bitcoinThroughputAnalysis
Bitcoin
bitcoinThroughputAnalysis | Bitcoin | |
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16 | 906 | |
114 | 76,119 | |
- | 1.2% | |
0.0 | 10.0 | |
almost 3 years ago | about 21 hours ago | |
Python | C++ | |
- | MIT License |
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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
Bitcoin
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Analyzing Bitcoin Transactions with Lightning Node Insights
Ubuntu/Debian: Install LND: https://github.com/lightningnetwork/lnd/blob/master/docs/INSTALL.md#install-lnd Install Bitcoin Core: https://github.com/bitcoin/bitcoin/blob/master/doc/build-unix.md#linux-instructions
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Simulate your first Lightning transaction on the Bitcoin regtest network Part 1 (MacOS)
To be able to follow along, you must have both bitcoind and lnd installed.
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Generating and Working With ScriptPubKeys in Bitcoin Transactions
As mentioned previously, ScriptPubKeys are scripts that embody the locking conditions of bitcoins in a Bitcoin transaction. They are a crucial element of a Bitcoin transaction that specifies the requirements that must be met before an unspent transaction output (UTXO) is used. The ScriptPubKey, combined with the Amount, creates an output of a Bitcoin transaction. Like every other script, ScriptPubKeys are made up of operators and data. During the encoding of a transaction, both data and the operands are represented in hexadecimal format. You can find the hex representation for all operands used in Bitcoin Scripts here.
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Understanding BTC Software
Which article? Have a look at Luke's CVE and pull request https://nvd.nist.gov/vuln/detail/CVE-2023-50428 https://github.com/bitcoin/bitcoin/pull/28408
- On chain censorship "war" heats up on BTC with a CVE raised against Ordinals
- What are some of the arguments for / against limiting datacarriersize ?
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BTC's Luke Dashjr: '24 Bitcoin Core Update Will Disrupt Ordinals, BRC-20
From github pull request discussion: https://github.com/bitcoin/bitcoin/pull/28408
- Daily General Discussion - December 10, 2023
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Polling The r/Bitcoin Community: Should Bitcoin be JUST a monetary network for P2P Transactions, Or Also a Platform For Content?
See: https://github.com/bitcoin/bitcoin/issues/10494
What are some alternatives?
solana - Web-Scale Blockchain for fast, secure, scalable, decentralized apps and marketplaces.
umbrel - A beautiful home server OS for self-hosting with an app store. Buy a pre-built Umbrel Home with umbrelOS, or install on a Raspberry Pi 4, Pi 5, any Ubuntu/Debian system, or a VPS.
bips - Bitcoin Improvement Proposals
BitcoinJS - A javascript Bitcoin library for node.js and browsers.
js-git - A JavaScript implementation of Git.
PDFKit - A JavaScript PDF generation library for Node and the browser
webtorrent - ⚡️ Streaming torrent client for the web
naivecoin - A cryptocurrency implementation in less than 1500 lines of code
bitcoincore.org - Bitcoin Core project website
ipfs - IPFS implementation in JavaScript
electrum - Electrum Bitcoin Wallet