Published on: 2015-06-01T19:02:44+00:00
In a recent email thread, the topic of increasing the default block limit to 1 MB in the next release is discussed. The current limit is causing strain on average transaction display graphs, leading to the suggestion that reaching one million transactions per day would be impossible without raising the limit. Mike Hearn, a Bitcoin developer, argues that by increasing the block size, SPV wallets would not be affected, and fully validating wallets could be updated with a small code change. However, he raises concerns about reduced security if software does not understand the difference between 1 MB and 8 MB output payments.Another issue raised by Hearn is the potential confusion for an old client that makes a payment only confirmed in an extension block. This situation may cause the client to perceive the payment as unconfirmed indefinitely, providing inaccurate information to the user. Regarding scalability, Hearn highlights a distinction from Satoshi's perspective. While Satoshi advocated for large blocks, Hearn believes Satoshi did not argue for Visa scale. Hearn references a scalability page he wrote in 2011, which suggests that the Bitcoin network can handle higher transaction rates than currently observed. However, this assumption relies on nodes running on high-end servers rather than desktops. Hearn further clarifies his position on scalability, emphasizing that he has never claimed Bitcoin would reach Visa scale in the near future. Such a milestone would require either decades or the emergence of an unforeseen killer app. He points out that the core Bitcoin network has the capacity to handle much higher transaction rates, given the appropriate infrastructure of high-end servers. Hearn also expresses frustration with people attributing words to him that he never actually said.Overall, the discussion revolves around the need to increase the maximum block size for Bitcoin to accommodate higher transaction volumes and improve scalability. Various considerations are raised, including the impact on different types of wallets and potential security implications. Hearn underscores the importance of understanding the nuances of scalability and clarifies his stance on reaching Visa scale, emphasizing the need for realistic expectations and appropriate infrastructure.
Updated on: 2023-08-01T13:00:51.266011+00:00