Author: Raystonn . 2015-06-01 19:02:44
Published on: 2015-06-01T19:02:44+00:00
The email thread discusses the issue of increasing the default block limit to 1 MB in the next release. The current limit is causing pressure on average transaction display graphs, and it is suggested that hitting one million transactions per day will be impossible without raising the limit. Mike Hearn argues that by increasing the block size, SPV wallets won't care, and fully validating wallets can be updated with a small code change. However, there could be reduced security if software doesn't understand the difference between 1 MB and 8 MB out payment. Additionally, an old client that makes a payment that only gets confirmed in an extension block would think the payment is unconfirmed and show that to the user forever. Satoshi argued for huge blocks, but Hearn believes he never argued for Visa scale. The scalability page written by Hearn in 2011 suggests that the Bitcoin network can scale to higher transaction rates than seen today, assuming nodes run on high-end servers, not desktops. He clarifies that he never argued for reaching Visa scale anytime soon and that people are putting words in his mouth.
Updated on: 2023-06-09T22:05:08.015553+00:00