Published on: 2015-06-29T09:17:00+00:00
The email thread revolves around the need for global awareness in Bitcoin transactions and emphasizes Bitcoin Core's role as the central hub. The author proposes conducting thorough testing before increasing the maximum block size to 8 MB, with the possibility of further adjustments in the future as technology advances. Evan suggests that Huobi requires three months of testing on a test-net, commencing in early-mid October. To discuss the results of the testing process and address any remaining concerns, the author offers to host a face-to-face meeting in Hong Kong on October 14-15. They also invite anyone willing to contribute resources for the design, execution, and analysis of the testing to participate.While Bitcoin is a globally aware consensus network, it is not necessary for each node to be aware of every transaction for running a worldwide payment network due to technological limitations. Global awareness is a finite resource, hence the need for hub and spoke designs to facilitate worldwide transactions without requiring global awareness. However, there still needs to be a central "hub," and Bitcoin Core should strive to be that hub by being the best globally aware global consensus network possible. To achieve this, it is crucial to ensure that the network can operate at its maximum capacity based on current technology.If the test-net demonstrates that current hardware can safely handle an 8 MB block size, there will be widespread developer support to implement this change. This step is essential in building the most optimal network. Additionally, as technology progresses, the block size can be adjusted upwards to further improve the network. In summary, Bitcoin must focus on becoming the best globally aware global consensus network by maximizing the network's capacity within technological limits. Continuous adjustments and improvements are necessary to maintain its position as the leading network for worldwide transactions.
Updated on: 2023-08-01T14:09:08.735225+00:00