What Is The Block Size Limit
If you've been in crypto for a while, you've heard of the block size and the everlasting debate that surrounds it. This debate has plagued the community for years and it has pretty much torn it apart into two groups: Those in favor of a blocksize increase and those against it. But maybe you haven't been around long enough to know what the block size and the block size limit mean and why it's so heavily debated in the crypto sphere. The block size issue is much more than just a curiosity or technicality and it could indeed define the future of Bitcoin as a mainstream currency. So, what is the block size and why does it matter? Why are there groups that defend the block size limit while others push for an immediate increase? As you most likely know, Bitcoin is a blockchain-based cryptocurrency. All the transactions that take place within the network are recorded on this blockchain, a public ledger that can be seen by anyone but changed by no one. This ledger is made up of blocks that fit together cryptographically (hence the name, blockchain). When a user makes a transaction, said transaction is included in the block that is being mined at the time, and will later be confirmed by the blocks that follow it. The more blocks there are on top of your transaction, the safer it is to assume it is immutable. Transactions, at its most basic level, are made up of data which is usually composed of the information regarding the transaction itself. This data, like any other, takes up space on the block it is included. Currently, each block on the Bitcoin blockchain is able to contain 1mb of data, meaning that the block size of bitcoin is 1 megabyte. This means that there is a limit to how many transactions can fit in Bitcoin's blocks, according to the data contained in said transact Continue reading >>
Does The Ethereum Walled Download The Whole Blockchain To My Computer? Where Is It Downloaded To, And What Is The Size (as Of April 2017)?
Does the Ethereum walled download the whole blockchain to my computer? Where is it downloaded to, and what is the size (as of April 2017)? If you download an Ethereum wallet like Mist , then by default you are running the full client, which will download the entire blockchain. The default location of this chain in Windows 8 is: C:\User\
Ethereum Blockchain Size - Crypto Mining Blog
All About BTC, LTC, ETH mining as well as other alternative crypto currencies Ethereums Blockchain Data Getting Close to 30GB The people that prefer to have full control over their Ethereum (ETH) addresses by running a local node with a full copy of the Ethereum blockchain could soon start having free space issues as the storage requirements continue to grow at a rapid rate. The Ethereum blockchain data is already getting close to 30GB in size and thanks to the Ethereum Classic (ETC) you may need to make a copy, so another 30GB of data for the ETC local wallet and blockchain. It may not be that big of an issue if you keep a single large blockchain on your computer, but people that use local crypto currency wallets usually have multiple of these and with the already huge Bitcoin (BTC) data getting close to 85GB in size as well as a few other more established older altcoins the free space required on your hard drive or let alone SSD if you use one can be over in no time Ethereums Blockchain Data Continues to Grow Rapidly in Size It is not even a year since the mining of Ethereums Ether (ETH) coins has started and due to the short block time and the huge user interest the total size of the blockchain data of Ethereum has already grown huge and continues to grow rapidly. The current size of the Ethereum blockchain data files is already over 16 GB and just about two months ago it was a bit over 9 GB . With the increasing demands for storage to host the full blockchain data as a part of a local wallet or a full network node more users might be switching to online wallets and other services that do not require the user to have a local copy of the data files such as exchanges for example. With more users getting into Ethereum the number of transactions on the network is also g Continue reading >>
Blockchain - What Are The Ethereum Disk Space Needs? - Ethereum Stack Exchange
How fast is Ethereum blockchain growing and how big is it likely to get in the future? Is it still about 1 GB per month? Are there any data pruning or compression algorithms in place? Latest Update: Nov 29th, 2017. I have written a blog post about this, esp. parity pruning modes: The Ethereum-blockchain size will not exceed 1TB anytime soon . Last Update: June 1st, 2017 / Block ~ 3800000 *) I wasn't able to synchronize any of the 5 clients below in unpruned node on a Quadcore-CPU VPS with 16 GB RAM on a HDD within a reasonable time. **) This is the default enabled mode of operation / pruning / synchronization. Go only offers database pruning on initial sync. The default --syncmode fast prunes old chain states and results initially in a database with around 20 GB in size. It is, however, expected to grow over time as the fast sync is only available once. ---------------------------------------------------------------------------| Sync-Mode | Database | Comment |===========================================================================| Light | 0.175 GB | --- |---------------------------------------------------------------------------| Fast** | 20.367 GB | Will grow consistently after initial sync. |---------------------------------------------------------------------------| Full | N/A | Wasn't able to sync this within 14 days*. |--------------------------------------------------------------------------- Parity offers continuous state trie pruning. The default --pruning fast will keep only the latest 64 states by default. It's expected to grow at a rate of a few GB per year. ---------------------------------------------------------------------------| Pruning | Database | Comment |===========================================================================| Fast** | 9.911 Continue reading >>
Ethereum Blockchain Heading To 1tb!? Does Size Matter? Steemcreated With Sketch.
On the other hand, if we chart the blockchain average size growth ratio (size/age), we can see an alarming growth rate for Ethereum. Within only two years of its existence, Ethereum blockchain has more than doubled Bitcoin's rate, and is sitting at the top. This of course is an averaged linear ratio. Based on that assessment, if we project the size of Ethereum's blockchain it would reach over 90GB by the end of the year. Still a far cry from the 1TB claimed by the "experts". However, given the exponential rise in ETH's value in the last month alone, it's possible that the blockchain size might increase exponentially too. If it does, then 1TB may be a likely target. First, it means we need to be vigilant about claims here and there. What we read in acticles based on some guy's tweet can be feeding us false information (fake news to be precise, not malicious, but lacking a proper researching). That aside, the Ethereum hype continues, and it's obviously generating an additional problem for the future. Currencies like DASH, DOGE and LTC have relatively fast transaction confirmations, could that be related to their smaller blockchain sizes, growing at a steady slow pace? Would a >1TB blockchain affect the network stability and speed? If Ethereum succeeds, will it require a whole datacenter to host its blockchain in 5-10 years? The bloat appears to be a serious issue, and I wonder how the Ethereum developers will deal with that in the future. Continue reading >>
The Ethereum-blockchain Size Will Not Exceed 1tb Anytime Soon | Hacker News
That just prevents anyone except miners from messing with the state. One of the nice properties of Bitcoin is that even miners can't magic more coins into existence than allowed by the protocol or spend other people's money. You lose that a little with this kind of fast sync. It's probably worth it from a usability standpoint though. Miners could mess with very recent state, but if you download enough blocks with full state to be confident of finality for the earliest one, and verify just those transitions, you're still safe. If the incorrect blocks were published on the network, they'd be rejected by other miners, so you don't have to look far back unless (1) there's a sustained 51% attack on the whole network, or (2) you're a very juicy target and a huge miner can take over your internet connection, and you don't notice a large drop in difficulty. I'm not trolling: I have 50Mbit connection and specd out macbook - probably most powerful laptop you can expect from a user. Maybe if i tweak or use light client it would, but as a user I don't care. Yea I gave up on eth wallets as well. I just ended up dumping my coins onto coinbase and hope they don't get hacked or something... I looked into hot wallets, but so many people have theirs keys stolen somehow. Figured it was last risk to leave it on an exchange. I have a Dell laptop that I bought for ~$500 in 2014, upgraded to 16GB RAM and SSD, it holds ETH, LTC and BTC blockchain. It's constant network transfer is 4MB/s, avg. CPU usage 70%. Run Arch. What problem are you having? Is this for Bitcoin or for Ethereum? I thought the former has UTXOs and the latter has accounts. So the issue is, if you want to validate a transaction, I would have to find the block in which the input was made, and confirm all the blocks from that o Continue reading >>
Ethereum Blockchain Size
I synchnorized Ethereum blockchain in my AWS Ubuntu 16.04 server with 110GB Hard Disk. The command I used is geth --syncmode=fast --cache=1024 According to bitinfocharts , the total size of Ethereum Blockchain is 103.10 GB total as of today (2017.11.26). After synchronization is completed, I typed dh -h to find out how much disk space it consumed. It is ONLY USED 38GB, which is 1/3 of the blockchain size! From this link , 5chdn answered that the Geth only offers database pruning on initial sync. Is that the reason? what If i want to synchronized full blockchain node? What command should I use to sync the full node? You do have the whole blockchain, you are not missing any information. It's true initial sync is done in "fast" mode and contains pruned information that you don't need. This also means that it's not a bad idea to delete the blockchain data and restart if you are low on disk storage and has been running a node for >6 months. The database will be much smaller (but again they both are full nodes). Thank you for your comment. But, i still don't understand why the blockchain size is a lot different from the bitinfocharts website ( bitinfocharts.com , right now the blockchain size is 121.79GB). If I have the whole blockchain, then i thought it should be closer to 121.79GB. JayB Kim Dec 3 '17 at 4:26 There are many details that I can go into to answer the question you have, but you will find better answers if you search for what the difference between a pruned and archived blockchain is for Ethereum. One analogy is compression. You can have a 10 MB file compressed to 1 MB, you still have all the needed information with the 1MB file (even if pruning is not the same as compression). xgabrielx Dec 3 '17 at 10:30 thank you! I will search more. Basically, since i used Continue reading >>
The Ethereum-blockchain Size Will Not Exceed 1tb Anytime Soon.
The Ethereum-blockchain size will not exceed 1TB anytime soon. Before diving into this article, please read the two disclosures about my involvement (1,2) and the one on data accuracy (3) at the bottom of the article. At least once a month someone posts a chart on r/ethereum predicting the blockchain size of Ethereum will soon exceed 1 TB. I want to take that chance to clean up with some stories around the Ethereum-blockchain size in this article and try to explain why this chart is technically correct, but not the full picture. Let's have a look at this chart first. It shows the complete data directory size of an Ethereum node (red), Geth in this case, and a Bitcoin node (blue), probably Bitcoin-Core , plotted over time. While the Bitcoin graph is moving slightly upwards in a seemingly linear inclination, the Ethereum graph reminds the reader of an exponential growing slope. On Blocks, Block-History, States, and State-History Users accusing Ethereum of blockchain-bloat are not far off with their assumptions. But actually, not the chain is bloated but the Ethereum state. I want to examine some terminology from the Whitepaper before proceeding. Block. A bundle of transactions which, after proper execution, update the state. Each transaction-bundling block gets a number, has some difficulty, and contains the most recent state. State. The state is made up of all initialized Ethereum accounts. At the time of writing, there are around 12 million known accounts and contracts growing at a rate of roughly 100k new accounts per day . Block-History. A chain of all historical blocks, starting at the genesis block up to the latest best block, also known as the blockchain. State-History. The state of each historical block makes up the state history. I will get into the details on t Continue reading >>
The Ethereum-blockchain Size Will Not Exceed 1tb Anytime Soon.
The Ethereum-blockchain size will not exceed 1TB anytime soon. Before diving into this article, please read the two disclosures about my involvement (1,2) and the one on data accuracy (3) at the bottom of the article. At least once a month someone posts a chart on r/ethereum predicting the blockchain size of Ethereum will soon exceed 1 TB. I want to take that chance to clean up with some stories around the Ethereum-blockchain size in this article and try to explain why this chart is technically correct, but not the full picture. Lets have a look at this chart first. It shows the complete data directory size of an Ethereum node (red), Geth in this case, and a Bitcoin node (blue), probably Bitcoin-Core, plotted over time. While the Bitcoin graph is moving slightly upwards in a seemingly linear inclination, the Ethereum graph reminds the reader of an exponential growing slope. On Blocks, Block-History, States, and State-History Users accusing Ethereum of blockchain-bloat are not far off with their assumptions. But actually, not the chain is bloated but the Ethereum state. I want to examine some terminology from the Whitepaper before proceeding. Block. A bundle of transactions which, after proper execution, update the state. Each transaction-bundling block gets a number, has some difficulty, and contains the most recent state. State. The state is made up of all initialized Ethereum accounts. At the time of writing, there are around 12 million known accounts and contracts growing at a rate of roughly 100k new accounts per day. Block-History. A chain of all historical blocks, starting at the genesis block up to the latest best block, also known as the blockchain. State-History. The state of each historical block makes up the state history. I will get into the details on this Continue reading >>
Satoshis Best Kept Secret: Why Is There A 1 Mb Limit To Bitcoin Block Size
Satoshis Best Kept Secret: Why is There a 1 MB Limit to Bitcoin Block Size Bitcoins scaling crisis was one of several things Satoshi and earlier Bitcoiners never anticipated. Heres how that 1 MB blocksize limit got put there. Anybody familiar with Bitcoin is aware of the vexing problem caused by the 1 MB blocksize limit and the controversy that arose over how to scale the network. Its probably worthwhile to look back on how that limit came to exist, in hopes that future crises can be averted by a solid understanding of the past . In 2010, when the blocksize limit was introduced, Bitcoin was radically different than today. Theymos, administrator of both the Bitcointalk forum and /r/bitcoin subreddit, said, among other things : "No one anticipated pool mining, so we considered all miners to be full nodes and almost all full nodes to be miners. I didn't anticipate ASICs, which cause too much mining centralization. SPV is weaker than I thought. In reality, without the vast majority of the economy running full nodes, miners have every incentive to collude to break the network's rules in their favor. The fee market doesn't actually work as I described and as Satoshi intended for economic reasons that take a few paragraphs to explain." It seems that late in 2010, Satoshi realized there had to be a maximum block size, otherwise some miners might produce bigger blocks than other miners were willing to accept, and the chain could split. Therefore, Satoshi inserted a 1 MB limit into the code. Yes, Satoshi kept this change a secret until the patch was deployed, and apparently asked those who discovered the code on their own to keep quiet . He likely kept things quiet to minimize the chances that an attacker would figure out how to use an unlimited blocksize to DOS the network. Sat Continue reading >>
Criticizing Ethereumweaknesses Of The Internet3.0
Criticizing Ethereum weaknesses of the internet3.0 How a new dot-com bubble might beforming. In my last article I focused on the question I hear more often than ever: What is Ethereum? the potential of smart contracts, decentralised applications and the rise of Ethereum as the backbone of the Internet 3.0. However, hype often comes with a positive bias so staying critical is of great importance. To balance out all the positivity about Ethereum, I will present the most well-founded arguments by Ethereums critics. Ethereums most valid criticism, as articulated by Vitalik Buterin , is its (lack of) scalability. The network is currently capable of handling about 5 transactions per second, which is nowhere near the capacity needed if Ethereum is ever going to function as the backbone of the internet of value. For contrast, an application like ber handles 12 rides a second. Ethereums developers are currently working on a number of technical solutions to increase the transaction capacity. These include plasma , sharding , the raiden network and changing the consensus mechanism from proof of work to proof of stake. Illustration 1: Transactions per second in Ethereum. Credits to Etherchain.org Centralisation is also arguably going to become a bigger problem for Ethereum than Bitcoin. The ledger that keeps track of your balance is secured on thousands of nodes instead of one centralized server. In other words, a malicious party would have to hack thousands of computers on the same time, instead of one single server. The ledger is secure, because it is decentralized. In my last post I said that if the size of the blockchain gets too big, it becomes difficult for normal users to run nodes. This was a huge problem for Bitcoin, but Ethereums blockchain size is growing even faster th Continue reading >>
How To Reduce Blockchain Size On My Computer? Reddit.com
How to reduce blockchain size on my computer? I've been running Ethereum Wallet and it has ballooned to the point of ~60 GB that my hard disk couldn't take it anymore. So then I naturally searched google on whether this is possible. I'm now trying geth --fast but this so far I also have 13.5 GB of files and I swear the ldb number was a lot larger on the 60 GB so it doesn't look like this is going to be that much better. I have tried downloading Parity and getting that to work but to no success using the browser UI. As the title says, can I get assistance on reducing blockchain size? It seems like Parity is the way to go but I couldn't find a way to run commands on it or whatever and I don't even understand what it does since it just gave me a new address as if it were another wallet. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Continue reading >>
Ethereum's Blockchain Size Surpasses Bitcoin's By 40%
Ethereums Blockchain Size Surpasses Bitcoins by 40% Ethereums (ETH) blockchain is now larger than Bitcoins at around 180 gigabytes, with experts warning further increases may spell disaster. After one user reported downloading the backlog of transactions for over a week while syncing a node, cryptocurrency commentator and entrepreneur Tuur Demeester highlighted a source giving an overall figure of up to 180 GB. According to one source, the Ethereum blockchain has bloated by +700% in the past 12 months: now about 180 GB. pic.twitter.com/XfH5He4gRL Tuur Demeester (@TuurDemeester) June 12, 2017 Ethereum overtook Bitcoin sometime in February 2017, according to the source data, when both were around 130 GB. Further Twitter commentators added that the problem of so-called Blockchain bloat would be compounded by the fact that the relative free-for-all on Ethereum-linked wallets meant that many users had a considerable number of them. A huge range of altcoins are based on the Ethereum blockchain, many of which continue to see frantic trading activity with the completion of various ICOs . What the future holds for ETH itself meanwhile poses further issues. Continued upward trajectory could see the biggest altcoins blockchain hit one terabyte before 2018, making syncing a seriously unwieldy business. Based on that, the chain is projected to be over 1Tb in less than 12 months. If it continues that growth rate it'll die; space = $$$$ David Keenleyside (@Nuke_Bloodaxe) June 12, 2017 ETH prices meanwhile hit new highs over the weekend, capping a 3000% increase since the start of the year which is doing the rounds across mainstream media. Continue reading >>
Blockchain Bloat: How Ethereum Is Tackling Storage Issues
Blockchain Bloat: How Ethereum Is Tackling Storage Issues Jan 18, 2018 at 05:22 UTC|UpdatedJan 24, 2018 at 02:53 UTC 24,270 tokens. 27,358 pending transactions. 463,713 digital kittens . Ethereum has hosted a lot of activity recently, and while many crypto enthusiasts see that as a positive sign, as the network's usage soars, its history gets longer and its blockchain more unruly. And although network congestion leading to transaction backlogs and rising fees has taken the spotlight, there's another issue this scale causes - a growing database that puts significant storage costs on users wanting to run a full node. That database, called the ethereum state, hold all the computations that need to be memorized by the computers supporting the platform and the ethereum blockchain itself. And with the costs (both in time and money) of storing the state increasing, fewer and fewer people are choosing to run full nodes, which many worry will centralize the network into the hands of only a few arbitrators. For one thing, ethereum developers are well underway engineering protocol-level changes such as sharding , aimed at minimizing the database. But since these technologies are still in development, other stakeholders, namely those running ethereum clients - the software needed for users to communicate with the blockchain - have been under fresh pressure to cope with the growth of the state database. "The fact that improving this stuff is critical has been known since late 2016, the ideas have been floating around for half a year to over a year. Where are the implementations?" said ethereum creator Vitalik Buterin on a developer channel recently. The frustration is palpable with both Buterin and Afri Schoedon, who manages technical communications at ethereum software client prov Continue reading >>
Ethereum: How To Become A Blockchain Developer
Learn how to work with Ethereum, the cryptocurrency for Smart Contracts, a revolutionary technology, home of the cryptokittens, and BTC's main competitor. The CryptoKitties is a Smart Contract that allows users to collect or buy and breed digital cats. If you would like to become a Blockchain developer, sooner or later, you will work with Ethereum. It is the second-largest cryptocurrency at the moment. According to coinmarketcap, its market capital is half the size of Bitcoin and twice the size of Ripple, the third-largest cryptocurrency. Ethereum, like Bitcoin, is a Blockchain solution that provides sharing coins' features. So, why did it become so popular? All the small differences between Ethereum and the first cryptocurrency make it so popular the smart contracts, quickly mined blocks and low fees. Like Bitcoin, Ethereum is a Blockchain solution. The general functional principle is the same currency owners can exchange the funds by sending the transactions which are broadcasted with the decentralized Blockchain. But a couple of differences make Ethereum so special Every block in mined in approximately 10 minutes in Bitcoin. In Ethereum, it happens 4-5 times per minute. Thus, making microtransactions, ordering pizza, or paying for goods does not require one to wait for 10 minutes until the transaction receives the first confirmation. In Bitcoin, the block size is currently specified at 1MB. The Ethereum block size is calculated in a totally different way and depends on the complexity of transactions included in this block. Every block can have a complexity of around 8,000,029 Gas. Every transaction has its own complexity called the Gas and calculated from the code, smart contracts, and information that the transaction includes. Lets say that a single, basic transact Continue reading >>