Author: Eric Lombrozo 2015-07-29 12:03:45
Published on: 2015-07-29T12:03:45+00:00
In a discussion about Bitcoin fees, Mike Hearn argues that larger blocks externalize costs onto the rest of the network and that waiting until we can no longer count on the goodwill of volunteers to put up computational resources is not a good idea. He also points out that the highest Bitcoin transaction fees can go is perhaps a little higher than what their competition charges because people will opt for bank transfers which are often free in many parts of the world. Hearn believes that Satoshi's early insights don't help address these issues. Validators do not require proofs, according to Hearn, but the blockchain doesn't provide the kinds of proofs that are most important to lightweight wallets. Remote attestation from secure hardware would make a big difference, but Hearn notes it's not needed right now as serving clients is cheap, and there is plenty of room for optimization. In response to Hearn's criticisms, another developer points out that SPV wallets are very widespread and that they work well, and that Hearn should design and implement upgrades instead of trashing existing work.
Updated on: 2023-06-10T04:06:20.467239+00:00