Author: Angel Leon 2015-07-17 21:13:25
Published on: 2015-07-17T21:13:25+00:00
The author suggests implementing a function that adapts to transactional volume on the blockchain, allowing for the organic growth that will come from decentralized bitcoin-based services and technological breakthroughs. This function should be able to recognize sustained growth in transactional volume and adjust the maximum accepted block size accordingly. The author believes that proposals for a fixed date-based cap on transactional volume per block are out of touch with reality, and the blocksize needs to adapt the same way block difficulty already adapts to growth or lack of hashing power. The author proposes considering factors such as median number of transactions per block, median fees offered per transaction, median block sizes, median size per transaction, number of new addresses signing off transactions, and median velocity between which an address receives an input and sends it to another one. The author argues that mining centralization is already happening due to its competitive nature and does not complain or try to force hashing limits, so the same should apply to storage. Finally, the author believes that there will be no shortage of blockchain mirrors, and those interested in running full nodes will surely find a way to do so.
Updated on: 2023-06-10T02:50:43.852173+00:00