Blockstream Co-Founder creates a proposal with hopes to decrease the Bitcoin block size


The Co-Founder of the Blockchain Technology company Blockstream, Luke DashJr, has recently submitted a proposal for the temporary decrease in the size of the Bitcoin Block to less than half of what it is currently. The reaction from the Bitcoin community have not been positive.

The number of transactions processed has been a hot topic among the Bitcoin community, with many members stating that the 1 Mb limit only curtails the Blockchain network scalability.

Even though the voices against a potential Block size reduction are loud, however, Luke Jr supports his proposal by explaining that it has been strategically planned to enhance communication between different nodes, serve the interest of the miners, and encourage the growth of fully validating nodes.

Why the proposal has raised so many concerns is because the Block size reduction in the already slow Bitcoin Blockchain would entail that a smaller number of transactions are processed.

An analysis by Trust Nodes highlights the fact that Block size reduction could, in fact, optimize the communication between different nodes by decreasing the growth of the Bitcoin Blockchain’s already massive volume. However, TrustNodes elaborates that it may not be the only solution or the best.

As history will only increase, the system in its current design is unsustainable. The “crazy” suggestion by Luke DashJr, therefore, might not be that crazy, just impractical. Putting aside considerations of how this would affect the usability of the network, a decrease of the block size by 3x would only slow down the growth by 3x.

Scalability being an issue?

The issue of scalability has been a major concern for the developers of different Blockchains. The developers of the Bitcoin Blockchain tried to address the issues through the hard fork that culminated in the birth of Bitcoin Cash.

The Bitcoin developer team aimed to preserve the Block size limit and rather focus on the optimization of transactions through different technologies; the Bitcoin Cash team, on the other hand, wanted to increase the number of Blocks. The BCH team proposed the Lightning Network which will facilitate a higher number of transactions at the minimal cost.

 

 


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Samuel Tan

Samuel Wan has been an analyst and cryptocurrency evangelist for the last few years. Previously he worked as a consultant for a Big 4 consulting firm and is passionate about how blockchain will make an impact in the world. You can contact Sam at s@cryptomenow.com

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