Author: Alan Reiner 2015-05-08 15:23:24
Published on: 2015-05-08T15:23:24+00:00
Tom Harding and Jeff Garzik were discussing about the block size of Bitcoin on 5th August 2015. Garzik proposed 20 MB blocks, which can process 140 transactions per second (tps). Whereas, Harding suggested that Bitcoin needs to have a higher capacity than 7 tps if it aims to become a globally useful payment rails. He did not propose 100 MB blocks but said it is feasible that it might be needed in the future. Harding argued that Bitcoin's open, global payments system requires an increase in the block size. It is clear that 1 MB blocks are not sufficient, and admitting this is acknowledging that not everyone will be able to run a full node in 20 years. Harding believes that there is no single solution that can accommodate all future scenarios. Also, finding a solution now that avoids more hard forks in the future seems unlikely. Therefore, the goal of having everyone download and verify the world's global transactions on a smartphone is a non-starter and should not drive decisions related to block size.
Updated on: 2023-06-09T19:34:11.492720+00:00