Author: Eric Lombrozo 2015-07-28 22:25:50
Published on: 2015-07-28T22:25:50+00:00
Bitcoin initially had no block size limit, with the belief that a fee market would develop and create economic constraints on growth. However, an influx of new users led to the implementation of a temporary anti-spam measure: a one megabyte block size limit. While this was meant to be a test with the intention to increase it later, a fee market never developed, and validation costs were externalized to the entire network. Additionally, miners didn't properly validate blocks, and thin clients lacked a secure mechanism to obtain short proofs for their transactions. As a result, the block size debate remains a contentious issue in the Bitcoin community.
Updated on: 2023-06-10T04:01:13.816808+00:00