Author: Jeff Garzik 2015-05-07 15:27:39
Published on: 2015-05-07T15:27:39+00:00
Justus Ranvier, a Bitcoin developer, has asked whether Bitcoin development should intentionally limit the network's capabilities to leave room for other projects or attempt to be the best system possible and let other projects try to keep up as best they can. However, this binary thinking is not helpful. The problem of bursty block creation is fundamental to Bitcoin, and raising the block size does not solve it. Bitcoin is primarily a settlement system, and it will never be an instant payment system for all the world's transactions. Instead, it is left to "Layer 2" projects to engineer around Bitcoin's gaps to produce an instant, secure, trustless, egalitarian payment system using the Bitcoin token. Layer-2 projects are critical to the success of Bitcoin, and complement Bitcoin. Holistic thinking implies building a full-stack system with Bitcoin. Gavin Andresen's article notes that increasing the block size is necessary but not a panacea.
Updated on: 2023-06-09T19:32:11.841014+00:00