Blocksize Must Be Capped Says Princeton Study
A recent Princeton University study finds that a cap on max block size is necessary in a situation where mining rewards are entirely made of transaction fees. Miles Carlsten with Arvind Narayanan acting as advisor have assumed that ‘miners have the capability of claiming all possible transactions available in their next block.’ Based on the game theory analysis and simulations the study concludes that orphaned blocks would increase substantially as miners aggressively fork each other. Miner strategies. Describing a ‘petty compliant miner strategy,’ the simulation suggests that if a miner....
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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....
Princeton University’s first complete draft of the Princeton Bitcoin textbook, all 308 pages of it, is now available ahead of the book that is due to be published by the Princeton University Press in 2016. The first draft of the Princeton Bitcoin textbook, is now freely available. The book is aimed at computer science students, both undergraduate and graduate, as well as advanced students and researchers, software developers, entrepreneurs and technology hobbyists alike. The book is authored by: Arvind Narayanan, an assistant professor of computer science at Princeton, Joseph Bonneau, a....
World renowned Princeton University has started an online course on Bitcoin and Cryptocurrency Technologies. The course will be available on Coursera, which is a leading education platform that aims to partner with "leading universities and organizations worldwide, to offer courses online for anyone to take, for free." Earlier, we had reported that Cryptocurrency was also going to be added to the Stanford's cyber security program. Princeton's cryptocurrency course will be available only in the English language and will need 6-weeks of study with minimum 3-5 dedicated hours per week. In the....
Early last year NYU became the first major institution to invite its students to take part in a bitcoin related course. Now it looks as though other major institutions are ready to follow suit - the latest being the world renowned Princeton University. Starting in April 2015, Princeton will commence teaching of a course called "TC-Tech: Bitcoin and Cryptocurrency Technologies." Strangely, the course is listed as not being an official Princeton course on the University's website - but from what we can tell this is due to the fact that the course will be taught online (via webinars), and is....
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....