Author: Gregory Maxwell 2012-06-15 16:53:13
Published on: 2012-06-15T16:53:13+00:00
The debate around block size limit is ongoing, with some advocating for a floating limit instead of an arbitrary threshold. However, allowing the size to float has non-trivial existential risk, as it could make Bitcoin more centralized and less appealing to users. While scalability needs to be improved, it cannot come at the expense of decentralization. There are ways to increase scalability without compromising on keeping the costs of operating a fully validating node low.The challenge lies in justifying the cost of maintaining expensive validation infrastructure, which can only be achieved by manipulating or preventing others from manipulating the currency. The goal should be aggressive decentralization and autonomous rule enforcement, which would lead to a distribution of ownership and interest in nodes. The core challenge is achieving this while keeping costs low enough to encourage widespread adoption.While tens of thousands of nodes may suffice, control must remain publicly vested. Bitcoin must not become an interface to the dollar, as it would lose the properties that make it distinct and useful. Instead, it must remain autonomous and decentralized, even if transactions are somewhat slow or costly. This would provide excellent competition for other currencies and is something mankind ought to have.
Updated on: 2023-05-19T01:17:21.662835+00:00