Cryptocurrency & Blockchain Club

Cryptocurrency & blockchain club

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Ensuring Network Scalibility: How To Fight Blockchain Bloat

With more and more users turning to Bitcoin and Chief Scientist Gavin Andresen having proposed a hard fork of the blockchain, the issue of network scalability has once again risen to the surface. The problem is called blockchain bloat: when more transactions are made, the blockchain has more data to record, and if it grows too large, it becomes difficult to easily download or store.

As a result, blocks are currently limited in size, which limits the maximum number of transactions per second we can make to 7far less than the volume handled by Visa or MasterCard.

Cryptocurrency & blockchain club

This has become a major point of criticism against Bitcoin, especially with the arrival of Bitcoin 2.0 applications unrelated to cryptocurrency that want to use the blockchain. Despite all the FUD, however, there are a number of solutions in sight that make it a trivial concern.

Cryptocurrency & blockchain club

In this article, I intend to put the issue to rest. What Gavin Andresen has basically proposed is that we increase the block size, and thus the maximum number of transactions per second.

Cryptocurrency & blockchain club

You might interject that this is impossible due to the aforementioned technical difficulties, but the plan is to do this gradually by 50% per year. Computer and Internet technology grows at an exponential rate, so scientists and engineers should be able to keep pace.

Cryptocurrency & Blockchain Technology Presentation - IUJ Club

Although the blockchain is now over 20 GB in size and growing at an increasing rate, because the block size is capped at 1 MB (and with 1 block approximately every ten minutes), this means that the blockchain can grow by at most 525,600 / 10 = 52,560 MB or ~ 52.5 GB per year (discounting leap year). If blocks increase in size by 50% per year, then the blockchain could grow by over 52.5 * 1.5^10 ~ 3 TB in 10 years.

By comparison, hard disk drives in excess of 1 TB are now relatively abundant, Continue reading >>

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