Is Bitcoin Scaling a Workaround to the Block Size Issue?
The block size debate has been going on for quite some time now, prompting developers Andresen and Hearn to create a new version of the bitcoin software and force the network to a hard fork. The hope is that the system can make the decision itself based on consensus, which is typically how the network functions anyway. However, developers suggest another option, which is to scale bitcoin. Sidechains have also been discussed as a potential workaround to the issue of increasing the block size from 1MB to 8MB, possibly allowing the network to handle more transactions and verify those in a....
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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....
Gavin Andresen raised eyebrows recently when he tweeted that Ethereum has more nodes now than bitcoin and that it will grow its lead as its block size exceeds bitcoin’s. Andresen, chief scientist at the Bitcoin Foundation and lead developer of Bitcoin until 2014, has raised concerns in the past about the bitcoin block size. He has noted the possibility that the bitcoin community could see exchanges, miners and merchants move to a highly centralized clearing agreement model. He believes that this will indicate an unhealthy bitcoin network that will be even slower, less reliable and more....
During the Scaling Bitcoin workshop held in Montreal a few weeks back, some suggestions to increase the block size limit from the current 1MB to 2-4MB were raised. Participants seemed to focus on Adam Back's 2-4-8 block size increase proposal, although notable developers appeared to support a smaller short-term bump in limits. Some discussions on the bitcoin-dev mailing list apparently revealed that some core developers are interested in a short-term fix. Scaling Bitcoin and Block Size Debate. Prior to this workshop, bitcoin developers and members of the community have been debating on....
Is it possible that Ethereum will start facing issues with scaling and governance like bitcoin once it becomes big enough? Bitcoin block size and scaling issue can easily win the debate of the year award if there is anything of that sort. Now, the next best thing in the crypto industry is Ethereum. Ethereum is another crypto-platform for creating blockchain-based applications and smart contracts. Even though Ethereum was not originally designed to be a currency, it has become one due to an increase in its demand, causing its value to soar. Compared to Bitcoin, Ethereum is still in its....