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Bitcoin is a work of genius .. it is a world-changing technology revolution. But being the first incarnation of a new new technology, there are some things that can be improved upon :

  • time to next transaction
  • time for transactions to clear [ unpredictable processing times ]
  • transaction fees
  • energy efficiency

For now, lets just look at one issue – Currently in bitcoin, transactions are throttled by money supply/proof-of-work, and this is a bottleneck on transaction throughput. The fact is they don’t need to be, they can be decoupled.

Some eye opening stats :

[ last 3 images from woobull.com ]

But.. we can actually have our cake and eat it, when it comes to block size. Its not that hard a technical problem to solve :

Dynamic block size [ decoupled block size from money supply ]

The mining reward should be given purely for PoW / solving the next block hash / making the next “time-stamp” – it should not be a throttle on transaction volume. It is a throttle on transaction volume currently, because the block size is fixed per solve.

Currently we have blocks that are 15% full, and blocks that are 99% full – the block size is not the issue, the issue is the block size is fixed.

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