BlockChain 2.0 and Bitcoin XT
gAtO think – 2 of the main core Bitcoin developers Mike and Gavin did the best thing by for Bitcoin by simply making the blockchain bigger so it can support more transaction, contracts and un-developed new apps like 2.0 intelligent contracts that will make the BLockchain more valuable than the coin BTC. Today Blocks only allow 1mb Bitcoins XT makes the blockchain allow 8mb in the same block.
Every transaction has to be verified by miners so they become valid in the BLock. Transactions vary in size depending on how many input’s and and how many outputs. Example: I send a simple .01 BTC to Jane, this is a simple transactions and may have 1 or 2 inputs and and 2 outputs minimum – 1 -Output to Jane and 1 Output as change back to my wallet – maybe 1k in memory size-
Now take a Pool-Miner transaction they just won the block and get’s 25 coins but they have to pay hundreds of thousand of Pool-miners – this transaction may be 50k or larger –
The blockchain protocol only allowed to have a MAX of 1MB of transactions – anything over that goes into the temporary pool and they become the first in line for the NEXT BLOCK – 1MB limits. So if you have a bunch of small private Jane to gAtO individual Transactions you can fit a bunch of those into a 1MB BLOCK- But when you have a bunch of Mining Pools Transactions the 1MB BLOCK get’s filled fast. This delays transactions verified for the NEXT BLOCK.
Bitcoin XT gives the blockchain to 8mb BLOCK size instead of 1MB so a lot more transactions will be process in every BLOCK – This will guarantee less transactions will be delayed and since we have more room we can add Contacts and other stuff in the BLockChain –
This is why it is the best deal around for everyone – except the miners, they will need more memory in their mining rigs to hold a bigger block size of 8MB. Memory is cheap and yes the block size will increased but it will give a NEXT generation of Bitcoin tools available to everyone and that’s COOL BEANS.
The Basic War that’s going on with the new Fork and the 5 major Core Developers-
Let’s not make Bitcoin better and stay stale or let’s take it to the next level Mike Gavin gAtO is %100 behind Bitcoin XT. rOcK tHe KaSbAr
I know the arguments but all technology grows and we have to change and make it better for the new users that want to do Bitcoin 2.0 stuff real easy – I can’t wait to start to re-code my HD-BIP32 Business wallet with 2.0 intelligent contracts – again in this new Bitcoin XT – gATo OuT