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Sohyun Park
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November 06, 2019, 01:40:01 PM
 #1

Recently, I read a article which stated that the ETH block size would increase by 8x. If the block size increases than the number of transactions getting included in the block increases which in-turn increases the rewards earned by the miner.

My confusion was what is the rate at which this block size is increases? If it is for every 10 min then very soon all transaction will be less to the size of the block or there are chances of even blank block with only the coinbase transaction will be mined.

Please help me understand. Thanks.

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November 06, 2019, 06:41:00 PM
Merited by o48o (1)
 #2

We need to note that Etherereum might work through the process of sharding the whole blockchain where the data/blockchain is being split up into various smaller parts and are being run by miners. Devs have suggested that the size of the sharding block which is 16kB now would be upgraded to 128kB.

If the block size increases than the number of transactions getting included in the block increases which in-turn increases the rewards earned by the miner.
Actually this was the future ideology of Bitcoin to be used on a larger scale. If the blocks are able to support more txns, we could very well fit in more txns and subsequently the confirmation would become faster.

My confusion was what is the rate at which this block size is increases? If it is for every 10 min then very soon all transaction will be less to the size of the block or there are chances of even blank block with only the coinbase transaction will be mined.
The size of sharding block increases 8x and this was the one mentioned. The latter part would never happen in current situations. Currently for a network like bitcoin each transaction are being processed at the speed of 7 transactions per second. With majority of users coming into picture and using bitcoin/ethereum we would certainly see a increase in transactions which could be processed faster than usual.


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November 06, 2019, 08:43:57 PM
 #3

One thing that seems quite clear after Eth block size increase will be faster and cheaper transactions which will be a big step towards the resolution of underlying scalability issues and adoption of eth in many dApps and smart contracts, i just hope all these improvements will come soon so that eth network as a project can witness rapid progress and growth once again.

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November 07, 2019, 05:28:21 AM
 #4

This article:

Quote
With Ethereum 2.0, every shard (part of blockchain) has a target block size. According to the new proposal, the speed will be 128k instead of the planned 16k. The will result not only in high speed and scalability (today one block size is 23.9 kB
https://u.today/ethereum-20-increased-block-size-for-unmatched-speed

To illustrate how significant is the improvement, you can see this historical block size on ETH chain
https://etherscan.io/chart/blocksize

It's about 5-6x capacity increases CMIIW. However, this "upgrade" also comes with a cost. Nodes need to be more powerful to process the block, just like what happened in the other "big-block lover" chains.

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November 07, 2019, 10:43:09 PM
 #5

Recently, I read a article which stated that the ETH block size would increase by 8x. If the block size increases than the number of transactions getting included in the block increases which in-turn increases the rewards earned by the miner.

My confusion was what is the rate at which this block size is increases? If it is for every 10 min then very soon all transaction will be less to the size of the block or there are chances of even blank block with only the coinbase transaction will be mined.

Please help me understand. Thanks.

It takes weeks to sync Etehereum full node. With 8 times bigger additional blocks that will only worsen the situation.

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November 08, 2019, 07:09:16 AM
 #6

This is not a good idea.
ETH sync full node is more difficult.
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November 08, 2019, 07:13:37 AM
 #7

Recently, I read a article which stated that the ETH block size would increase by 8x. If the block size increases than the number of transactions getting included in the block increases which in-turn increases the rewards earned by the miner.

My confusion was what is the rate at which this block size is increases? If it is for every 10 min then very soon all transaction will be less to the size of the block or there are chances of even blank block with only the coinbase transaction will be mined.

Please help me understand. Thanks.
I am afraid that next hard-fork coin will be created. Look in the past what happened to Bitcoin when the community discussed about block size increase.  Roll Eyes

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November 08, 2019, 07:23:10 AM
 #8

Recently, I read a article which stated that the ETH block size would increase by 8x. If the block size increases than the number of transactions getting included in the block increases which in-turn increases the rewards earned by the miner.

My confusion was what is the rate at which this block size is increases? If it is for every 10 min then very soon all transaction will be less to the size of the block or there are chances of even blank block with only the coinbase transaction will be mined.

Please help me understand. Thanks.
I am afraid that next hard-fork coin will be created. Look in the past what happened to Bitcoin when the community discussed about block size increase.  Roll Eyes
Yeah, Bitcoin Cash thinks that bigger block size will solve the problem with speed of transactions and high transaction fees. But on the other hand bigger size of 1 block makes Bitcoin Cash more centralized because in the future the blockchain size will be too big to synchronize all nodes.

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