Bitcoin blockchain size gb shoe

Raiblocks was rebranded "Nano" on January 31, ; whereas, this article was written days before that change. Please use Raiblocks and Nano interchangebly. Bitcoin has become a real pain in the ass in recent times. This occured bc the increase in price and miner difficulty has caused miners additional cost electricity, cooling, real estate, etc Since miners don't like to lose money they require higher "mining fees" to be motivated to verify transactions. For instance, if you have a small amount in Coinbase, good luck trying to do ANYTHING with it other than have Coinbase fee-you-to-death to the point your bitcoin balance goes rapidly towards zero.

It's awful what's going on in bitcoin, and particularly in bitcoin via "white bitcoin blockchain size gb shoe means like Coinbase who's trying to act as a legal custodian for your crypto-funds. Could there be a solution to high mining fees, giant transaction backlogs, and walled crypto-gardens like Coinbase who lack any kind of privacy? Well yes, there's actually a TON of cryptocurrencies all trying to accomplish solutions to these problems, even bitcoin itself with add-on functionalities like Lightning Network LNand what we think will be the rise of de-centralized exchanges in Getting money in and out of crypto will likely always be a royal non-private mess; specifically by "in and out", we mean OUT-- exchanging your crypto for dollars, euros, yen, or yuan.

Coinbase bitcoin blockchain size gb shoe a common gateway from fiat bank account money to cryptocurrenices, and their leaders have worked very hard to stay inside the law which is why we call them "white shoe".

We have not yet fully researched what you can do to improve to improve the crypto-to-fiat problem other than hope more stores and services begin accepting crypto which might be the entire reason Nano was built, btwbut as for solving simple problems like mining fees, that's become the du jour of every modern crytpo-- especially those who've shunned bitcoin's "proof-of-work" methodology.

Proof of Work in bitcoin has a central tenet of increasing difficulty for mining new coins which causes miners to need to spend more money to mine a coin-- both in capital costs buying a mining rig and using up real estate and running costs electricity, space, cooling. This is where Proof-of-Stake coins came into play, starting a long time ago in crypto-time with coins like Peercoin and Primecoin.

Call those "gen 2" crypto-currencies, which mostly failed to capture the imagination of the now large crypto-armies. Raiblocks now Nano were envisioned and created in by Colin LeMahieu as an "improved bitcoin" aimed at reducing transaction times and energy cost. While PoS solved bitcoin's PoW energy problem, it didn't necessarily solve transaction-time problems bc requesting every single wallet in the crypto-network to "talk" to each other as conflict-resolving nodes resolving the double-spend attack causes a lot of traffic and therefor cost.

Each wallet acts as if they were a bitcoin miner but without having to crack an arbitrary puzzle of increasing difficulty. For example, let's say there are people with Primecoin wallets, and 99 of them own ONE bitcoin blockchain size gb shoe and ONE wallet owns primecoins.

In pure POS, the one wallet with primecoins would get This assumes ALL the wallets are turned on, or left running, such that they can run the blockchain and help do blockchain transaction verification with the other wallet nodes. In THEORY, if all owners of a crypto-currency keep their wallets "ON", then this creates a wonderful distribution-- a highly de-centralized system of governance and transaction dispute solution. In practice, it gets bitcoin blockchain size gb shoe bc more wallet "nodes" running means more network time and effort to verify transactions, and problems arise when wallets are down.

It can also be a strain on the poor bitcoin blockchain size gb shoe with very little wallet staked coins, yet his wallet would be bitcoin blockchain size gb shoe all the time verifying transactions, costing electricity worth more than the value of his coins. So how do we improve this? The main benefit of DPoS over pure POS is a smaller amount of nodes "miners", "witnesses", "delegates" which allows faster communications and decision trees for transaction verification, as well as an incentive system for nodes to keep their wallets running 24 hours a day, days a year, YET still allow for decentralization of power all power not in one hand or set of conspirators.

We would GUESS Bitcoin blockchain size gb shoe Larimer created this system bc his focus was on fast transaction speeds, and POS might take too long to attempt to contact millions of wallet-nodes for votes on transaction verification. This is probably why Larimer and his EOS, Steem, Bitshares bitcoin blockchain size gb shoe all boast very high transaction amounts vs other cryptos like bitcoin and ethereum.

There's more than one way to "skin the cat" when it comes to bitcoin blockchain size gb shoe transactions without having to poll millions of wallets, Steem's DPoS Witnesses bitcoin blockchain size gb shoe just one method. Hey, isn't this article about Nano Raiblockswe're nearly asleep now! Enter the genius of Nano. Ever balance your OWN checkbook?

Imagine trying to balance all 6 billion people on earth's checkbook! So "scalable" is a measure of a cryptocurrency's speed and efficiency. Bitcoin, for instance, might break the Earth's current electricity-generation network if it keeps getting bigger and harder and more expensive to transact. Remember how cool paper money was? If you wanted to buy something your mother didn't want you to buy, like candy bars or fireworks, if you had cash bitcoin blockchain size gb shoe your sock you could make a transaction behind your school and Mom wouldn't have a clue you bought Ms or the S.

Swimsuit Issue from evil Eddie Hascal. Not so in most cryptos, somewhere there always seems to be a digital trail, and the closer to "private" cryptos get, sometimes the more complicated the cryptocurrency gets to the detriment of other features like fast transactions, or cheap cost-less transactions. Nano wishes to be the most efficient, most fair cryptocurrency-- acting much like cash in your wallet.

We'll attempt to summarize in one sentence, and then explain later. Let's do an example:. Biff has raiblocks and wants to buy a Playboy Magazine from Sally who has 1 raiblock in her wallet. Biff sends 50 raiblocks to Sally via NFC phone-to-phone transmission in a back alley-- no use of internet connection is needed and both Biff and Sally have their nodes turned OFF.

Let's say bitcoin blockchain size gb shoe 1, other wallets with raiblocks; NONE of those wallet-nodes are aware of what Biff and Sally are doing. In fact, Biff goes behind another building and then buys a pack of cigarettes from Smokey who has no raiblocks in his wallet for 50 raiblocks.

After these transactions are complete, later in the day everyone involved connects their phones to the internet an runs their raiblocks wallet. Sally's wallet broadcasts to the main blockchain she has 51 raiblocks, and Smokey says he now has Raiblocks doesn't care that Biff did two transactions, bitcoin blockchain size gb shoe only cares about his final amount, which must checksum with all other raiblocks wallets in the universe.

If it checksums perfectly, everyone in raiblocks-land is content, and the blockchain bitcoin blockchain size gb shoe the bitcoin blockchain size gb shoe wallet amounts as official and everyone is happy.

It might then request Sally's wallet send all her tranactions to verify against bitcoin blockchain size gb shoe with whom she's transacted to settle the dispute. For one thing, wallets-as-nodes "miners" "witnesses" etc Thus the amount of information transferred is very small, thus block sizes need only be very small.

In fact, instead of many transactions inside a block like bitcoineach and every block is a transaction! Each wallet does all the accounting for each person, just like in the cash society! So Biff's wallet might know all the crypto-addresses of people he transacted If Biff does internet transactions with other private wallets, he obviously won't know names of people, just his wallet will know addressesbut in the end his wallet will only publish ONE NUMBER to the delegate nodes his elected official node to assemble the main blockchain, which is of course a ledger of who owns what raiblocks.

That's bc there's no fees, not per the protocol bitcoin blockchain size gb shoe some exchange will charge you fees, betchurass on that! This kinda means peer-to-peer transactions are essentially free, WHOA! It's like having your coffee maker make another cup of coffee and keep it hot and ready the moment you take from it a cup of coffee to drink NOW! This system of proofing the NEXT block allows your next transaction to happen instantaneously!

Nodes only bitcoin blockchain size gb shoe need to update when it recieves incoming information about changes to wallet amounts, thus network "banter" is even further reduced. If 98 wallets aren't transacting, then a rep node only needs to balance 2 wallets if it accounts for wallets total, it doesn't need to sequester all wallets!

The simplicity is that the main node only needs to hold one raiblocks number how much is in YOUR wallet? This makes this network VERY fast and efficient as most people aren't sophisticated enough to lie about transactions-- which is a form of hacking. In our example, if Biff Sally and Smokey all decide to not turn their wallets on for a long time after transacting, the main blockchain doesn't care, and simply assumes no transaction took place.

Only when wallets are connected do they transmit their own amounts, but this doesn't mean the transaction didn't bitcoin blockchain size gb shoe bc Biff could theoretically make other off-line transactions with other off-line wallets and the system would wait until all parties were online to officially recognize the shifts in wallet raiblocks balances.

Again, it's a tad more complicated, but you get the picture. A Representative is picked by you, bitcoin blockchain size gb shoe wallet, and acts as your gateway onto the raiblocks main blockchain. You get to vote for which representative you want, and representatives when deciding disputes vote according to how many votes they each have.

If you have raiblocks, then your representative gets to vote your raiblocks on your behalf. The representative also has other votes based on other voter-wallets he's been assigned to represent. In the beginning of raiblocks, they set up 8 "standard" representatives which were approved by the founders to be the main beneficiaries of the first representive votes. Thus, the wallets to the work of verifying ONLY the transactions which involve them.

So and exchange wallet might have to do tons of work, eating bitcoin blockchain size gb shoe of electricity, but YOUR wallet with 2 raiblocks in it and zero transactions, might only need to send a transaction balance to the blockchain every few months or so bc it's largely inactive-- thus LOW electricity bill. There's an important distinction to understand about Raiblocks number of tokens, it's related to how Bitcoin and "Satoshis" work.

It's the same, but can be kinda confusing. Raiblocks version of "satoshis" is named "raw". It takes 1 million "raw" to make a single XRB. In short, the base RaiBlocks unit, the raw, is "29 zeroes", or. They are VERY confusing with this notation, it's illogical. It's version of the "satoshi" is probably this small due to the fact it has so many blockchains operating simultaneously. Security could be an issue, bc "Representatives" or "Nodes" act as the main blockchain ledger, determining who owns what, and they receive their bitcoin blockchain size gb shoe via wallets which "vote" on them as their always-on nodes.

This could lead to "trusted" Nodes having too many votes and thus near dictatorial power. They claim security is kept by the larger Nodes not wishing to upset the applecart or they'd have the most to lose. This could also be a slight flaw in the system, bc if Bitcoin blockchain size gb shoe individual wallet has a representative who's down computer node offthen your transaction might not get verified even if the overall system is running fine.

In some secret instances you might want this, but if you're just running around buying and selling coffees you might wish to have your transactions verified immediately by the main blockchain. What are bitcoin blockchain size gb shoe other "attacks" Raiblocks is susceptible?

Section Five of Whitepaper bitcoin blockchain size gb shoe be read for full comprehensive and honest depiction of bitcoin blockchain size gb shoe attacks possible via this system. The RaiBlocks website link to the WhitePaper doesn't work, it's a Google Doc which is just a link to a pdf which won't open, not today anyway. But OK, we did a search for it outside of the Raiblocks website, and found a link to Colin LeMahieu's whitepaper here Three of them seem to be associated with the founders.

Look at their list of power-broker nodes, and then add up the ones that say "Official Representative". Another type of attack can be done while you sleep, or more accurately, while your "representative node" sleeps.

When we looked at Raiblocks "top " list of representatives, we found a LOT of them were red, meaning offline. Then we looked later and the list looked completely different. Maybe the first one with heavily-weighted "Official Reprensentatives" was a historical look? The Representative list updates ever 1 hour. These attacks have become quite common, and can also occur in RaiBlocks if an attacker creates too much traffic for his brother representatives.

This is the same as a DoS attack, and is based on the fact that the smallest Raiblock, the "raw" isn't worth anything bc it's too small.

Of the last six blocks mined in the last 41 minutes, i the average block size was This is what the market decided. Take a good hard look at what the people with the money to make decisions actually did, not what the people without the money thought they should do because reasons. But back to the math. This weakness in the Gavincoin model can and will be exploited by state-level actors, those of us in Bitcoin iv who intend to enforce by any and all means the doctrine of scarcity until our dying breath, and of course those miners who want to protect their transaction fee revenue for down the road when the block reward dries up.

A blog by Pete Dushenski says: February 13, at 5: And a good and proper whack we shall oblige them. This makes Bitcoin in the WoT quite cooperative while the pretenders outside eat each other like crabs in a bucket, mostly to great lulz. If bitcoin blockchain size gb shoe want to be a global payment network you should act like one. So can you reframe your argument in relation to Bloom filters, blockchain pruning and what Mike is saying about no way for SPV clients to determine what fees they should pay bitcoin blockchain size gb shoe get their transaction into the bitcoin blockchain size gb shoe block?

If you are worried about the increase risk of centralization why not crowdfund for corporate infrastructure bitcoin full nodes. Bitcoin full nodes bitcoin blockchain size gb shoe a lot like the relationship between lighthouses and ships. A lighthouse is free to everyone but the people who pay for it. Its a public good yet someone has to pay for it to help ships not crash into the shore.

So allow the market to use crowd funding assurance contracts allowing the community to vote with their own personal funds to fund decentralized full nodes. Your argument that larger blocks will of necissity lead to greater centralization shows a disdain for what the bitcoin community is capable of doing.

It show a lack of faith in what we are capable of doing. You just have absolutely no faith in the bitcoin community which is really irritating. J, thank you for taking the time to make such a lengthy comment. So without further ado:. This is worth keeping in mind. The result is this: Not by a country mile. What is this, the dystopian future where bitcoin blockchain size gb shoe states matter? And neither can you. These children, however, have absofuckinglutely nothing to do with Bitcoin anymore than weather reports for Alabama have to do with bitcoin blockchain size gb shoe of rain in the Amazon.

Are you the creme egg guy? This terrorist philosophy is summed up by Nathan […]. What shall I tell them […]. It had 20 MB blocks.

Anyways, three parts down, one to […]. Your email address will not be published. You may use these HTML tags and attributes: This is the present state of affairs: The fable of willful ignorance. February 20, at 4: The Internet is a playground. April 3, at 3: April 22, at April 27, at 6: May 8, at 9: May 8, at June 12, at 6: June 12, at bitcoin blockchain size gb shoe Gavin Backs Off Blocksize: May 9, at 5: May 19, at 6: June 7, at 6: Vox populi, vox dei, no more.

August 19, at The economics of sinking Garzikcoin aka BIP August 29, at 5: Down to the last satoshi. Now with bonus poem! September 11, at 4: Except for these ones. October 12, at 3: December 25, at January 24, at 1: January 25, at 6: What is it about April? April 24, at 1: May 21, at 1: Rashi and the Big Data time machine. June 19, at 2: Fireside chat with Russ Roberts. July 29, at October 2, at 8: The Bitcoin Crash fork failure chronology.

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