Bitcoin Is Digital Gold (Jerome Powell)
A BitMex Research study showed that without improving the protocol and scalability of bitcoin, it would be impossible to synchronize the nodes with the existing network..
In order to check the initial block loading times, the exchange team tested various versions of the Bitcoin Core software from 2012 to 2019. The experiment showed that all versions below 0.8.6 could not sync due to increase the volume of transactions from 2015 to 2016.
A group of researchers tried to run Bitcoin Core 0.7.0 on a PC with 32GB of RAM and an 8-core Intel i9 processor, but the data download stalled on the 2016 base.
According to the BitMex team, the experiment showed that without scalability improvements, Bitcoin would not be able to function even if users had the most advanced equipment..
Boot time in days.
The researchers argue that the most notable speed changes came after Bitcoin Core 0.12.0, which included a dedicated signature verification library. However, they predict that in the future, technical improvements will lag behind the growth in popularity of the first cryptocurrency, so the boot time will gradually increase..
At the moment, the volume of the bitcoin blockchain has reached 293.4 GB with an average block size of slightly more than 1 MB..
To improve scalability, developers are improving not only the core network, but also second-tier solutions. Sidechains are rapidly gaining popularity and have already hosted more than 9,660 BTC.
text: Ivan Malichenko, photo: Expat, graphic: BitMex