Author: Michael Naber 2015-06-28 21:23:51
Published on: 2015-06-28T21:23:51+00:00
Bitcoin Core aims to provide a solution to the global consensus problem, which refers to global network recognition of a transaction that is irreversible. While payment channels and other systems are useful, they do not meet the definition of global consensus. To achieve its goal, Bitcoin Core needs to address Peter Todd's requirements, including successfully running a test-net with 8MB blocks and addressing his concern about transaction fees falling without scarcity of blockchain space. It is argued that constraining the capacity of Bitcoin Core below technological limits will only drive users to seek solutions elsewhere, which could lead to a fork. There is demand for user access to high-capacity global consensus, and technology exists to deliver it. Failure to meet this demand in Bitcoin Core could result in users turning to other products. Discussions about raising the block size to a static 8 MB are ongoing, and there is a need to continue making Bitcoin Core the best solution to the global consensus problem. Gavin Andresen expressed concerns about switching to Lightning Network hubs due to issues with decentralization and security, as well as the fact that Lightning Network is still in the development stage. The Lightning Network paper itself acknowledges the need for bigger blocks even if the system is successful.
Updated on: 2023-06-10T01:23:40.833187+00:00