Bitcoin Cash Plans to Increase Its Block Size, Again
4 stars based on
36 reviews
In Bitcoin Classic the block size is no longer limited by rules set by software developers. It is set by you, the person running the software. In Bitcoin transactions are gathered in blocks which are structured in a chain. The reason we use a chain is because of the main innovation of Bitcoin which combines it with Proof of Work to have a global consensus about the transactions that are accepted. The size of this block has never been relevant to this process and we can see that over the lifetime of Bitcoin the size of blocks has grown based solely on the requirements of the network.
Miners have always been the ones to decide bitcoin block size news the block size, and they have always done this in a coordinated fashion. This is a natural consequence of the rather elegant economic design of Bitcoin. The genius of this balance has the natural consequence that blocks will not be made too big or too small, their size will be based on the amount of paying users and the state of technology.
To get the most profit out of the bitcoin block size news the miners will have to find a market-equilibrium for the block size. This market equilibrium also happens to be the best for owners and merchants of Bitcoin. We call that the accept limit. Classic will accept blocks produced by all other current implementations of node software, including Core, Unlimited, etc.
Classic will put the user-selected or default block size limit in bitcoin block size news coinbase message in the form "EB3. The main change is that a Bitcoin Classic node can now be configured manually to have any block size limit. First there is the new blocksizeacceptlimit config setting that allows a user to limit blocks by size they will accept bitcoin block size news the network.
The existing config option blockmaxsize is unchanged and this is the option that miners set to determine the maximum block size they would create. That is the most healthy solution going forward. How this is going to be done is an on-going conversation. It is very optimistic to know that people are in fact talking about how to solve this and in general agreement that it needs solving. Classic is there to make suggestions only, not to dictate policy bitcoin block size news make decisions on which bitcoin block size news to pick.
Some things are for certain, a block size increase will happen and the planning and details will be made very public when they have been decided. This article explains how this works. Picking the perfect Blocksize In Bitcoin transactions are bitcoin block size news in blocks which are structured in bitcoin block size news chain. Miners earn more fee-based income when they produce bigger blocks. Miners take more risk of their blocks being orphaned with bigger blocks.
Miners want to avoid emptying the memory pool every block as that removes a total need for users to pay fees. Miners want to make sure the mempool does not become backlogged because users that do not see their transactions confirmed will get disappointed and find other means to do payments. Which hurts the price and in effect hurts the miners income. What does Classic do? How do I configure this on my Classic node? Either way, Classic will be part of the movement.
