In an interview with industry news outlet Decrypt on 6th October, Samson Mow, the chief strategy officer at Bitcoin technology firm Blockstream said that the current Bitcoin’s block size capacity may not be required in the future. He backed his claim by saying that with the progress of off-chain scaling solutions such as Lightning Network will result in a diminished requirement for on-chain capacity.
Mow stated that if transactions that use Segregated Witness technology are included, Bitcoin prediction would have the equivalent of 4-megabyte blocks. He said that in the coming days, it will be proved that current block size may actually be “too big”. Mow’s assertion is in stark contrast with the much-quoted narrative among commentators that any future increase in demand would be challenging to meet due to Bitcoin’s network capacity.
The size of the blocks is around 1 megabyte currently. Since off-chain transactions don’t impact the network as they don’t fill them up. This is a primary factor why the technology that allows them is seeing such substantial development.
Mow clearly believes that Lightning Network can be the clear winner in this case. Through this protocol, off-chain Bitcoin transactions can be carried out almost instantly at just 1 Satoshi. However, Mow explained that the lack of a user-friendly interface had been limiting its popularity. According to Mow, this was one of the biggest reasons why Lightning Network had still not got the traction that it was anticipated to find.
According to Mow, Lightning needs to grow organically as there was no way to give it a boost artificially. For that to happen, people need to lock up Bitcoins, open up channels, and begin connecting with other nodes. Therefore, the current Bitcoin’s block size would not require any more addition.