The blockchain grows

The blockchain technology behind Bitcoin gets an update. Because more and more transactions are written to the blockchain, the court in the previous blocks became scarce. That is why there is now more space – but also criticism. With Bitcoin Classic there is a new Hard-Fork of Bitcoin underlying blockchain technology. The aim of Forks is to allow blocks with a size of first 2MB. Later, possibly it should be 8 Mbytes or more. Currently, the maximum block size is 1MB.

The larger blocks should make it possible to store large amounts of transaction information. The new rules were adopted on the Bitcoin Classic-website of the Bitcoin developers and supported by various mining suppliers like Genesis Mining, Marshall Long and Bitmain. The Bitcoin filesharing Coinbase, OKCoin and other support blockchain update.

Critics of the new rules concerned that it would be less attractive by the enlarged blocks to operate their own nodes. The decentralized structure of Bitcoin could be undermined if only a few major vendors presented corresponding nodes available. In addition, there are concerns that larger blocks attacks could lead to the infrastructure, as was the case in the initial phase of Bitcoin, as the blocks were still 36 Mbytes. The large blocks are led mainly to denial of service attacks.

Since the introduction of the new block size in 2010 the average size of each block has been steadily increasing. Were the blocks in 2013, only about 125 Kbytes in size, already was the average size in 2015 425 Kbyte. Some blocks were the maximum size but very close, there are also reports on transactions that could be carried out due to capacity constraints only with delay. Because the block Chain Update is a hard-Fork can not-upgedatete nodes the new blocks not validate.

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