Author: s7r 2015-05-31 09:32:08
Published on: 2015-05-31T09:32:08+00:00
The current hard cap of 1 MB block is not enough to handle the increasing transaction volume as more and more people use Bitcoin. The proposed solution is to increase the block size hard cap to 20 MB, but this may not be a permanent fix as the need for larger blocks may arise again in the future. The possibility of other solutions like micropayment channels and offchain transactions that can easily function with 1 MB blocks is also considered. There are concerns about the proposed solution dividing Bitcoin XT and Bitcoin Core into different consensus and creating two altcoins instead of one Bitcoin. Matt Whitlock proposes an alternative solution to gradually raise the block size limit using an approximately smooth function from 1 MB to 20 MB over the course of several years, beginning next March. This gradual increase will allow time to discuss and fix any problem that may arise without panicking. Whitlock believes that ignoring the immediate problem is too risky and that if significantly larger blocks cause a serious problem for Bitcoin, then not making any change to Bitcoin Core will virtually assure that Bitcoin XT takes over. He proposes a way to satisfy both those who want larger blocks and those who want to be extremely cautious about changing the fundamental economic parameters of Bitcoin.
Updated on: 2023-06-09T21:48:04.454125+00:00