You are viewing a single comment's thread from:

RE: Hey Bitcoin, where did all the transaction go?

in #bitcoin • 7 years ago

Well There are 2 cases to be considered:

  1. SegWit - They are proposing to increase the Bitcoin block from 1 MB to 2MB.
    I don't think, this is the solution because in future they may ask for even more block size.

  2. BTC unlimited - They are proposing the block size to unlimited size.
    I don't think it is a permanent solution either. Because, Blockchain will be huge in size then.

7 years ago in #bitcoin by
$0.00
    Reply 2
    Sort:  
  • Trending
    • [-]
     7 years ago  

    This is actually wrong.

    Segwit is an upgrade that solves a lot of bugs, an added value of segwit is that it will allow more room for transactions, the block size remains in 1MB.

    Bitcoin Unlimited supporters want a block size increase to at least 2 MB.

    $0.00
      Reply
      [-]
       7 years ago  

      That's not how it works:

      1. Segwit removes some data from transactions (signatures) and puts it elsewhere, this means that old nodes that haven't updated still process the transactions but they assume that the other updated nodes are honest. It effectively increases block size to 2MB, however, actual storage space requiremetns per block are more like 3MB or 4MB. Segwit however fixes transaction malleability, a long standing (though minor) issue/
      2. BTC unlimited allows miners to set their own block size and regularly re-set it as they wish. It works via consensus and is unlimited as the name suggests. It doesn't fix transaction malleability and allowing miners absolute freedom might be a bit premature.

      Both have issues. BIP100 or Bitcoin ABC might be better solutions.

      $0.00
        Reply