Amid the ongoing debate over the bitcoin blockchain bandwidth, growing blockchain scalability issues are forcing miners to reconsider block size with the Bitcoin8M campaign.
Scalability refers to the ability of a blockchain network to grow in size or scale. For blockchains like Bitcoin and Ethereum, increasing this range presents many challenges.
The biggest obstacle to the massive adoption of blockchain technology is the limited transaction bandwidth. Unlike some legacy transaction processing systems capable of handling tens of thousands of transactions per second, the Bitcoin block system can only process three to seven transactions per second.
In particular, such sluggish performance is due to Bitcoin’s limit on an average block creation time of 10 minutes and a block size limit of 1 megabyte.
If we were to classify the primary scalability problems in this sense, they would be:
- Time taken to place a transaction in a block. In other words, the time it takes to process payments.
- Time is spent building consensus. In other words, time to check payments.
The block size, however, is outside the scope of the transaction number. In the future, they will mean less incentives for miners (as block rewards decrease) and higher transaction costs to compensate them.
The good news is that some developers are working on a promising solution to bridge the performance gap.
The blockchain scaling solution involves adjusting one variable to try to increase the number of transactions per second. This variable is the block size, which is currently hardcoded at 1MB. Ideally, the block size should be increased to increase the number of transactions per second.
The Bitcoin8M project aims to encourage blockchain enthusiasts to support the reason for the larger block size, with its hashtag dubbed ‘#BlockSizeMatters’.
This new initiative is highlighting stakeholders, but especially the mining community, to support this cause. It will also include a special focus on increasing the Bitcoin block size to 8 megabytes, which is expected to significantly reduce transaction costs.
In order to support the Blockchain with the movement of larger blocks, Remitano has also joined the growing roster of prominent Bitcoin8M promoters.
As Remitano explained:
“Scaling Bitcoin block size is more important now than ever before. It is very important to know that Bitcoin’s 1MB limit may be stretched. » If more people support Remitano’s Bitcoin8M, we can improve transaction information per block, thereby lowering the average time to post a transaction to the blockchain. ”
Remitano says he will be adding free resources, education, games and training to help members understand their role and the benefits of the larger block limit.
Benefits of a larger block size
Here are a few more reasons why increasing the block size is vital:
If Bitcoin achieves these advantages, then it will gain a competitive advantage over other payment systems, which will ultimately make Bitcoin more versatile and affordable.
How can the campaign be supported?
Miners and stakeholders alike can be supporters of Bitcoin8M.
When a miner mines a Bitcoin block, they sign it. If so, then miners can support Bitcoin 8M by downloading the signature provided by Remitano and signing the block they successfully mined with that signature.