Receive all Bitcoinist news in Telegram! There is a spirited discussion currently happening about increasing the block size. We believe bip16 bitcoin exchange in order for Bitcoin ecosystem to prosper, the maximum block size must be increased.
It is a common understanding among Bitcoin developers that the current limit of one megabyte hinders scalability of Bitcoin Blockchain and prevents its wide adoption as the technology of the future. We have thoroughly studied all block size increase proposals and find that Jeff Garzik’s BIP 100 proposal is the most reasonable and considerate one. We think that the block size debate must be resolved by a consensus and the voting mechanism introduced in BIP 100 is a good way to achieve such a consensus. The forecasts of growth of the Bitcoin network made in other proposals don’t provide enough predictive power, so in such case the cost of a mistake is extremely high.
Because of our role and responsibility for the integrity of the Bitcoin network, we can’t support a momentary jump to 8 MB blocks. We believe a substantial part of full nodes right now would not be able to support blocks of this size simply because of hardware limitations. Similarly, we do not support proposals to fork client software as we believe this move may have potential negative consequences for the entire Bitcoin ecosystem. We acknowledge that block size regulation is only one of the steps in Bitcoin’s evolution, other improvements must be made to the protocol in order to improve Bitcoin’s scalability. We think that introduction of enterprise-grade super-nodes running on specialized software and hardware might be a solution to the scalability issues. These nodes would be maintained by miners and other parties and serve as a key component of Bitcoin’s stable growth in the future. The linked research includes this well though out analysis, as well as ideas for solutions.