Author: Adam Back 2015-06-27 15:33:11
Published on: 2015-06-27T15:33:11+00:00
Michael Naber believes that in order for Bitcoin Core to survive, it must remain a low-fee, high-capacity, secure, distributed and fast solution. He argues that constraining the block size below the limits of technology would threaten the survival of Bitcoin Core. However, scheduling large future increases or allowing unlimited dynamic scaling of the block size limit raises concerns over availability of future computing resources. Instead, he proposes manually increasing the block size limit as demand occurs, except in cases where it would cause an undue burden upon users wishing to validate the integrity of the blockchain. Naber suggests raising the block size to a static 8MB now, with a plan to increase it further should demand necessitate, except in special cases. He notes that market forces will likely ensure that demand for a blockchain with adequate capacity will be met, whether it is Bitcoin Core with an increased block size or a fork. It is important to note that the majority of Bitcoin transactions already occur off-chain in exchanges, tipping services, hosted wallets, etc., constituting an early stage layer 2. The lightning network paper and the duplex micropayment channel paper propose solutions to help improve decentralization and throughput short-term while algorithmic improvements are being worked on mid-term. Interested individuals can read through the proposals and development lists, as well as look at the code provided in the links provided.
Updated on: 2023-06-10T01:19:50.487861+00:00