Author: Hector Chu 2015-08-09 05:52:37
Published on: 2015-08-09T05:52:37+00:00
The Bitcoin community is facing a tragedy of the commons due to insufficient block space. Some users are pressuring developers to increase the block size as a solution, while others believe that lowering or keeping it where it is could prepare for the inevitable problem. The issue has caused technical problems and challenges in scaling, such as bootstrapping, that need solutions. Despite this, multiple companies already offer consumer and retail services with off-chain settlement, which accounts for more than 99% of Bitcoin transactions. Adam Back suggested low trust, high scale transactions work on and propose an interoperability standard and API for off-chain services to be accessed by wallets, potentially using periodic on-chain inter-service netting. Meanwhile, Dave Scotese mentioned a full node postponing being "full" but still being nearly completely operational by offering bonded representation of important not-so-large pieces of data, such as blocks that have one's transactions and the complete UTXO as of some height. The delay between startup and having a full blockchain would then become nearly painless.
Updated on: 2023-06-10T18:31:35.608302+00:00