Author: Anthony Towns 2015-08-16 15:44:42
Published on: 2015-08-16T15:44:42+00:00
On August 16, 2015, a Bitcoin developer named Mike Hearn shared his thoughts on the issue of block size for Bitcoin Core. Hearn stated that there is no clear statement from Bitcoin Core as to what they think the block size should be. Some people believe that it should increase, while others think it should stay at 1MB forever or migrate to Lightning. Hearn suggested that there should be a vote from core and XT developers to decide the block size soft limit, hard limit, rate of growth, and mechanism for updating the limits. He also proposed a transaction fee level and measure of "(de)centralisation" that everyone should aim for in 12 months. However, Hearn noted that he was unsure what most people thought the answers to these questions would be. As an interested newcomer, Hearn shared his personal opinions that the soft limit in 12 months should be between 1MB-4MB, the hard limit should be between 2MB-20MB, and the hard limit should grow at 17-40% per year. He suggested updating the soft limit through code changes or blockchain history and updating the hard limit through a fee level, miner vote, hard coded time updates, or hard fork every couple of years. Additionally, he believed that transaction fees should be lower in 12 months than today's defaults and that the number of Bitcoin nodes should increase by 20% in 12 months compared to current levels.
Updated on: 2023-05-19T21:32:56.956304+00:00