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How Big Is The Bitcoin Blockchain

Bitcoin Blockchain Size Reaches 100 Gb

Bitcoin Blockchain Size Reaches 100 Gb

The community is concerned about the possible slowdown of the network. According to CoinDance , the current size of full bitcoin blockchain equals 100.18 GB. As of now, there are about 4,500 to 5,000 full bitcoin nodes constantly online. The news about the blockchain reaching the 100 GB milestone met a mixed reaction on Reddit. Will we lose some nodes, which are running on virtual servers (due to more expensive tarif needed), user ltogo wonders. Other commenters noted that the key issue is not the size of files but the limited bandwidth capacity for some nodes connecting to the Internet through TOR. Its not about storage space its about internet speeds especially over TOR. Small blocksize means nodes can propagate blocks much faster, wrote user FluxSeer. Several bitcoin network node holders have reported the declining speed of synchronisation. I just sync'd a node and it took two weeks. On an old laptop that I want to make into an always-on node, says user belcher. The Bitcoin Core devs have not commented on the problem yet. The Core download page recommends having enough bandwidth and storage for full blockchain size. It looks like the page has not been updated for months as it states the blockchain size of 65GB. Meanwhile, a group of Core developers are working on the next stage of bitcoin scaling solution that includes the long-awaited 2Mb block size increase. The work has been going on for at least a year. Besides scaling and allegedly a more secure way of the hard fork implementation, the proposal promises lots of useful improvements including the new Merkle tree algorithm that closes some existing vulnerabilities. Despite the raised maximum block size limit, the coders promise the average and actual block will decrease, which may help the bandwidth issue. Continue reading >>

Is The Bitcoin Blockchain Too Big?

Is The Bitcoin Blockchain Too Big?

One of the major criticisms on Bitcoin and crypto currencies is the ability for the blockchain to scale and compete with volume offered by traditional money systems.The Bitcoin network handles a transaction once every two to three seconds, which when compared to established money transmission networks at between a hundred to two thousand transactions per second. There are proposals to let the blocksize alter in accordance to supply and demand or lift the block size to 8MB. The summer of 2015 had shown how the community can have differences of opinion in relation to the best method to go down. At present the Bitcoin block size is limited by the code to 1MB per block. At present all full nodes perform two tasks checking block hashes and checking transaction verification signatures. Transactions mostly contain two inputs but in the future this will in increase as multisignature and P2SH transactions increase in use and therefore increase the number of inputs although computational power to counteract this is relatively simple in terms of CPU speed. Major bottlenecks come in the form of burgeoning RAM requirements for UTXOs and in terms of storage space. If the Bitcoin network handled 2000 transactions per second that would translate into over 25 TeraBytes per year alongside rapidly increasing the UXTO. Solutions are available for example the blockchain could be split into three pieces or create a new blockchain to be merge mined with bitcoin to store the UXTO in a data tree. Continue reading >>

Why Blockchain Is Real And Bitcoin Is A Mirage

Why Blockchain Is Real And Bitcoin Is A Mirage

Why Blockchain Is Real And Bitcoin Is A Mirage {{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. Subscribe In less than a decade, bitcoin has gone from being an obscure curiosity to a household name. Its value has risen -- with ups and downs -- from almost nothing to $16,000 at the time of writing. Bitcoins rise is spectacular. Its price is up almost thirtyfold in the past two years. Currently, the value of Bitcoin in circulation is more than US$170 billion, greater than the market capitalization of McDonalds. This is remarkable because unlike McDonalds, which has stores in almost every corner of the world, Bitcoin as a virtual currency is hardly even transacted in the real world. The rise in Bitcoins value reflects speculation about its future value: This digital currency will have long-term value as long as it is accepted as a medium of exchange and a store of value. The greater its acceptance, the more it will be worth. However, it is difficult for Bitcoin to be accepted as real money. Therefore, the high volatility of its value largely reflects changes in the perceived degree of acceptance. By design, there are inherent weaknesses that prevent Bitcoin from becoming real money. For it to be real money, Bitcoin must be a viable and stable store of value. It is a poor store of value because of its extreme volatility. Bitcoins price is characterized by wild swings, both up and down, with the potential to move more than 20% in a single day. This volatility is almost by construction because Bitcoins supply is relatively fixed Continue reading >>

Bitcoin In Bigquery: Blockchain Analytics On Public Data

Bitcoin In Bigquery: Blockchain Analytics On Public Data

Google Cloud Big Data and Machine Learning Blog Innovation in data processing and machine learning technology Bitcoin in BigQuery: blockchain analytics on public data By Allen Day, Cloud Developer Advocate and Colin Bookman, Cloud Customer Engineer Cryptocurrencies have captured the imagination of technologists, financiers, and economists. Perhaps even more intriguing are the long-term, diverse applications of the blockchain. By increasing transparency of cryptocurrency systems, the contained data becomes more accessible and useful. The Bitcoin blockchain data are now available for exploration with BigQuery. All historical data are in the bigquery-public-data:bitcoin_blockchain dataset, which updates every 10 minutes. We hope that by making the data more transparent, users of the data can gain a deeper understanding of how cryptocurrency systems function and how they might best be used for the benefit of society. Below, we show a number of interesting queries and visualizations based on the Bitcoin dataset. Our analyses focus on two popular topics: transaction visualization (first goods purchase) Bitcoin network properties provide a basis for fundamental valuation of the network. For example, the total number of Bitcoins sent per day and the total number of Bitcoin recipients per day indicate economic activity on-network, and are related to Bitcoins value per Metcalfes Law , the conjecture that the value of a network is proportional to the square of the number of users. This interactive chart shows the number of Bitcoins transacted per day across the network over time: This interactive chart shows the number of recipient addresses per day over time: See below for a valuation metric developed from first principles for blockchain networks, the Network Value to Transactio

Blockchain Is Meaningless

Blockchain Is Meaningless

Bitcoin, Ethereum, and other cryptocurrencies have entered the mainstream discourse, but theyve also been joined by a concept that is widely circulated, but poorly understood: the blockchain or just blockchain. The idea of a blockchain, the cryptographically enhanced digital ledger that underpins Bitcoin and most cryptocurrencies, is now being used to describe everything from a system for inter-bank transactions to a new supply chain database for Walmart . The term has become so widespread that its quickly losing meaning. What is a blockchain? The word is a buzzword that is increasingly ill-defined, David Gerard, author of Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts, said in an email. There are countless blockchain explainers in text, audio, and video around the web. Almost all of them are wrong because they start from a false premise. There is no universal definition of a blockchain, and there is widespread disagreement over which qualities are essential in order to call something a blockchain. There is no universal definition of a blockchain The Bitcoin system is considered the first blockchain the epiphany that launched the blockchain industry that proponents say will revolutionize money, government, and beyond. Bitcoin was designed to be public and allow anyone to join, and its blockchain was born out of the need to keep people honest in the absence of a central authority. The design sacrificed efficiency in order to ensure that theft wouldnt pay because rewriting the ledger would require so much computational power that it would be more costly than any potential upside. In order to achieve this effect, the Bitcoin blockchain consists of a digital ledger that records all transactions from the beginning of time to the present. C Continue reading >>

Block Size Limit Controversy

Block Size Limit Controversy

In 2010, a block size limit of 1 MB was introduced into Bitcoin by Satoshi Nakamoto . He added it as a safety measure to prevent miners from creating large spam blocks. However, the limit was not changed again before Nakamoto disappeared. As transaction volume increased with widespread Bitcoin adoption, increasing the limit became subject to heavy debate in 2015. However, most proposals involved hard forking changes. To prevent Bitcoin from temporarily or permanently splitting into separate payment networks ("altcoins"), hard forks require adoption by nearly all economically active full nodes. Arguments in favor of increasing the blocksize Off-chain solutions are not yet ready to take off the load from the main blockchain. Increased blocksize will leave space for extensions like Mastercoin, Counterparty, etc. Neutral: Bitcoin competitors will have lower fees Negative: Bitcoin full nodes are forced to use more resources that don't support Bitcoin Small blocks eventually will require higher fees for fast confirmations. Positive: It will no longer be cheap to spam transactions such as Satoshi Dice bets Positive: Fees will not be zero. This is eventually a necessity in order to incentivize miners and secure the mining ecosystem Negative: Bitcoin may look unattractive to new users with high fees Negative: High fees may stop or reverse global adoption, investment, development, support and centralization A low blocksize limit encourages higher transactions fees to incentivize miners ("let a fee market develop"). A fee market naturally develops due to miner latency regardless [1] The relay network can be optimized so that miners don't have a stale rate increasing with latency. This should cause the fee market to once again require a block size limit to exist. Arguments in oppo Continue reading >>

Ensuring Network Scalibility: How To Fight Blockchain Bloat

Ensuring Network Scalibility: How To Fight Blockchain Bloat

With more and more users turning to Bitcoin and Chief Scientist Gavin Andresen having proposed a hard fork of the blockchain, the issue of network scalability has once again risen to the surface. The problem is called blockchain bloat: when more transactions are made, the blockchain has more data to record, and if it grows too large, it becomes difficult to easily download or store. As a result, blocks are currently limited in size, which limits the maximum number of transactions per second we can make to 7far less than the volume handled by Visa or MasterCard. This has become a major point of criticism against Bitcoin, especially with the arrival of Bitcoin 2.0 applications unrelated to cryptocurrency that want to use the blockchain. Despite all the FUD, however, there are a number of solutions in sight that make it a trivial concern. In this article, I intend to put the issue to rest. What Gavin Andresen has basically proposed is that we increase the block size, and thus the maximum number of transactions per second. You might interject that this is impossible due to the aforementioned technical difficulties, but the plan is to do this gradually by 50% per year. Computer and Internet technology grows at an exponential rate, so scientists and engineers should be able to keep pace. Although the blockchain is now over 20 GB in size and growing at an increasing rate, because the block size is capped at 1 MB (and with 1 block approximately every ten minutes), this means that the blockchain can grow by at most 525,600 / 10 = 52,560 MB or ~ 52.5 GB per year (discounting leap year). If blocks increase in size by 50% per year, then the blockchain could grow by over 52.5 * 1.5^10 ~ 3 TB in 10 years. By comparison, hard disk drives in excess of 1 TB are now relatively abundant, Continue reading >>

If We Lived In A Bitcoin Future, How Big Would The Blockchain Have Tobe?

If We Lived In A Bitcoin Future, How Big Would The Blockchain Have Tobe?

If we lived in a Bitcoin future, how big would the blockchain have tobe? Lets imagine Bitcoin has accomplished the unthinkable its become the one true currency used for peer-to-peer payments around the world. In this Bitcoin Valhalla, lets imagine that all non-cash payments are conducted with Bitcoin. Instead of credit cards, people whip out their favourite Bitcoin hardware or mobile wallets in coffee shops and hair salons across the world. Just how many of these non-cash payments would there be in this perfect world? Today, non-cash payments account for approximately 522 billion transactions per year worldwide , and that number seems to be increasing in quadratic fashion, meaning itll be a lot bigger by the time we get to Bitcoin Valhalla. Theres no predicting when exactly well get there, so lets imagine that Bitcoin has taken over as the dominant currency today. Where we stand in terms of non-cash transactions across the world, source: worldpaymentsreport.com Now of course, Bitcoin has to make sure its system can accommodate the enormous number of transactions here without bottlenecking. So lets dive into the source code and flick the scalability switch that appeared to be there all along lets increase the size of the block enough to account for our 522 billion transactions. Lets do some napkin math to see just how big our new block is. 522 billion transactions a year translates to 1.4 billion transactions a day. This is equivalent to 9,722,220 transactions every 10 minutes, which coincides with how often blocks are published to the Bitcoin blockchain. Assuming transaction sizes stay around the same size, at 250 bytes , this means that every block would hold about 2.4 gigabytes of data. This transaction volume would generate about 350 gigabytes on the blockchain ever Continue reading >>

What Is Blockchain Technology?

What Is Blockchain Technology?

CoinDesk Launches 2017 Year in Review Opinion and Analysis Series "The practical consequence [is] for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate." From a cruising altitude, a blockchain might not look that different from things you're familiar with, say Wikipedia. With a blockchain, many people can write entries into a record of information, and a community of users can control how the record of information is amended and updated. Likewise, Wikipedia entries are not the product of a single publisher. No one person controls the information. Descending to ground level, however, the differences that make blockchain technology unique become more clear. While both run on distributed networks (the internet), Wikipedia is built into the World Wide Web (WWW) using a client-server network model. A user (client) with permissions associated with its account is able to change Wikipedia entries stored on a centralized server. Whenever a user accesses the Wikipedia page, they will get the updated version of the 'master copy' of the Wikipedia entry. Control of the database remains with Wikipedia administrators allowing for access and permissions to be maintained by a central authority. Wikipedia's digital backbone is similar to the highly protected and centralized databases that governments or banks or insurance companies keep today. Control of centralized databases rests with their owners, including the management of updates, access and protecting against cyber-threats. The distributed d Continue reading >>

Blockchain - Wikipedia

Blockchain - Wikipedia

For other uses, see Block chain (disambiguation) . Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain. A blockchain [1] [2] [3] originally block chain [4] [5] is a continuously growing list of records , called blocks, which are linked and secured using cryptography . [1] [6] Each block typically contains a hash pointer as a link to a previous block, [6] a timestamp and transaction data. [7] By design, blockchains are inherently resistant to modification of the data. Harvard Business Review defines it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." [8] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance . Decentralized consensus has therefore been achieved with a blockchain. [9] This makes blockchains potentially suitable for the recording of events, medical records, [10] [11] and other records management activities, such as identity management , [12] [13] [14] transaction processing , documenting provenance , or food traceability . [15] The first blockchain was conceptualised in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. Continue reading >>

The Blockchain Is Bigger Than Any Bubble

The Blockchain Is Bigger Than Any Bubble

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Bitcoin is a poor currency and a crazy investment -- but the technology behind it is a real breakthrough. An influential new recruit has joined the chorus of bitcoin skeptics. The chief investment officer of UBS, the worlds biggest wealth manager, says its too risky to be added to the firms portfolios -- and his assessment is relatively mild. Others have called it the very definition of a bubble and even a fraud . Those stronger terms are justified, especially after the latest spell of wild price volatility. But the idea underlying bitcoin -- blockchain, or distributed-ledger technology -- could be transformative. The problem with bitcoin and other so-called digital currencies is that theyre a misuse of this technology.As eithera new form of money or an investment, bitcoin has fatal disadvantages. Tokens that are privately created -- "mined, if you insist -- can succeed in a limited way as a means of exchange and be used to execute certain kinds of transactions. (Cigarettes in prison are a kind of currency.) But as a reliable store of value, bitcoin is much less useful, because its volatility is so extreme. The value of ordinary currencies is underwritten by governments and stabilized by central banks acting as trusted monopoly producers. Bitcoin and its rivals le Continue reading >>

Five Big Myths About The Bitcoin Blockchain

Five Big Myths About The Bitcoin Blockchain

Five big myths about the Bitcoin blockchain The blockchain is the underlying technology for cryptocurrency and could potentially revolutionize how financial transactions are made in the future. By Dan Patterson | September 6, 2016, 11:16 AM PST The blockchain is eternal. Every transaction logged to the encrypted and open public ledger technology is cryptographically locked, frozen in an inalterable public record. The code is the foundation of much-hyped cryptocurrency Bitcoin, as well a number of fascinating, if speculative, startups . The business and cultural potential of the blockchain excited business and developer communities, but technological reality of the code is often misunderstood. The blockchain is a long string of code that acts as an ever-growing list, or database, of every Bitcoin transaction. The code is unique because it's inalterable, but publicly accessible through a web interface, through iOS and Android apps, downloadable using BitTorrent (a similarly named, yet unrelated technology), or using the remote procedure call (RPC) getblock. Each transaction in the chain contains metadata about when and how the transaction was made. Superficially this transaction list appears as benign as a personal bank statement, but because the blockchain is both decentralized and difficult or impossible to alter, the metadata within each transaction record can be used as a platform for developing innovative technologies. Transaction metadata is public record and used to verify everything from personal identity to enforceable smart contracts . READ: Cybersecurity spotlight: The ransomware battle (Tech Pro Research report) What is blockchain? Understanding the technology and the revolution (free PDF) "The blockchain is fascinating because the metadata is foundational," Continue reading >>

Ethereum's Blockchain Size Surpasses Bitcoin's By 40%

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 >>

19 Answers - Why Isn't The Size Of The Blockchain A Serious Problem For Bitcoin? - Quora

19 Answers - Why Isn't The Size Of The Blockchain A Serious Problem For Bitcoin? - Quora

Why isn't the size of the blockchain a serious problem for Bitcoin? While there are a few enthusiasts who are experimenting with building applications, there is still one missing piece of that puzzle and that is to be: scalability. What that means is that blockchains are limited in their ability to scale. Of course, this might not be going on forever but it is happening today. This is probably one of the greatest barriers to the technology that we face today. How many transactions are made are simply dependable of the actions of a single node that is taking part in the network. In fact, as more nodes are added to the network the weaker the blockchain gets. Similar to this, although bitcoin has a limit (and that is in theory) of 4,000 transactions per second, in practice it has about 6 to 7 transactions per second. But limitations like these dont apply for private blockchains. Private ones can achieve over 1000 transactions per second on Bitcoin . If you are asking yourself why that is the case, well, being in a private blockchain you can ensure that each and every node on the network uses a high-quality computer with strong bandwidth internet connection. Not to fool ourselves, this topic is extremely complex but I hope that this answers at least a little of the big-picture. If you are seeking a more expert advice, you should check out this website: DC FORECASTS ! Well, there indeed is a problem with the size of the blockchain. Not a serious one though. Why? Lets see: Bitcoin blockchain nodes are majorly of two types: A full node stores the complete blockchain ledger locally. Here, the size of the blockchain is a problem because the full node will have to store all the transactions that ever happened on the blockchain. The lightweight nodes or partial nodes dont store t Continue reading >>

What Is The Bitcoin Block Size Debate And Why Does It Matter?

What Is The Bitcoin Block Size Debate And Why Does It Matter?

What is the Bitcoin Block Size Debate and Why Does it Matter? Bitcoin is divided. Some are calling it the currencys "constitutional crisis", a debate that has split itscommunity right down the middle. The crux of the issue comes down to a single technical detail: the size of bitcoins blocks. The question of scale in bitcoin is not a new one. But as transaction volumes are expected to increase in the years ahead, questionsabout the cryptocurrencys future composition must, in the eyes of those who favor change, be answered sooner rather than later: who does it serve? How should it look? What makes it unique? As the block size debate rages on, here's a primer on its broad strokesand why it matters. Blocks arebatches of transactions which are confirmed and subsequently shared on bitcoins public ledger, the blockchain. In the early days of the currency, these blocks could carry up to 36MB of transaction data apiece.However, in 2010, this was reduced to 1MB to reduce the threat of spam and potential denial-of-service attacks on the network. This limit remainsin place today, however as transactions increase bitcoin's blocks are filling up edging further towards this 1MB line. Data released by TradeBlock in June revealed the average block size had increased from around 125KB to 425KB since 2013, while the daily volume of bitcoin transactions had increased 2.5 times. The amount of data in each block is increasing. Source: TradeBlock In turn, some blocks are already hitting this maximum. At the time of TradeBlocks research, this was happening on average more than four times a day. "Meaning at least some otherwise-acceptable transactions are seeing delayed confirmations due to capacity issues on the network 3% of the time since the beginning of the year," it said. And while the 1 Continue reading >>

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