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Topic: [2017-06-15] The War Between Segwit vs. BIP148 vs. Bitcoin Unlimited, Explained (Read 3046 times)

Carlton Banks
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[2017-06-15] The War Between Segwit vs. BIP148 vs. Bitcoin Unlimited, Explained
June 15, 2017, 02:44:08 AM
#2
usual idiocy from the so-called financial press

1. It's a scaling debate, not a blocksize debate

2. Segwit and BIP148 are hardly on different sides of that debate, despite what the headline implies

3. 1MB is only as limited as the imaginations of those who think that's a hard limit. There's this thing in computer science called "data encoding efficiency", it's only been a thing since, I dunno, THE DAWN OF COMPUTER SCIENCE Roll Eyes
BurstIncomeAsset
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Re: [2017-06-15] The War Between Segwit vs. BIP148 vs. Bitcoin Unlimited, Explained
June 14, 2017, 11:51:27 PM
#1
The fragmented mandate on Bitcoin’s scaling issue has been going on for more than a year. The issue revolves around the size of the blocks which are added to its blockchain​. Bitcoin blocks have a limited ‘storage’ capacity of 1MB under the current popular system of Bitcoin Core. With increasing usage, congestion issues have been reported on the Bitcoin network, resulting in more time and transaction fees necessary for verifying transactions. To resolve this, different sections within the Bitcoin community pitched different solutions to enable smoother running by decongesting the blocks. However, there was a failure to reach a consensus.

Blocks are files where data pertaining to the Bitcoin network is permanently recorded. A block records the most recent Bitcoin transactions that have not yet entered any prior blocks. Thus, a block is like a page of a ledger or record book. Each time a block is ‘completed’, it gives way to the next block in the blockchain​. A block is thus a permanent store of records which, once written, cannot be altered or removed.

http://www.investopedia.com/news/war-between-segwit-vs-bip148-vs-bitcoin-unlimited-explained/
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