Author: Jim Phillips 2015-05-26 02:53:10
Published on: 2015-05-26T02:53:10+00:00
The Bitcoin network needs to increase the amount of transactions that get into blocks over a given time frame to a point that is in line with what current technology can handle. The network is not currently Disk, CPU, or RAM bound, but is restricted by Network bandwidth. It is suggested that instead of increasing block size to 20MB, it is better to decrease the time it takes to make a 1MB block, thus increasing transaction throughput while maintaining propagation times. Capacity expansion is necessary when usage has increased to the point where you are at or near the limits of capacity. The system is performing as intended and usage is increasing because it works so well. It is suggested that we should take action to expand capacity by adding more capacity to the system. Most existing computer systems and networks can easily handle 20MB blocks every 10 minutes, which will increase capacity 20-fold. Miners can configure their nodes to only mine transactions with higher fees if they need higher fees to accommodate the costs of bigger blocks.
Updated on: 2023-06-09T21:03:57.394087+00:00