Following a Day of Delays, Lukejr Proposes to Decrease the Block Size

Blockchain is the ledger in Bitcoin network which records all transaction details. These transactions are registered in 10 minute blocks of 1 megabyte each. The Blockchain grows as the number of blocks increase. New blocks are created each time after the previous block exceeds the block size. The block size was limited to 1 MB during the initial days of Bitcoin when the number of transactions were less and the Blockchain didn't have much use apart from recording the transactions. But now, as the number of bitcoins and bitcoin users increase, the number of transactions also rise. Apart from....

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....

Over the past 24 hours, the blockchain has been inundated with small, spam-like transactions that are large in data size, but significantly small in bitcoin value transferred. At the peak, there were more than 50,000 unconfirmed transactions waiting to be mined into a block, resulting in delays for normal transactions to be confirmed. While the network has been working to decrease this backlog - transactions are down to 31,000 at time of this article's writing - the type of transactions that are being sent suggest this is a continuation of a stress test that has been put on the system.....

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.....

Buterin issued a decrease-cost-and-cap proposal, which aims to achieve most of the benefits of the decrease Ethereum (ETH) co-founder Vitalik Buterin has proposed a new limit on the total transaction calldata in a block to decrease the overall transaction calldata gas cost over the ETH network. Buterin’s post on the Ethereum Magicians forum, EIP-4488, highlights concerns regarding high transaction fees on Layer-1 blockchains for rollups and the considerable amount of time to implement and deploy data sharding:“Hence, a short-term solution to further cut costs for rollups, and to....