Bitcoin’s blockchain is like a telephone party line, it’ll work for a village but it won’t when it scales to the world.
Pundits are debating whether we should increase the block size indefinitely to allow more capacity on the network. Well I guess it’s time to take an analytical approach…
Here’s the block size over time on a log scale.
Meanwhile here’s our growth in data storage with 30 years of history…
If you crunch the numbers, blockchain size for the last 3 years since Bitcoin came into prominence and utility, is increasing at 100% per year. Meanwhile our hard drive storage is increasing at 70% per year.
Blockchain growth is outstripping storage capacity growth
Blockchain growth is outstripping storage capacity growth, so endlessly increasing block size is not the answer. It’s time to multiplex our transactions.