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Title: How load of all transaction increased difficulty, hashrate should be dealt with Post by: sourjain on October 29, 2017, 06:09:30 PM How load of all transaction increased difficulty, hashrate should be dealt with in future as Bitcoin aged?
The slow confirmation of the transaction could be a major issue for Bitcoin chain to deal with. Title: Re: How load of all transaction increased difficulty, hashrate should be dealt with Post by: Salmen on October 29, 2017, 06:29:55 PM That is why there is a splitted bitcoin community, the one is for remaining bitcoin and the other is for upgrading Bitcoin. The reason why Bitcoin transaction takes long is that the network was under a heavy spam. Although Segwit transactions are already possible and there are some transaction, the number of Segwit transaction each block is about 10%, however, this is low to ensure confirmation on the next block. If Blockchain & Co. implement Segwit to their wallet, it helps the situation much more.
Title: Re: How load of all transaction increased difficulty, hashrate should be dealt with Post by: sourjain on October 30, 2017, 03:13:42 AM Yes I agree this is good but for now as for long term there should be some archival strategy else people will carry burden of all past transactions that hardly matters to them. As of now the concept of block chain relies on keeping no track of individual assets but aggregation from all transactions till date to come up the total holdings of any coin address.
Title: Re: How load of all transaction increased difficulty, hashrate should be dealt with Post by: DannyHamilton on October 30, 2017, 12:45:44 PM Yes I agree this is good but for now as for long term there should be some archival strategy else people will carry burden of all past transactions that hardly matters to them. If the history of past transactions does not matter to them, then they should be running a SPV wallet, or a pruned wallet. If you are running a full node, then the history of all past transactions DOES matter to you. As of now the concept of block chain relies on keeping no track of individual assets but aggregation from all transactions till date to come up the total holdings of any coin address. Correct. This is why it is decentralized and trustless. Have you invented a new solution for a decentralized and trustless peer-to-peer currency? Please explain in detail exactly how your new invention would work. Title: Re: How load of all transaction increased difficulty, hashrate should be dealt with Post by: fanbeila on October 30, 2017, 02:00:01 PM Its true that delay in confirmation of transactions and thousands of transactions getting stuck in the network would become a major issue in mass adoption and progress of bitcoin in future.
Only for this reason,segwit has been activated and it too successfully got locked in.Also,transactions got confirmed quickly even at very low transaction fee.But still now,some miners mine BCH since they find it profitable. Even some group try to spam the network by mining empty blocks. This would become a much greater issue when more miners switch their hash power towards segwit 2x and transactions would take even more time to get confirmed. We could hope that a solution would be got after november for this issue. |