Coinomi Founder John Jegutanis: Scale Bitcoin by Decreasing Latency

Coinomi Founder John Jegutanis: Scale Bitcoin by Decreasing Latency

John Jegutanis, co-founder of bitcoin and altcoin mobile wallet Coinomi, recently proposed the concept of ”Soft Blocks“ to help scale Bitcoin. Soft Blocks, Jegutanis says, could reduce the risk of increasing Bitcoin’s block-size limit.

Speaking to Bitcoin Magazine, he explained: “It is not so much the block size – although yes, it must be increased – but the inefficiency of our current block relay mechanism that needs solving.”

The block-size dispute – which made headlines throughout 2015 – represents a trade-off between the number of transactions the Bitcoin network can handle and its decentralization.

While larger blocks would allow for more transactions, these blocks would take longer to propagate over the network. This could increase the rate of pruned (“orphaned”) blocks, as miners will build blocks on top of older blocks while newer blocks are still making their way to them. Some worry this would favor larger miners (and pools) more than smaller miners, as larger pools don’t need to wait for blocks as often; they mine more blocks themselves. (Additionally, a higher prune rate would decrease Bitcoin’s security overall, as the hash power invested in these blocks doesn’t secure

Read more ... source: TheBitcoinNews


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