Ensuring Network Scalibility: How to Fight Blockchain Bloat

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With more and more users turning to Bitcoin and Chief Scientist Gavin Andresen having proposed a hard fork of the blockchain, the issue of network scalability has once again risen to the surface. The problem is called “blockchain bloat”: when more transactions are made, the blockchain has more data to record, and if it grows too large, it becomes difficult to easily download or store. As a result, blocks are currently limited in size, which limits the maximum number of transactions per second we can make to 7–far less than the volume handled by Visa or MasterCard. This has become a major point of criticism against Bitcoin, especially with the arrival of “Bitcoin 2.0″ applications unrelated to cryptocurrency that want to […]

from Bitcoin Magazine http://ift.tt/13NrpLI
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