Published on: 2017-02-11T15:26:33+00:00
A recent research paper has established that the maximum block size that the Bitcoin network can handle safely is conservatively no more than 4MB. However, this conclusion only takes into account a subset of possible metrics and may be viewed as an upper bound. The paper does not discuss mining centralization pressure or DoS attacks, which are important factors to consider when determining the safe block size limit.There has been disagreement over a hardfork proposal submitted by Luke Dashjr to gradually increase the block size limit to 31MB while extending witness discount to non-segwit transactions. Critics argue that this proposal may alienate miners, assumes the current 1MB limit is already at its upper limit, and lacks incentives for individuals to run full nodes. They believe that the proposal would hinder Bitcoin Core and drive miners towards using Unlimited instead.Luke Dashjr has proposed three hardfork-related BIPs to address the block size issue. The first proposal suggests reducing the block size limit initially to a more sustainable size and gradually increasing it to 31 MB over time. The second proposal allows certain hardforks to be transformed into softforks in the future. The third proposal aims to prevent replay attacks induced by a hardfork-related chain split or in ordinary operation. Dashjr recommends immediate adoption of the first proposal but welcomes review and suggested changes.In response to criticism, Luke Dashjr clarified that his proposal to reduce the block size limit to 300KB would only occur if it activates before April 2017. He believes that such a reduction would be beneficial for the network in the long-term by squeezing out spam and unsustainable microtransaction use. Dashjr disagrees with claims that the network is already at capacity and argues that a reduction in block size could address these concerns.The current block size limit of 1MB is a point of contention, with some arguing it is too small and others arguing it is too big. However, alternatives to reducing the block size exist, such as blockchain pruning and limiting UTXO size. Luke Dashjr's proposals provide potential solutions to the block size issue, but further review and feedback are needed.Overall, the block size debate in the Bitcoin community continues, with different proposals and viewpoints being discussed.
Updated on: 2023-08-01T19:28:00.093200+00:00