Topic: bitcoin block size - page 2. (Read 2189 times)
Bitcoin is not meant to replace Visa any more than dollars or gold are meant to replace Visa.
i just recently read some slides on bitcoin that seems to make some okay arguments against it, mostly concerning the size of the blockchain.
they make the claim that if bitcoin were to replace just visa, then we would require 3TB of storage every 21 days.
the average transaction size for the past 1000 blocks is 438, bytes i assume, it does not give units.
given the number of 4000 average TXN per second at 438 bytes per TXN
1752000bytes per second
105120000 bytes per minute
6307200000 bytes per hour
147825000 kilobytes per day
~140 gigabytes per day
~51456 terabytes per year (365)
seeing these numbers makes you wonder really wonder. what is the solution?
if we could get the average TXN size down to 300 bytes per TXN @ 4000 TPS
1200000 bytes per second
72000000 bytes per minute
70312.5 kilobytes per minute
4119 megabytes per hour
98876 megabytes per day
34 terabytes per year
i don't know if bitcoin has a future seeing this.
but here are some solutions to help the problem
use only 1 address
checkpoint blocks, every x number of blocks, every transaction done since the last checkpoint block is consolidated, only contains a huge DB of who has how much, its a block that does not use any hashing and is made by every client, no reward is given. yes there is some security problems with this.
compression(i think the blockchain gets ~70% compression ratio)
making a brand new branch of bitcoin every so often
yes i will still use bitcoin, we just need to fix this problem now before the situation gets out of control.
they make the claim that if bitcoin were to replace just visa, then we would require 3TB of storage every 21 days.
the average transaction size for the past 1000 blocks is 438, bytes i assume, it does not give units.
given the number of 4000 average TXN per second at 438 bytes per TXN
1752000bytes per second
105120000 bytes per minute
6307200000 bytes per hour
147825000 kilobytes per day
~140 gigabytes per day
~51456 terabytes per year (365)
seeing these numbers makes you wonder really wonder. what is the solution?
if we could get the average TXN size down to 300 bytes per TXN @ 4000 TPS
1200000 bytes per second
72000000 bytes per minute
70312.5 kilobytes per minute
4119 megabytes per hour
98876 megabytes per day
34 terabytes per year
i don't know if bitcoin has a future seeing this.
but here are some solutions to help the problem
use only 1 address
checkpoint blocks, every x number of blocks, every transaction done since the last checkpoint block is consolidated, only contains a huge DB of who has how much, its a block that does not use any hashing and is made by every client, no reward is given. yes there is some security problems with this.
compression(i think the blockchain gets ~70% compression ratio)
making a brand new branch of bitcoin every so often
yes i will still use bitcoin, we just need to fix this problem now before the situation gets out of control.
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