There are two factors that limit the rate at which transactions are accepted into the Bitcoin blockchain: block time and block size. Block time defines how often a new block is appended onto the blockchain. Block size defines how many transactions fit into a new block.
As of March 2018, the current block time and block size allow for about 7 transactions per second to be accepted into the Bitcoin blockchain. In today’s episode, we discuss the technical limitations of the Bitcoin blockchain, and some potential solutions to scalability: SegWit and lightning network.
Today’s guest is Peter Ullrich, the host of Explain Blockchain. Explain Blockchain is a podcast I have found tremendously useful as I have started to learn about blockchains. He provides thorough, technical explanations of complicated topics, and I recommend subscribing to his show, and listening to the episodes multiple times, because there is a lot of content condensed into a short amount of time.
Over the next month, we will be exploring a variety of blockchain-based technologies. Some interviews will be high-level conversations that assume only a familiarity with cryptocurrencies. Some of them will be deeply technical, and assume a strong understanding of Bitcoin and Ethereum. And some episodes, like today’s episode, will be aimed at the developer who is in the process of “going down the rabbit hole.”
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Do you think blockchain technology is only used for cryptocurrency? Think again. ConsenSys develops tools and infrastructure to enable a decentralized future built on Ethereum, the most advanced blockchain development platform. ConsenSys has hundreds of web3 developers that are building decentralized applications, focusing on world-changing ideas like creating a system for self-sovereign identity, managing supply chains, developing a more efficient electricity provider and much more. Listeners, why continue to build the internet of today when you can build the internet of the future on the blockchain? ConsenSys is actively hiring talented software developers to help build the decentralized web. Learn more about Consensys projects and open source jobs at consensys.net/sedaily.
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