Why big blocks are not the answer

Do you know how much the size of blocks need to be for everyone in the world sending only 2 transaction in a day need?
As stated by a redditor:
If every person on earth made two transactions per day, then the Bitcoin blockchain would need to process 15,180,463,466 transactions per day, or requiring a block size of roughly 54,452MB.

In the last 24 hours there were 292,334 transactions in 151 blocks (at ~1MB/1,936 transactions each, with SegWit ~10% utilized). If the idea behind Bitcoin is to provide all humans a better way of storing their wealth and making payments to each other the current Bitcoin blockchain transaction processing capacity is at least 5 orders of magnitude too low. Doubling, or even tripling block size isn't going to make any significant difference in the economics of Bitcoin transactions, nor will it do anything to address the 10-minute latency minimum to confirming a transaction on the blockchain (even at the most permissive level).

If we had the full benefits of SegWit we could potentially reduce this by 1/2 (for the sake of argument). In the long term, we know that scaling Bitcoin will probably require moving as much payment activity as possible off the blockchain, and finding a way to scale the blockchain for the most critical transactions that reflect changes in a single user's core stored wealth. In the meantime, we need to concentrate on a model for scaling that moves as many transactions as possible off the Bitcoin blockchain into less costly and lower-latency subsystems where we can take advantage of some degree of trust between participants.

And bitcoin cash does not even believe in segwit..........So it would need even bigger blocks if it want to scale in the future.
Segwit by the way is a big block increase just in a more decentralized way without a hard fork :)
Really? I kinda like a little big blocks boost but bcash defense is huge blocks can be done because of fucking moore law? Moore law has a small limit. It no more lets make it smaller it builting it top or using complete diff materials
not done yet. http://www.businessinsider.com/the-limits-of-moores-law-2013-10
There is however, a physical limit. Transistors cannot keep getting smaller infinitely. Experts say that with today’s science, Moore’s law will reach saturation in a decade. Many remain skeptical; with computing power increasing exponentially, there’s no telling what technologies we’ll develop. Transistors are already smaller than viruses. Perhaps in a decade they’ll be the size of molecules and Moore’s law will still hold good!
It possible but you see we are reaching limits. Like how some people in bitcoin thought that the limits won't be touched it touched....
You see the lightning network is capable of millions to billions of transactions per second source= https://lightning.network/
While not using much space :)

Lucky bitcoin core realized that while the lightning network is the future they would also try to scale the main chain it self without big blocks at least so the lightning network finishing transaction fee will be cheap.
Therefore: increasing block size probably doesn't help Bitcoin transaction costs or utility as "electronic cash" much. But its a good temporary fix :)

В избранное
На Golos с 2017 M12

Зарегистрируйтесь, чтобы проголосовать за пост или написать комментарий

Авторы получают вознаграждение, когда пользователи голосуют за их посты. Голосующие читатели также получают вознаграждение за свои голоса.

Комментарии (2)
Сортировать по:
Сначала старые