Author: Pieter Wuille 2015-08-02 10:32:53
Published on: 2015-08-02T10:32:53+00:00
The proposed hardfork would involve a 30-day grace period after 75% miner support but no earlier than January 12, 2016. The block size will start at 1,414,213 bytes and increase gradually to 8MB over 16 months until May 11, 2017. This is a compromise between BIP101 and BIP103, with Chinese miners agreeing that 8MB should be the limit. However, some argue that there is no indisputable evidence that we can currently deal with significantly larger blocks, with demand filling the available space. Furthermore, raising the block size has implications for bandwidth, processing, centralization effects for miners, and mining infrastructure. There is also concern about SPV mining, which could potentially lead to a closed group of trusted parties and reduced security.
Updated on: 2023-05-19T21:10:31.401345+00:00