Bitcoin Core Developer Gavin Andresen Proposes Fork to Increase Block Size

By May 4, 2015Bitcoin Business
Click here to view original web page at www.newsbtc.com
Bitcoin Core Developer Gavin Andresen Proposes Fork to Increase Block Size

Bitcoin Foundation’s Chief Scientist Gavin Andresen recently proposed a fork to increase the Bitcoin block size to 20 MB.

In his recent post on GitHub, the Bitcoin core developers demonstrated changes in Bitcoin’s source code — roughly 156 additions and 38 deletions — to implement the aforesaid fork by 1st March, 2016. “Allows any block with a timestamp on or after 1 March 2016 00:00:00 UTC to be up to 20,000,000 bytes big (serialized),” Andresen wrote.

Gavin Andresen PortraitGavin Andresen Portrait

This was indeed not the first time when he spoke about increasing the Bitcoin’s maximum block size. In past, Andresen had penned a brief article, in which he explained the need to address issues related to the digital currency’s scalability.  He had hoped the Bitcoin system would face an increased number of transactions in the future, a thing that would definitely slow down the settlement time by a larger extent.

“The next scaling problem that needs to be tackled is the hardcoded 1-megabyte block size limit that means the network can suppor only approximately 7-transactions-per-second,” Andresen had noted. He however had suggested to implement a “floating transaction fee” feature that would observe the time that will be taken by transactions to get confirmed.

“The floating transaction method then uses that data to estimate the right fee to pay so the transaction confirms quickly – or decides that the transaction has a high enough priority to be sent for free but still confirm quickly,” he added.

Andresen however had also noted that this alone would not solve an iota of the problem. They would indeed require bigger blocks for that, a thing which the chief scientist just proposed with his “20-MB block size” code.

It is a matter of time that will decide whether this proposal could actually be implemented as a final code. Nevertheless, it surely looks like a step in the right direction, at least for now.

In his recent post on GitHub, the Bitcoin core developers demonstrated changes in Bitcoin’s source code — roughly 156 additions and 38 deletions — to implement the aforesaid fork by 1st March, 2016. “Allows any block with a timestamp on or after 1 March 2016 00:00:00 UTC to be up to 20,000,000 bytes big (serialized),” Andresen wrote. […]

Leave a Reply

All Today's Crypto News In One Place