Author: Sergio Demian Lerner 2015-08-07 21:18:48
Published on: 2015-08-07T21:18:48+00:00
The context discusses two options for a one-time hard fork in Bitcoin - doubling the block size or reducing the block rate to half. There are no technical problems with either option, and mining centralization won't be significantly impacted by a 2x adjustment. However, reducing the block interval saves real time and is preferable for most users as waiting 30 minutes for a 3-block confirmation is perceived as a long time. Doubling the block size does not change the user perception of Bitcoin. It requires less than 20 lines of code in the reference code, and there is minimal change required in other wallets. Currently, there is no idle mining hardware for hire, so the security of six 10-minute block confirmations is equivalent to six 5-minute block confirmations. The reason why discussions focus on doubling the block size rather than reducing the block rate is unclear.
Updated on: 2023-06-10T18:50:48.139531+00:00