For those people looking to see the Bitcoin block size debate coming to an end, that will not be happening anytime soon, unfortunately. Things have gotten more interesting a few weeks ago when rumours started appearing about BitPay looking to implement their own Bitcoin block size solution. This new adaptive block size solution holds some interesting merit, although it remains to be seen whether or not this solution will ever be implemented.
Also read: Bitcoin Price Technical Analysis For 03/22/2016 – Can BTC Make It? The BitPay Median Block Size-based Solution
Although both Bitcoin Core and Bitcoin Classic each have their own benefits and drawbacks regarding creating a block size solution on the software side, the BitPay option is kind of interesting as well. Rather than sticking to a particular block size and upgrading it at certain time intervals BitPay is looking at a median block size solution.
As the name suggests, this BitPay block size solution will impose a dynamic limit, rather than forcing a particular block size upon users at any given time. Determining the proper block size for a particular moment in time is done by looking at the median size over the last 12,960 blocks – roughly three months – and adjusting the solution accordingly. Similar to any other Bitcoin block size solution in existence right now, consensus must be reached before the BitPay proposal is activated on the network. Scaling the Bitcoin block size depending on the number of transactions hitting the system over the past three months is an interesting approach, and should help prevent denial of service attacks as well as network congestion .
But there is more to this proposal than just that, as a dynamic block size structure would guarantee miners their created blocks are accepted by the rest of […]
