An analysis of Bitcoin's throughput bottlenecks
1–10 of 234 posts
Re: An analysis of Bitcoin's throughput bottlenecks
#2> I will also show that while Bitcoin currently may not be in a safe state, future software optimizations could allow Bitcoin safely process likely more than 100 transactions/second on today's hardware.
100 transactions/second still doesn’t sound like a lot, especially if you want Bitcoin to be an actual currency used for exchange of goods.
Re: An analysis of Bitcoin's throughput bottlenecks
#3> I will also show that while Bitcoin currently may not be in a safe state, future software optimizations could allow Bitcoin safely process likely more than 100 transactions/second on today's hardware. 100 transactions/second still doesn’t sound like a lot, especially if you want Bitcoin to be an actual currency used for exchange of goods.
If Bitcoin were used by everybody on the planet, the current max of 10 transactions/second means that each person could be part of a transaction once every 13 years (4 billion pairs of people / 10 Hz). Boosting the rate up to 100 transactions per second reduces that down to 15 months. Just think, receive you paycheck this week, and over a year later you can use it to buy groceries.
Bitcoin's throughout is absolutely pathetic, by several orders of magnitude. I think the only reason that aspect hasn't gotten more attention is because the energy efficiency is even worse.
Re: An analysis of Bitcoin's throughput bottlenecks
#4Bitcoin could handle 100k+ tps with some more serious optimizations (but keeping the same protocol / data structures) it’s simply tragic what small blockers have done with Bitcoin instead. UTXO is massively parallel! The double spend critical path could do millions of double spend checks per second.
Re: An analysis of Bitcoin's throughput bottlenecks
#5> I will also show that while Bitcoin currently may not be in a safe state, future software optimizations could allow Bitcoin safely process likely more than 100 transactions/second on today's hardware. 100 transactions/second still doesn’t sound like a lot, especially if you want Bitcoin to be an actual currency used for exchange of goods.
If Bitcoin were used by everybody on the planet, the current max of 10 transactions/second means that each person could be part of a transaction once every 13 years (4 billion pairs of people / 10 Hz). Boosting the rate up to 100 transactions per second reduces that down to 15 months. Just think, receive you paycheck this week, and over a year later you can use it to buy groceries. Bitcoin's throughout is absolutely…
Are there any cryptocurrencies that are attempting to solve this issue?
Re: An analysis of Bitcoin's throughput bottlenecks
#6Bitcoin could handle 100k+ tps with some more serious optimizations (but keeping the same protocol / data structures) it’s simply tragic what small blockers have done with Bitcoin instead. UTXO is massively parallel! The double spend critical path could do millions of double spend checks per second.
> UTXO is massively parallel
I don't quite understand what you mean by UTXO being parallel. Can you explain more?
My naive understanding is that the amount of unspent bitcoin you have at an address (UTXO) has to be accurate for the critical path of verifying a double spend doesn't happen, and updating multiple UTXOs in parallel seems like it would allow violating that.
Re: An analysis of Bitcoin's throughput bottlenecks
#7Earlier quoted context omitted.
If Bitcoin were used by everybody on the planet, the current max of 10 transactions/second means that each person could be part of a transaction once every 13 years (4 billion pairs of people / 10 Hz). Boosting the rate up to 100 transactions per second reduces that down to 15 months. Just think, receive you paycheck this week, and over a year later you can use it to buy groceries. Bitcoin's throughout is absolutely…
Are there any cryptocurrencies that are attempting to solve this issue?
Basically all (hardly even an exaggeration!) other cryptocurrencies are attempting to improve upon the throughput issue. Solana is a particularly prominent one with 50k/s
Re: An analysis of Bitcoin's throughput bottlenecks
#8Earlier quoted context omitted.
Are there any cryptocurrencies that are attempting to solve this issue?
Basically all (hardly even an exaggeration!) other cryptocurrencies are attempting to improve upon the throughput issue. Solana is a particularly prominent one with 50k/s https://solana.com/
I'm interested in how all these other chains deal with people writing tons of junk transactions per second to bloat up the chain.
Re: An analysis of Bitcoin's throughput bottlenecks
#9Earlier quoted context omitted.
Basically all (hardly even an exaggeration!) other cryptocurrencies are attempting to improve upon the throughput issue. Solana is a particularly prominent one with 50k/s https://solana.com/
I'm interested in how all these other chains deal with people writing tons of junk transactions per second to bloat up the chain.
Having a transaction fee de-incentivizes most people who want to do this
Every junk transaction costs them money
Re: An analysis of Bitcoin's throughput bottlenecks
#10Earlier quoted context omitted.
Basically all (hardly even an exaggeration!) other cryptocurrencies are attempting to improve upon the throughput issue. Solana is a particularly prominent one with 50k/s https://solana.com/
I'm interested in how all these other chains deal with people writing tons of junk transactions per second to bloat up the chain.
From what I’ve seen they don’t