Author: Thy Shizzle 2015-05-26 02:30:52
Published on: 2015-05-26T02:30:52+00:00
Mike Hearn, a former capacity planner for Bank of America's mid-range server group and a Bitcoin developer, argues that the capacity problem facing Bitcoin needs to be solved as soon as possible. He suggests that the only way to expand capacity is to increase block sizes. He proposes that most existing computer systems and networks can easily handle 20MB blocks every 10 minutes, which will increase capacity 20-fold. Once the average block size reaches over 15MB, he suggests bumping it up again to as high as possible without pushing typical computers or networks beyond their capacity. However, this proposal is met with concern by Jim Phillips, who argues that making blocks 20mb would slow down block propagation and blow out conf tikes. Instead, he suggests decreasing the time it takes to make a 1mb block in order to increase transaction throughput. Nevertheless, Hearn argues that if miners need higher fees to accommodate the costs of bigger blocks, they can configure their nodes to only mine transactions with higher fees.
Updated on: 2023-06-09T21:02:58.083310+00:00