Hello,
I have just recently started learning about Bitcoin. One of the issues I've read about is the capacity of the network in terms transactions/second. Anyone know the current capacity? What's the plan to address this issue? I know there are a number of possible technical solutions but none I've read about would increase the capacity by orders of magnitude.
Thanks for any info.
Dave
Due to extremely limited block size between 1-4Mb most of the times the transactions are possible : 7 per second now this is something that is definitely a very big problem as you do know already but at the same time
Let me quote the solutions that have been proposed:
Schnorr signatures have been proposed as a scaling solution by long-time developer and Blockstream co-founder Pieter Wuille.
Merkelized Abstract Syntax Trees (MAST) is a proposal by Johnson Lau which reduces the size of smart contracts (complex scripts), and increases their privacy.
A 2006 paper by Mihir Bellare enables signature aggregation in O(1) size, which means that it will not take more space to have multiple signers. Bellare-Neven reduces to Schnorr for a single key.[8] Bellare-Neven has been implemented.
Now honestly this is something that just has been proposed and not implemented , we have seen forks every year and therefore there are alternatives available but at the same time it is indeed important for bitcoins to have slower transactions , it makes the whole network more secure as a whole. That is like the whole different topic. But if we get further into it the reason it is so important to address is:
Now what we can see here is more and more people are waiting everyday on that, now we can either :
1. Make the lightning network more efficient
2. Increase in the block size
Both of them comes with their own security problems and issues therefore this is again an in-depth analysis of why it's low in the first place.
Source : Wikipedia
https://en.m.wikipedia.org/wiki/Bitcoin_scalability_problem
