Author: Marcel Jamin 2015-08-18 06:38:05
Published on: 2015-08-18T06:38:05+00:00
The ongoing debate on the 1 MB block size limit in Bitcoin has led to a number of assumptions and observations. Developers generally agree that the limit will need to increase eventually, but they also want to reduce the amount of policy decisions made by bitcoin-core. Keeping the limit is seen as the most conservative option for the 4 billion dollar system that is Bitcoin. However, technological growth in bandwidth, CPU and storage means that the block size limit is effectively decreased without an increase. It is possible to adjust the limit for technological growth without reducing current decentralization. While increasing the block size limit will always require a hard-fork, decreasing or stopping the growth of the limit can be achieved via a soft-fork. Problems arising from underestimating the need for a larger block size limit are more difficult to fix than those arising from a limit that is too high. This suggests that future technological growth can be optimistic.
Updated on: 2023-06-10T20:18:11.925125+00:00