Author: Jeff Garzik 2015-06-24 03:49:51
Published on: 2015-06-24T03:49:51+00:00
Miners are collaborating to reduce the block size limit, which is already happening due to the "soft" default limit set by Bitcoin Core. A chart provided in the article shows when miners upgrade to new software. Gavin Andresen has proposed a BIP that suggests replacing the fixed one megabyte maximum block size with a maximum size that grows over time at a predictable rate. The initial size proposed is 8,000,000 bytes and will double every two years, ignoring leap years, until 2036-01-06 00:00:00 UTC. After this date, the maximum size of blocks shall be 8,192,000,000 bytes. The deployment plan is taken from Jeff Garzik's proposed BIP100 block size increase, which is designed to give miners, merchants, and full-node-running-end-users sufficient time to upgrade to software that supports bigger blocks.The activation time will be the timestamp of the 750th block plus a two-week grace period to give any remaining miners or services time to upgrade to support larger blocks. This is a hard-forking change to the Bitcoin protocol, and anyone running code that fully validates blocks must upgrade before the activation time or they risk rejecting a chain containing larger-than-one-megabyte blocks.Another proposal has been made for a protocol called ".io," which aims to enable decentralization and expansion of the economy while promoting social good. The proposal was posted by user odinn on Keybase.io and includes a PGP signature. The message was also sent to the Bitcoin-dev mailing list, where it can be discussed further. There is no additional context or information provided in the message or email thread.
Updated on: 2023-06-10T00:29:14.592189+00:00