bitcoinThroughputAnalysis
bips
bitcoinThroughputAnalysis | bips | |
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16 | 1,282 | |
114 | 8,961 | |
- | 1.0% | |
0.0 | 6.8 | |
almost 3 years ago | about 11 hours ago | |
Python | Wikitext | |
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bitcoinThroughputAnalysis
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Future self custody road block?
I did an analysis a while back that concluded that we should be able to safely increase the block size to a degree where we can see a 5-10X increase in transactions per second in the next 15-20 years because of proposed scaling improvements and increased average machine resources.
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Why Proof-Of-Work Is A Superior Consensus Mechanism For Bitcoin
I agree. But that's unrelated to the points I was making.
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Simon Chandler's article on PoW and PoS at Business Insider is predictably misleading
Hileman is completely wrong here. Pretty sad to see the head of research at blockchain.com get this one so wrong. The choice of consensus protocol does not affect transaction throughput or "capacity" ("capacity" as far as I can tell is not different from throughput in this context). What affects transaction throughput is the size of your transaction data and the limits placed on the blocks that hold that data. You can increase the size of your blocks to increase throughput, but as a result you inherently increase the computing resources required to participate in the network. The larger your blocks, the fewer people will be able to participate, which is one kind of centralization pressure a blockchain can create for itself. Fundamentally, distributed consensus is limited by the speed of light and physical size of the network. There are many ways to increase throughput of a blockchain like Bitcoin's, but they all boil down to reducing the data per transaction or making it more acceptable to increase the amount of data allowed in a block.
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Do you think that the maximum blocksize limit will be ever increased?
I wrote a paper a while back on bitcoin throughput. Basically, we need as many people to run public full nodes as possible. Probably around 5 million would be enough. However currently we have orders of magnitude less than that. So until we have enough, we need to keep it easy to run a full node - as easy as possible.
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The Limits to Blockchain Scalability
Some really good points in there. Bottle necks are basically whack a mole. I wrote a related paper on scalability in the context of bitcoin: https://github.com/fresheneesz/bitcoinThroughputAnalysis
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Hal Finney sent this email only days after #Bitcoin was created. Mind you, a coin had no value at the time and cost $0.00. Something to think about...
If you want to discuss that, I'd be happy to. You might be interesting in reading this paper I wrote on the subject of blocksize and throughput: https://github.com/fresheneesz/bitcoinThroughputAnalysis
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Should we consider slowing bitcoin's inflation in order to reduce energy usage?
The number of public full nodes. Bitcoin still has only about 10,000 public nodes. An attacker would only have to spend $1 million per year to eat up all the public node bandwidth that is likely available. That's only $160k per month. If someone wanted to disrupt bitcoin, that's the way to do it.
- An Analysis of Bitcoin's Throughput Bottlenecks, Potential Solutions, and Future Prospects
- An analysis of Bitcoin's throughput bottlenecks
bips
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Understanding and avoiding visually ambiguous characters in IDs
Modern bitcoin addresses use a base-32 character set that leaves out some of the most ambiguous pairs and also permutes the address ordering so that the most visually similar remaining characters produce single bit errors which are better handled by the addresses error detecting (and potentially correcting) code.
https://github.com/bitcoin/bips/blob/master/bip-0173.mediawi...
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Bitcoin Block 840000
Context: Bitcoin miners have just adopted a 50% pay cut for themselves. This pay cut was baked into Bitcoin protocol at the launch of the network (mostly, see "BIP 42" [1]). The OP link gives information about the block in which this pay cut was made.
I get that HN comments tend to dismiss Bitcoin. But the fact that for the fourth time this pay cut has happened without a hitch speaks volumes to what makes Bitcoin interesting: It's a rare combination of economic incentives and technology that keeps chugging. Nobody can stop it. And it's extremely resistant to change. It requires no governmental approval. All attempts at subversion or interference have failed. There aren't many things that come close to that kind of record.
[1] https://github.com/bitcoin/bips/blob/master/bip-0042.mediawi...
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Generating and Working With ScriptPubKeys in Bitcoin Transactions
Bitcoin transactions involve locking funds in scripts, which can only be spent if those locking conditions are met. The part of the script that expresses these locking conditions are called ScriptPubKeys. On the other hand, the part that provides unlocking scripts to satisfy the locking conditions is referred to as ScriptSig for legacy transactions, and ScriptWitness for SegWit Transactions. These scripts are evaluated by a stack-based language called Script. This article will mainly focus on ScriptPubKeys.
- Blue Wallet and seed phrases
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Nano S seed compromised?
Here’s the reference https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki
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Do you use 12 - 24 words?
There are 5 271 537 971 301 488 476 000 309 317 528 177 868 800 possible permutations of the bip39 wordlist found here: https://github.com/bitcoin/bips/blob/master/bip-0039/english.txt when using 12 word seeds. You probably have better change to win the lottery every week for the rest of your life than cracking a 12 word seed in correct order
- 24 words
- Creating a custom Bip39 brain wallet
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SEC Charges Kraken for Operating as an Unregistered Securities Exchange
No one controls Bitcoin, because it's a protocol. Bitcoin Core is the reference implementation, but there are others, and anyone can create new implementations if they wish. Also, the Bitcoin Core maintainers can't just change something on a whim, because users would then switch to another fork. Maintainers (or miners or other groups) can't force their changes on users, because everyone can decide on their own which version they want to use.
The protocol development happens through BIPs (Bitcoin improvement proposals): https://github.com/bitcoin/bips
BIPs are discussed for years, before (and if) they are implemented, and basically everyone needs to agree on them, because no one wants to fork the blockchain, which could be devastating.
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Recover Cool Wallet seed to a Ledger?
All the seeds generated from the CoolWallet (Number / Word) adhere to the BIP-39 protocol.
What are some alternatives?
Bitcoin - Bitcoin Core integration/staging tree
brainflayer - A proof-of-concept cracker for cryptocurrency brainwallets and other low entropy key algorithms.
solana - Web-Scale Blockchain for fast, secure, scalable, decentralized apps and marketplaces.
P2P-Trading-Exchanges - Person-to-Person bitcoin Trading Exchanges
solidity - Solidity, the Smart Contract Programming Language
EIPs - The Ethereum Improvement Proposal repository
bip39 - A web tool for converting BIP39 mnemonic codes
btcrecover - An open source Bitcoin wallet password and seed recovery tool designed for the case where you already know most of your password/seed, but need assistance in trying different possible combinations.
trezor-firmware - :lock: Trezor Firmware Monorepo
helium-wallet-rs - Rust implementation of a helium wallet CLI