Author: Mark Friedenbach 2015-08-07 21:27:48
Published on: 2015-08-07T21:27:48+00:00
In a discussion on bitcoin-dev mailing list in 2015, Sergio Demian Lerner proposed two options to increase the transaction rate of Bitcoin. The first option was to double the block size, while the second option was to reduce the block rate to half, meaning average 5-minute blocks. Lerner argued that reducing the block interval would save real time and eliminate the long waiting period for a 3-block confirmation. However, he also mentioned that doubling the block size is safer than halving the block interval as it comes with costs to SPV proofs and mining centralization. In his opinion, doubling the block size does not change the user perception of Bitcoin in any way. Lerner also pointed out that both changes require less than 20 lines of code in the reference code, with minimum change in other wallets. He added that currently there is no idle mining hardware for hire, so the security of six 10-minute block confirmation is equivalent to the security of six 5-minute block confirmations. However, if there were 51% spare mining hardware for hire, then hiring that hardware for 30 minutes would cost less than hiring it for 1 hour. Lerner questioned why most discussions go around doubling the block size instead of reducing the block interval. He emphasized that both options have their pros and cons but ultimately, the best choice for Bitcoin depends on what its users want.
Updated on: 2023-06-10T18:52:08.712175+00:00