Pro's and Con's on Bitcoin Block Pruning Bitcoin News

Are the severe block size limitation and the plan to switch to Lightning going to destroy all non-monetary applications of the Bitcoin blockchain?

That's what's worrying me.
Pushing for off-chain solutions and limiting the block size will result in very high fees for on-chain transactions. This rips off all non-monetary applications of the Bitcoin blockchain like proof-of-existence, proof-of-ownership, coloured coins, notary services, voting systems, etc -- basically all the stuff (and businesses) that's currently using OP_RETURN.
Maybe I'm missing something?
P.S. One could argue that Bitcoin blockchain was never intended to be used by such services, but that would mean that Bitcoin Core developers' actions lack consistency: first they introduce OP_RETURN, people start businesses, then they say "sorry, no more OP_RETURN outputs".
submitted by Har01d to Bitcoin [link] [comments]

Simple function to propose accepted maximum block size limit in Bitcoin blockchain.

Simple function to propose accepted maximum block size limit in Bitcoin blockchain. submitted by gubatron to Bitcoin [link] [comments]

A hard fork to increase the block-size limit is the same as creating a new altcoin (bootstrapped on Bitcoin's blockchain), and then just telling everybody to switch to it; it's an idiot's approach to a decentralized system.

Blockstream is working on a more sophisticated approach.
Making a hard fork is the same as creating a new system, and then just telling everyone in the supposedly decentralized system to switch over to the new system; at the very least, verifying nodes must upgrade, and must therefore be subscribed to centralized choreography.
A 2-way peg allows people to switch at any time between 2 systems (i.e., between 2 "hard forks", if you will). If you're going to have a hard fork, the right way is to do it with a 2-way peg, so that people can upgrade or downgrade almost at leisure.
Consider:
So, a hard fork is disastrous, and a soft fork has proven to be dangerous (as it has the potential to devolve into a kind of hard fork, and, at best, reduces security for a time due to increased probability of blockchain reorganization).
The real solution is clear: One and only one more soft fork to allow for 2-way pegs (sidechains); then, there are no more forks of any kind, as all future improvements become a matter of users choosing voluntarily to transfer control of their assets from one system to another. At the very worst, the new system can make a hard fork to copy over the old system's blockchain entirely, begin minting coins itself, and thus leave behind the old system; that kind of hard fork is much less dangerous.
Hard forks are bloody revolution. Sidechains are mild evolution.
submitted by SwagPokerz to Bitcoin [link] [comments]

Is anyone concerned about the rapid growth in size of the blockchain? Will Ethereum eventually have to enforce a stricter blocksize limit until scaling has been sorted out, like bitcoin did?

Is anyone concerned about the rapid growth in size of the blockchain? Will Ethereum eventually have to enforce a stricter blocksize limit until scaling has been sorted out, like bitcoin did?
submitted by dellintelcrypto to ethereum [link] [comments]

Are the severe block size limitation and the plan to switch to Lightning going to destroy all non-monetary applications of the Bitcoin blockchain?

That's what's worrying me.
Pushing for off-chain solutions and limiting the block size will result in very high fees for on-chain transactions. This rips off all non-monetary applications of the Bitcoin blockchain like proof-of-existence, proof-of-ownership, coloured coins, notary services, voting systems, etc -- basically all the stuff (and businesses) that's currently using OP_RETURN.
Maybe I'm missing something?
P.S. One could argue that Bitcoin blockchain was never intended to be used by such services, but that would mean that Bitcoin Core developers' actions lack consistency: first they introduce OP_RETURN, people start businesses, then they say "sorry, no more OP_RETURN outputs".
submitted by Har01d to btc [link] [comments]

Newbie Question: who controls the blockchain size limit /r/Bitcoin

Newbie Question: who controls the blockchain size limit /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

An Analytic Model of the Performance of a Forked Bitcoin Blockchain with Two Block Size Limits

An Analytic Model of the Performance of a Forked Bitcoin Blockchain with Two Block Size Limits submitted by tl121 to btc [link] [comments]

An Analytic Model of the Performance of a Forked Bitcoin Blockchain with Two Block Size Limits

An Analytic Model of the Performance of a Forked Bitcoin Blockchain with Two Block Size Limits submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Will Bitcoin price rise, because limited block size makes it more and more expencive to register something directly on the blockchain?

submitted by Oldnoob1 to Bitcoin [link] [comments]

In light of Wang Chu's (F2Pool) recent suggestion to drop the blocksize limit in 2020 with the 32MB protocol hardlimit in mind: even 24MB blocks would grow the blockchain by it's current total size (106GB), *each month*. 32MB = 1.6TB/year. /r/Bitcoin

In light of Wang Chu's (F2Pool) recent suggestion to drop the blocksize limit in 2020 with the 32MB protocol hardlimit in mind: even 24MB blocks would grow the blockchain by it's current total size (106GB), *each month*. 32MB = 1.6TB/year. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

03-15 13:47 - 'Actually any client prior to 0.8 will not be able to sync the blockchain. Although the explicit limit was added in 0.3.x, there was actually an implicit limit caused by a bug in the software which limited the block size to ~500...' by /u/cudf removed from /r/Bitcoin within 284-289min

'''
Actually any client prior to 0.8 will not be able to sync the blockchain. Although the explicit limit was added in 0.3.x, there was actually an implicit limit caused by a bug in the software which limited the block size to ~500 kb and caused an accidental chain fork in 2013. So actually BU is not "going back to the orignal rules" but rather introducing new ones.
Furthermore, the entire Bitcoin community has decided that this "fork" of Bitcoin after 0.3.x is "Bitcoin". Since BU would be using a different set of consensus rules different from what is currently "Bitcoin", unless basically every user decides to call BU "Bitcoin", the "Bitcoin" will still be the longest blockchain following the current consensus rules.
'''
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submitted by removalbot to removalbot [link] [comments]

Are the severe block size limitation and the plan to switch to Lightning going to destroy all non-monetary applications of the Bitcoin blockchain?

submitted by Har01d to bitcoinxt [link] [comments]

In the latest days i noticed a massive amount of posts about bitcoin tech(that they call blockchain) being used for huge things. Most notably Visa B2B network. Due to the block size limit we are already far behind the financial status quo. /r/btc

In the latest days i noticed a massive amount of posts about bitcoin tech(that they call blockchain) being used for huge things. Most notably Visa B2B network. Due to the block size limit we are already far behind the financial status quo. /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

In the last days i noticed a massive amount of posts about bitcoin tech(that they call blockchain) being used for huge financial projects. Most notably Visa B2B network. Due to the block size limit we are already far behind the financial status quo. /r/btc

In the last days i noticed a massive amount of posts about bitcoin tech(that they call blockchain) being used for huge financial projects. Most notably Visa B2B network. Due to the block size limit we are already far behind the financial status quo. /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Now that Bitcoin blockchain is crammed, can devs please help get dogecoins Dogeparty up and caught up? That way there's a functioning backup of the protocol on a blockchain with block limits 10x the size of bitcoins and otherwise very similar

submitted by timeisnow77724 to counterparty_xcp [link] [comments]

"In my view, people are using the block size limit for something it was never meant to do to influence how people use the Bitcoin blockchain, forcing some uses off the blockchain. I cannot support that type of top-down, centrally-planned vision." -Gavin Andresen /r/btc

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

11-21 18:53 - '1) On-chain solution. Fix the artificial limitation by increasing block size. / 2) off-chain solution. Introduce an entirely new concept and change the way the blockchain functions entirely. / Which one would you say...' by /u/thirdworldsociety removed from /r/Bitcoin within 32-42min

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1) On-chain solution. Fix the artificial limitation by increasing block size.
2) off-chain solution. Introduce an entirely new concept and change the way the blockchain functions entirely.
Which one would you say is the fork and which one is the bitcoin? You sound like a fucking moron. Both communities are full of dumbasses but one is definitely more "bitcoin-esque" than the other.
'''
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Author: thirdworldsociety
submitted by removalbot to removalbot [link] [comments]

Are the severe block size limitation and the plan to switch to Lightning going to destroy all non-monetary applications of the Bitcoin blockchain?

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Are the severe block size limitation and the plan to switch to Lightning going to destroy all non-monetary applications of the Bitcoin blockchain? /r/btc

Are the severe block size limitation and the plan to switch to Lightning going to destroy all non-monetary applications of the Bitcoin blockchain? /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Are the severe block size limitation and the plan to switch to Lightning going to destroy all non-monetary applications of the Bitcoin blockchain? /r/Bitcoin

Are the severe block size limitation and the plan to switch to Lightning going to destroy all non-monetary applications of the Bitcoin blockchain? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Will Bitcoin price rise, because limited block size makes it more and more expencive to register something directly on the blockchain? /r/Bitcoin

Will Bitcoin price rise, because limited block size makes it more and more expencive to register something directly on the blockchain? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

While doing my-own-node project, I understood why blocksize should never be increased.

Took me 2 weeks to download the chain, then something went wrong and I had to do it all over again. It literally took me a month to fully download the chain. Now I'm waiting for it to sync (currently at 2%) I think it's safe to say that this is at least a couple more weeks.
I can't imagine how things would have been if Blocksize was 32mb? This would literally abolish alot of people who want to run their own nodes. Throwing quick fixes at a problem was not never a solution.
anyways, joining the party soon.
submitted by Leader92 to Bitcoin [link] [comments]

Blockchain pruning How to limit the blockchain size securely Can Blockchain Solve Its Scalability Problem? WHAT IS THE SIZE OF BITCOIN  BLOCKCHAIN  BITCOIN ... On Bitcoin Reaching Block Size Limits KCN: Size of Bitcoin blockchain has exceeded 100 GB

Blockchain size of Ethereum has already crossed 1 TB blockchain size. Is there any Blockchain Size Limit? In the last two years, bitcoin blockchain ledger size has grown from 150 GB to 250 GB. That’s almost 50 GB per year. By 2030, we can see the blockchain ledger size cross more than 1 TB easily. However, not every node needs to download the ... The maximum transaction rate is the block size limit divided by the average transaction size. The block size limit is well known, 1MB, however the average transaction size isn't. Here we'll look at what influences that size. The minimum sized transaction type is the OP_CHECKSIG transaction: scriptPubKey: <33 byte compressed pubKey> OP_CHECKSIG scriptSig: <72 byte signature> Each transaction ... Blockchain Size (MB) The total size of the blockchain minus database indexes in megabytes. 30 Days 60 Days 180 Days 1 Year 3 Years All Time Raw Values 7 Day Average 30 Day Average If blockchain pruning is implemented is there a theoretical upper limit on the blockchain file size? My thinking is something like with "pruned" blockchain you only store the details of the unspent bitcoins, so even if every satoshi was sent to a unique address then the file to store this information would have a finite upper size limit. With a 1MB block size limit, the Bitcoin network processes a maximum of around seven transactions per second (there are anomalies). For comparison, Ethereum processes about 15 transactions per second, Bitcoin Cash process around 65 transactions per second, and the Visa network can process over 1,700 fiat transactions per second. You see, then, that the Bitcoin block size has a direct effect on ...

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Blockchain pruning How to limit the blockchain size securely

Growing demand for Bitcoin increased the size of cryptocurrency blockchain. Bitcoins’ blockchain has exceeded 100 GB for the first time on Monday, the 19th of December. According to forklog.com ... Can blockchain solve its scalability problem? Foreseeable transaction loads threaten to overwhelm the processing capacity of blockchains. This video discusses what's driving transaction loads ... Published on Aug 13, 2018 When Bitcoin was first created, Satoshi Nakamoto did not intentionally limit the block size, with the largest block reaching up to 32MB. At that time, an average block... What will you do if Blockchain size on Bitcoin Core software is more bigger and bigger in future? it will occupy a lot of your disk space, so we need to reduce the Blockchain size with prune ... As Bitcoin grows, its blocks are starting to fill up, and thus discussion has been ongoing on how to best handle this. The block size limit is current 1mb per block, 4mb, 8mb and 20mb limits per ...

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