Understanding the Fundamentals of Bitcoin and the Block Size Debate

The block size debate is the argument between two sides of the bitcoin community that are each voicing their opinions on whether to increase or maintain the block size of the Bitcoin blockchain network.

Over the past few years, each sides have presented possible solutions to settle the debate. A few of the technologies or systems suggested throughout the debate was the Lightning Network, Segregated Witness, and a hard fork to increase the block size in the short term.

However, both sides weren’t able to come to consensus because of the limitations of each solution. The side rooting for the increase of block size criticized solutions such as Segregated Witness because of its inability to solve immediate issues with full blocks. In contrary, Bitcoin core developers have designed Segregated Witness-based soft fork to gradually increase the Bitcoin block size as it scales.

On July 7, Vivek Rajasekhar, a resident physician in New York, published a detailed paper on the fundamentals of bitcoin and the urgency to increase the block size debate.

The first section of Rajasekhar’s essay described the nature of the Bitcoin blockchain and its difference to centralized payment networks like Paypal. Rajasekhar explains that operating the Bitcoin blockchain is expensive, much

Read more ... source: TheBitcoinNews

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