Ariel Desch Apell on praegu sisu manager Ubitquity, a block chain properties commissioning and recently Henry Hazlitt Fellowship held at the Foundation for Economic Education. In this opinion piece, Desch Apell argued the current ceiling for Bitcoin transactions are not likely to be the technology to violate the long-term acceptance, and that more creative solutions should be given priority. Bitcoin can be found in an interesting, võib-olla isegi otsustavaks, hetk.
Osana ELi referendumi Suurbritannias või “Proposed referendum on United Kingdom membership of the European Union”, many financial agencies torecognize bitcoin increasingly credible role as a safe haven asset taken. Institutional investors such as Daniel Masters begin to signal, it could be ready for prime time, and the market capitalization is around 10 billion according to a recent series of floats of profits. But as its price and investment prospects to improve, is a question hangs over the remote network behind the digital currency: Kas see laialdane kasutuselevõtt trükkimine õiglus? At it is current development path, kus keegi ei usu.
The technology behind Bitcoin is the block chain called. The blocks that are about confirmed every 10 minutes all previous transactions in the Bitcoin network, and are currently at 1MB of information a block capped.
The problem? Average block sizes tend closer to this limit and some suggest it already, push excess transactions in the following block. järelikult,there are times of the delayed acknowledgment times and higher transaction fees, the anxious feeling that many have in the room. Tulemusena, the question of how Bitcoin scale is currently the most controversial in the room.
While Bitcoin Core developers have a plan, usub vokaal vähemus rohkem viivitamata tegutseda. Lähikuudel tsementi, mis lähenemisviisist, it is important to examine whether the immediate action is required for bitcoin further success.
How should scale Bitcoin?
The dream of Bitcoin evangelist is to end for the currency one day the global patchwork of sovereign fiat currencies and carry out his most importantmeans all transactions.These are ambitious goals, and also have a chance to reach them, Bitcoin tuleb esmalt lahustada tema väga reaalne tehnilised piirangud. Kuigi Bitcoin savi, inelasticcurrency, the truth is that the connected payment network currently does not even support a fraction of a fraction of today’s global transactions.
Take only the Visa network, näiteks, the 47,000 Hit tips transactions per second on its network during the 2013 holiday. Compared to this single centralized payment processor can process only a handful of transactions per second, the Bitcoin protocol. Obviously to achieveits ambitious goals, Bitcoin needs to improve its transaction throughput by an order of magnitude. The easiest way to increase this number is, the powerto increase 1MB cap on the block size. Samuti on halvim viis seda teha.
Kuna arendaja, Joseph Poon ja Tadge Dryja kirjutas oma valges raamatus Bitcoin maksekanaleid:
“If we use an average of 300 bytes per Bitcoin transaction as unlimited block sizes, an associated capacity Visa transaction volume of 47,000 tps to tipwould be almost 8 GB per Bitcoin block, iga 10 minutes on average. Continuously, that would be about 400 terabytes of data per year. These dramatic figures tell us that increasing the block size alone is a non-starter bitcoin as a long-term plan for scaling.”
Any increase creates more centralized printing on the backbone of the network: miners and nodes. Without a robust distributed network is bitcoin vulnerable to censorship and attacks. To put it differently, in order to increase the block size is to make a conscious compromise between decentralizationand performance.
But bitcoin decentralization is the largest single feature as underpinned its immutability, ja vastupanu tsensuurile. Without these features is bitcoin simply reduced to a to be very cumbersome and expensive PayPal. If so can bitcoin instead, are then scaled a certain degree of decentralization without, so this is clearly the path to be taken. For this reason, võime vajada pikaajalist tagi lahendusi, et lahendada probleemi tuum.
võrk, nagu see on, ei saa tõhusalt skaala. seega, kuidas see toimib võrk ise tuleb optimeerida, ja ehitab. The optimization comes from upgrades such Segregated witness who blocked the way process transactions optimized and enhanced to increase efficiency without block size. SegWit laying on the foundations for future upgrades that adds right to Bitcoin and dramatically increase its transaction throughput. These are concepts like the lightning network and the side chains, which can be found elsewhere in detail.
Is not that a 1MB cap violate assumption?
allutati Isegi Eraldatud Witness katsetamine ja erinevate tipptasemel protokolli rakendused arengus, seal on mõned, Probleem on tungiv, get blocks are full now. The argument usually goes like this: When blocks near capacity transaction times slowly and fees, get higher. These problems mean less accepting and less acceptance means a faltering network effect and bitcoin dying. Therefore we need a hardfork for an immediate increase in the capacity to at least 2 MB to increase the block size, while longer term solutions are developed.
But increasing the block size even slightly still carries with it security risks and remains a cumbersome way bitcoin time scale. Seen in this light, ainus põhjus hardfork on lükata, kui ta tegelikult, et täielikum 1MB plokid võib näidata ja oluliselt takistada lühike- keskmise tähtajaga heakskiidu. They do not do that. Fuller average blocks mean higher fees, ja kui need tasud ei ole täidetud, siis jah, it will slow down confirmation be times in the network.
From Bitcoin Evangelist perspective, it is easy to see how this assumption could hurt. A consumer for the first time with Bitcoin and for a retail store in aserious confirmation delay is executed, could very well received by the technology off overrated that does not work exactly as advertised. And it is this kind of smaller transactions, the full blocks disproportionately. The problem is that this scenario is still largely a dream.
Bitcoin years away just enough of that for the average consumer to purchase on their mobile phone, kasutada seda tõsiseks alternatiiviks midagi Apple Pay või isegi Venmo. Tõde on Bitcoin on juba täiesti kohutav nende rakendused. See on lihtsalt ei tule praeguse kasvu. Põhjus on lihtne, kuid võimas: volatiilsust.
For day to day living and spending, not the average consumer in their right mind goes to a greatly fluctuating currency set when a is far more stable and is accepted readily at hand. As the mainstream media is to be realized, is current growth of the lion’s share of Bitcoin is undoubtedly as an investment and speculative vehicle. These types of transactions are to be much larger in the rule in value than the retail. This is correlated with the numbers at Trade Block available that can show us that the average bitcoin transaction between May 27 and June 25 at 12 oli 14 ja BTC, palju suurem kui mis tahes mõeldavad jaemüük ostu.
Here does not immediately lost credit card transactions and stable purchasing power Bitcoin. It must beat only traditional bank transfers and wires, mis on kolm kuni viis tööpäeva koguda makse absurdne kerge ülesanne jääb, and comparable investment performance elsewhere. As is bitcoin a proven and sought after investment goods, börsikapitalisatsiooni kasvab. Volatiilsus on tõenäoliselt seeläbi vähendada, is to make it gradually more suitable for applications of the average consumer.
This is made if reliable, kiire ja odav microtransactions palju olulisem kasvu. Aga see ei juhtu paari järgneva kuu jooksul. See ei ole isegi läbi aja edukalt juhtub, lightning network implementation and probably not for a while afterwards. That’s because the patchwork of fiat currencies ends a very long process. True Bitcoin evangelists are in it for the long haul. The evangelists who violate full believe blocks or can even kill bitcoin adoption in the short term do not see the forest for the trees. Nad tahavad Bitcoin poolt aktsepteeritud valuutas massid näha, ja viga eeldusel, et esimese etapi kasvu pöördepolte selle mass vastuvõtmist.
In truth, isegi ilma võrgu läbilaskevõime olevat probleem, meil on veel nii kaugel, see. Masside ei Bitcoin kasv, mis veel töötavad. Investorid ja spekulandid endiselt, et rasket teha, and the system will continue to work very well for them, even if blocks are temporarily fuller. Block size will eventually come increases, kuid nad on väga väike osa tagi võrrand. Hardforking is nothing to address us now except the illusion of progress and additional problems for Bitcoin Core developers.
Block Chain mastaapsuse ei ole lihtne lahendus. On ainult aeglane, steady and creative problem solving and development that it be addressed. While the foundation is laid, there is little reason and no evidence that the adoption will be immediately hampered by a continued 1MB block size.