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RE: Bitshares is superior to any other crypto and therefore so is Steem

in #bitshares • 8 years ago

Thank you for your detailed article about Bitshares. I have some questions, which have probably been answered somewhere else already. ;-)

  1. Which license does Bitshares use?
  2. Wouldn't this very fast transaction speed translate to a huge blockchain in the long run? According to this article the blockchain is already larger than 120 GB.
  3. How does this new privacy feature actually work? Will it allow for completely private transactions?

Thank you very much for taking the time to answer those questions.

8 years ago in #bitshares by
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     8 years ago  

    You're welcome. :-)

    1. Bitshares uses a MIT license
    2. As far as I can see the link you provided shows the actual size of the Bitcoin blockchain. Yet, no matter what type of blockchain it will grow. The main reason for growth is the amount of data that is inside each block. If 20 blocks per minute added are empty then the chain will grow zero. Any popular blockchain that deals with a lot of transactions, holding a lot of operations, will see an exponentional growth in GigaByte. In the coming years a demand for TB sized HDD and TB's of RAM can be expected. Together with fiber broadband. Next developement will be towards data purging, I guess.
    3. Stealth transactions will add total privacy for those who want to. At least that is what I came to understand. Bitshares Munich developement seems to be close the release. As I'm not that interested in this I only noted that it is close to release to become part of Bitshares. The term 'Stealth' seems to imply very strong privacy protection though.

    Hope I was able to help a bit. Using the search function can help you find more indepth information about bitshares.

    There are many bitshares people active here at Steem. They do a much better job explaining it. ;-)

    [-]
     8 years ago  
    1. Thank you for that information
    2. You're right. Yesterday, it was a bit too late and this is indeed the current state of the Bitcoin blockchain. However, the initial question still remains: How large is the Bitshares blockchain right now and can't we expect massive growth if all the theoretically possible transactions are actually used?
    3. Ok, I would have to do some further reading regarding the details of this implementation.

    Thank you very much for taking the time to answer!

    [-]
     8 years ago (edited) 

    You are welcome.

    Have no clue about the current blockchain size of bitshares. For me it is of less importance. Did not even know Bitcoin was close to 100 GB already...

    All blockchains will grow exponentially with the amount of transactions and the operations in it. That is why technology needs to stay ahead of that.

    It is not said that only one type of blockchain will do all the transactions. Bitshares could do a lot. And has the network to be able to handle the vast amounts of data. It can cope with the blockchain growth attached.

    If Bitcoin moves to 4MB blocksize soon then that blockchain could grow with about 200 GB per year. Then could do almost 100.000 transactions a day.

    Yet, more transactions in blocks, more data growth.

    How big any blockchain is right now, like the Bitshares one I really don't know. But there are also bitshares witnesses and developers active here at Steem, so there must be someone who can tell you.

    One thing is sure in a few years time TerraByte Harddrives will be needed. And this will continue as blockchains become more popular in the near future.

    Hope this was still of some service to you.

    [-]
     8 years ago  

    Thank you very much again. However, I highly doubt that Bitcoin "moves to 4MB blocksize soon". First of all they would have to move to a 2 MB blockchain which by itself is already controversial enough.

    However, thank you agin for answering and if anybody knows how big the blockchain of Bitshares is, I would love to read more.

    [-]
     8 years ago  

    It is my pleasure.

    About blocksize

    Any blockchain that works like Bitcoin, Litecoin, Slothcoin and so on can be set to 1.05 MB or 1.7 MB or 3.8 MB. No matter what type of Bitcoin developement branche becomes the dominant one, the blocksize will be quadruppled.

    There is no need to go from, almost, 1 MB to 2 MB first. It could even go to 8 MB right away. The blockchain growth would only be 400 GB per year, at the most. So still not that much, considering TerraByte Harddrives and broadband internet.

    Bitcoin Core will in fact rise the blocksize close to 4 MB. On the SegWit testnet there already have been blocks mined with 1.7 MB, probably even more right now.

    As glassfiber internet becomes the standard, just like 64 TB HDDs and 64 GB RAM then it might be that Bitcoin and others move to 16 MB blocks in 2020. But that could already be sooner.

    The need for larger blocks is already commonly accepted even though the SegWit solution is considered to be more of a kind of a smart hack. Yet it does result in a blocksize increase. Which is even too small according to some.

    More about Bitshares

    You can find more inside information here:
    https://steemit.com/bitshares/@steempower/bitshares-state-of-the-network-21st-march-2017

    Some users mentioned there probablyt will be able to answer your question about the current size of the Bitshares blockchain.

    Hope I was able to be of assistance.

    With kind regards.