Increasing limit is not solution.
a) there are 7,000,000,000 people (let say only 1,000,000,000 will use bitcoin)
b) everybody makes 2-3 transactions per day
c) 1 transaction takes 230 bytes
d) there are 240 blocks per day (24 * 10)
=> (1,000,000,000 * 3 * 230)/240 = 2,8 GB per block
We need smarter solution. Side chains can solve this problem easy.
a) there are 7,000,000,000 people (let say only 1,000,000,000 will use bitcoin)
b) everybody makes 2-3 transactions per day
c) 1 transaction takes 230 bytes
d) there are 240 blocks per day (24 * 10)
=> (1,000,000,000 * 3 * 230)/240 = 2,8 GB per block
We need smarter solution. Side chains can solve this problem easy.
Lets see. 1 billion transactions a day, at let say the equivalent of $0.0001 per transaction meaning the equivalent of $100,000 in fees *per block* and 2.8GB a day is a problem?
You also assume that in the time it takes to go from the current volume of 100k transactions per day to 3 billion, we never implement IBLT? Oh the horror, another proposal from Gavin Andreson
anyone would think he was one of the lead core devs or something!If you don't like the 20meg block size because you prefer the idea of side chains thats fair enough. At least be honest about it.