Author: Anthony Towns 2015-08-02 22:35:45
Published on: 2015-08-02T22:35:45+00:00
In a Bitcoin-dev thread, Pieter Wuille suggested a proposal to increase the block size limit from 1MB to 2MB, which would take effect in 2016, with a doubling of the limit every two years thereafter. Gavin Andresen responded, stating that he thought the timeline was too conservative and that the main blockchain could become a settlement network, only affordable for large-value transactions if they didn’t expand block sizes quickly enough. Gavin provided a detailed post on the economics of increasing the block size, calculating the costs and fees miners receive per block, estimating transaction fees based on block size, and comparing these fees with credit card and Paypal fees. He concluded that even with the Lightning Network and sidechains, an order of magnitude increase in bitcoin txns would be needed within a year or so.
Updated on: 2023-05-19T21:02:56.618805+00:00