Author: Michael Naber 2015-06-29 08:33:21
Published on: 2015-06-29T08:33:21+00:00
Bitcoin is a globally aware global consensus network where each node knows about and agrees on every transaction. However, having global awareness of every transaction is not necessary for running a worldwide payment network. The limits of today's technology do not allow it. Global awareness is also a finite resource. Therefore, hub and spoke or other clever designs are going to ensure that worldwide transactions can run without requiring global awareness.Even with hub and spoke, there still needs to be a "hub" at the center. Bitcoin Core should aim to be that hub by being the best globally aware global consensus network that can be built. To achieve this goal, it is essential to ensure that the network can operate at the highest capacity that technology can allow.If the test-net shows that hardware exists today to safely increase block size to a static 8 MB, then there will be broad developer support to make this happen. This step is crucial in building the best network possible. In the future, the block size can be adjusted upward as technology permits.In conclusion, Bitcoin needs to focus on being the best globally aware global consensus network by ensuring that the network can operate at the highest capacity technology allows. It is also important to keep adjusting and improving the network in the future to maintain its status as the best network for worldwide transactions.
Updated on: 2023-06-10T01:43:47.247562+00:00