Author: Gavin Andresen 2015-06-01 13:37:11
Published on: 2015-06-01T13:37:11+00:00
Gavin Andresen, a core developer of Bitcoin, has been pushing for a plan to be put in place since February. He believes the biggest priority is scaling up and that core developers should be taking time to solve it as the uncertainty of how it will be solved or if it will be solved is bad for Bitcoin. While some are concerned with their own personal network/computer connection being unable to handle more transaction volume, he argues that this is not a good reason to limit scalability. Gavin also disagrees with the idea that increasing the block size limit to 20MB will lead to centralization. In fact, he believes that there will be less centralization of payments via services like Coinbase if the Bitcoin network can directly handle more payment volume. Gavin also thinks that layer 2 services built on top of the blockchain are necessary to get nearly instant real-time payments, micropayments, and high-volume machine-to-machine payments. However, he believes that the ten-minute settlement time of blocks on the network is too slow for these problems, and it will be the ten minute block interval that drives development of those off-chain innovations more than the total number of transactions supported. Finally, he addresses concerns about long-term security, specifically whether transaction fees will be high enough to pay for enough hashing power to secure the network, stating that he has already written about it in one of his blog posts.
Updated on: 2023-06-09T22:00:25.573644+00:00