Bitcoin's Block Size Too Big, Says Blockstream's Samson Mow

Sandeep Kumar Mishra by Sandeep Kumar Mishra - 12:29 PM Oct 07, 2019
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Bitcoin's Block Size Too Big, Says Blockstream's Samson Mow


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.

 

Present Block Size is Ideal


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.

 

Mow Calls for Bitcoin’s Lightning Network


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.

 

Conclusion


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.

About The Author
Sandeep Kumar Mishra

Sandeep Kumar MishraSandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He loves to keep track of the latest social media trends and other hot topics in the digital marketing space. Also, he has a knack for sharing crypto and blockchain-related updates with passionate readers like yourselves. You can follow him on LinkedIn and Twitter, too if you like his content.

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