Author: Eric Lombrozo 2015-06-27 02:18:20
Published on: 2015-06-27T02:18:20+00:00
Blockchains are seen as dispute resolution mechanisms and the vast majority of crypto negotiation will be taking place at levels lesser than global consensus. The block size issue is really a usability issue at this point and there are two fundamental things that need to be solved: 1) There’s no model for how we’ll introduce a fee market, even though the design of Bitcoin fundamentally depends on fees for its survival (at least in the current form of the design.) 2) There’s no mechanism for how to perform fee bidding and estimation. If we’re going to talk about block fees, let’s keep it in the context of these relevant issues and not confound it with the scalability issue…these are two very different issues. It is simple math to see that any exponential growth (even if for a short time) in usage will overwhelm the current network. If we ever intend to take bitcoin mainstream, we will most likely experience at least a short time of exponential growth…at least until we either reach an inherent limitation or until we saturate.
Updated on: 2023-06-10T01:12:01.940843+00:00