Why have so many attempts to scale Bitcoin’s blockchain failed?
This timeline chronicles the repeated attempts to scale Bitcoin’s blockchain, and details how each attempt has — so far — been unsuccessful. It covers all important dates in the scaling debate, focusing on how and why alternative implementations of Bitcoin have sprung up in an effort to scale the blockchain to a larger block sizes.
A brief overview of why the block size of 1 MB has never increased:
Efforts to increase the block size of Bitcoin began with appeals from developers like Gavin Andresen, Jeff Garzik, and Mike Hearn as early as 2011. They anticipated a time when the rate of transactions would exceed the available space in blocks and sought to increase the block size limit — a change that might seem straightforward. The block size was put in place to limit the possibility that someone could cheaply spam the network. Sending a large number of transactions was cheap, and it would have been possible to crowd out other transactions for a small investment. …
Three things concerning me in Bitcoin right now:
This chart shows that Bitcoin Cash has passed Bitcoin in profitability. You can also track at fork.lol. This is a big deal because so many people thought it would fail and crash and burn with no support whatsoever. You can tell who dislikes it by the name they use for it: Bcash.
There are 44,000 unconfirmed transactions in the mempool of Bitcoin, with a total of 25.5 Bitcoin in fees unable to confirm ($113,000 USD) as of this moment. This is a reward that miners are unable to claim due to the limited block size limit and congestion on the network. …
The way data moves on the Internet hasn’t really changed in decades. From its inception until now, the Internet has become increasingly centralized, relying on growing acres of server farms. Each year the farms grow, users lose their ability to manage their own data, and the companies that control that data grow larger and richer. We’ve habituated this network design into our personal lives, laws, and commerce. Web services and business models will continue to build on this foundation unless something changes.
The SAFE network could chart a completely new course, and it is my hope that we’re going to hear a lot about it in the coming months. Hoping to replace our centralized Internet infrastructure with a more efficient, privacy-aware, decentralized infrastructure, the SAFE network could be a game changer. As an advocate for a more open Internet and someone who cares about how people use and understand it, this project really excites me. Since so few people have been exposed to the ideas in the SAFE network, I put post together to answer these…