Author: Joel Joonatan Kaartinen 2015-05-08 01:51:35
Published on: 2015-05-08T01:51:35+00:00
Joel suggests a dynamic limit for block size that responds to demand and amount of fees offered. He proposes basing the maximum valid size for a block on the total bitcoin days destroyed in that block. This would stop transaction spam while naturally expanding the block size when there's a backlog of real transactions. It would also provide an indirect mechanism for increasing the maximum block size based on fees if there's a lot of fees but little bitcoin days destroyed. Alan Reiner supports Gavin's approach to increasing the block size, which is essentially urgent. Gavin's simulations show that around 400 kB - 600 kB worth of transactions per 10 min (approx 3-4 tps) is where things start to behave poorly for certain classes of transactions. A cap of 7 tps is pathetic for a global transaction system. It is a couple of orders of magnitude too low for any meaningful commercial activity to occur. Satoshi didn't believe 1 MB blocks were the correct answer. Alan believes this is critical to Bitcoin's long-term future.
Updated on: 2023-06-09T19:39:02.110078+00:00