Author: Michael Naber 2015-06-27 14:39:51
Published on: 2015-06-27T14:39:51+00:00
The demand for a low-fee global consensus network using blockchain technology is expected to rise. The market forces make it almost certain that the demand will be met by a blockchain with adequate capacity, whether it is Bitcoin Core with an increased block size or a fork. In order to survive, Bitcoin Core must remain the best solution possible to the global consensus problem. Attempting to constrain the block size below the limits of technology for any reason is a conflict with this objective and a threat to the survival of Bitcoin Core.Instead, the block size limit should be manually increased as demand occurs, except in the special case where increasing the limit would cause an undue burden upon users wishing to validate the integrity of the blockchain. Scheduling large future increases or permitting unlimited dynamic scaling of the block size limit raises concerns over the availability of future computing resources.A reasonable path forward could be to raise the block size to a static 8MB now, with a plan to increase it further if demand necessitates it, except in the special case mentioned above. This compromise would ensure that Bitcoin Core remains the lowest-fee, highest-capacity, most secure, distributed, fastest, overall best solution possible to the global consensus problem.
Updated on: 2023-06-10T01:24:11.876350+00:00