Does size count?

Apparently it does… when we talk size of blocks in the blockchain that is, however, consensus has not been reached as yet. This is what Bitcoin and the blockchain is all about – A democracy that can only work when the stakeholders agree to any change or development to improve the overall efficiency of the technology.

Blockchain as explained by BitcoinWiKi “A blockchain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
Every block contains a hash of the previous block. This has the effect of creating a chain of blocks from the genesis block to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block’s hash would otherwise not be known. Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. These properties are what make double-spending of bitcoins very difficult. The block chain is the main innovation of Bitcoin.”

The blockchain issue at hand is all about increasing the blockchain block size from 1 megabyte “Core” to 2 megabytes “Classic” and it is proposed to be implemented later in 2016.

Loads of “techie” discussions going on at the moment with pro’s and con’s being discussed. Here is a great article attempting to make sense of the block size debate. Interesting read.

http://www.coindesk.com/making-sense-block-size-debate-bitcoin/

tracy

 

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