Author: Jim Phillips 2015-05-26 03:49:04
Published on: 2015-05-26T03:49:04+00:00
In a Bitcoin development forum, Jim Phillips IV argues that the capacity problem needs to be solved soon in order for Bitcoin to continue growing. He suggests that expanding capacity is necessary when usage has increased to the point where the system is at or near its limits, and that he is not concerned about network centralization. Phillips believes that if ISPs and cloud providers run high bandwidth full-node relays, and if average homes have only a single full node "hub," there should be no concern about centralization of relays. He predicts that full nodes could become as ubiquitous on the Internet as authoritative DNS servers. If users do not trust their ISP nodes or if they are too slow or censor transactions, they can peer with nodes hosted by Google or OpenDNS or run their own. Phillips believes that most existing computer systems and networks can easily handle 20MB blocks every 10 minutes, which will increase capacity 20-fold. 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: 2023-06-09T21:03:08.460334+00:00