal to Double Bitcoin Block Size Limit
Bitcoin core developer Jeff Garzik has proposed increasing bitcoin's block size limit to 2MB. Blocks - which are created every 10 minutes - currently hold only 1MB of transactions each. However, if the bitcoin network is to scale competitively it will need to exceed the three to seven transactions per second it currently supports. With the 1MB limit looking to be reached within the next few months, Garzik says his proposal, BIP 102, is an emergency 'fallback' if consensus among bitcoin's stakeholders is not reached.
Related News
Bitcoin Core developer Jeff Garzik has submitted a proposal to raise the block size limit from 1MB to 2MB. The proposal is intended to buy more time to reach a consensus on a more durable solution before the maximum amount of transactions on the Bitcoin network is reached. As the debate on a possible raise of the block size limit has been raging for months – years even – without consensus on a durable solution within sight, Garzik has proposed to adapt a temporary solution. This new Bitcoin Improvement Proposal (BIP), named BIP 102, holds that the Bitcoin block size limit be doubled on....
Bitcoin Core Developer Jeff Garzik has introduced Bitcoin Improvement Proposal (BIP) 202, proposing that the Bitcoin community and miners take small and economically sound steps in increasing the maximum Bitcoin block size to 2 megabytes. Over the past few months, bitcoin core developers have proposed a number of BIPs including BIP 100 and 101, to increase the Bitcoin block size up to 8 megabytes. However, Bitcoin experts have criticized such proposals with concerns that it may "break" the Bitcoin code. "Bitcoin's block size limit needs to be increased in order to achieve wide Bitcoin....
The block-size limit debate has taken a turn now that some of Bitcoin's biggest mining pools are publicly endorsing BIP 100 (Bitcoin Improvement Proposal 100) instead of backing a Bitcoin XT blockchain fork. So far, F2Pool, BTCChina, BitFury, KnCMiner, 21 Inc. and several smaller pools have come out in support of this alternative proposal. Combined, this represents well over half of all hashing power on the Bitcoin network. While these endorsements are just a show of support, and do not trigger a change of the block-size limit or a blockchain hard fork as Bitcoin XT is programmed to do,....
Bitcoin core developer Jeff Garzik sent an email to Pieter Wuille on July 22 in which Garzik spoke against the implementation of a fee market and also said that Bitcoin’s block size “will be increase eventually,” so it would be best to do so without adding a “second period of chaos and disruption” with a change in fee structure. He said in the email: A month ago, Garzik submitted a bitcoin improvement proposal, or BIP 102, to increase the block size of bitcoin to 2MB until a consensus is made between core developers and those participating in the block size debate. In it, Garzik proposed....
Bitcoin Core developer Jeff Garzik's proposed compromise to double the block size limit to 2MB as a temporary solution is still far from reaching consensus. When asked by CoinTelegraph, developers from both sides of the debate were skeptical of the small bump in size. Long-time critic of raising the block size limit, Peter Todd, remains critical of any raise for now, including a bump to 2MB. Instead, he'd still rather let Bitcoin hit the maximum amount of transactions the network can handle, in order for a fee market to establish. He told CoinTelegraph: On the other side of the debate,....