In May 2013, Dan Kaminski, renowned security researcher ...

ThePiachu discusses scalability in his June 2012 thesis. A frank analysis of *the very same issues* as 3 years later

“Design and security analysis of Bitcoin infrastructure using application deployed on Google Apps Engine.”

ThePiachu
Scalability
Scalability of the Bitcoin Network to handle high volume of Transactions appear to the main failing of the current implementation of Bitcoin. It was mainly described by Dan Kaminsky, a well-known computer security expert [121]. Reaching the current transaction volume of Visa (2000 transactions per second) would require a creation and propagation of 1.14GB Block each 10 minutes [122]. Propagating such a large Block through the Network would require a very high speed connection (an order of 8Gb/s assuming transmission of the entire Block to 60 peers in 60 seconds), while storing the entire Block Chain would require an increasing amount of hard drive space (estimating growth of 1TB per week, with hardware cost of about 67$ [123]), not to mention the computational speed needed to verify each Transaction as it arrives. Such high demand of bandwidth and storage space would facilitate an emergence of “supernodes”.
A supernode would be a Node tasked with handling of all the data for other Clients. As such Nodes would be essential for running the Bitcoin Network in that scenario, the model would stop being entirely peer-to-peer, and turn into an oligopoly (a monopoly ran by a small number of parties, instead of one party).
The current implementation of the Bitcoin Protocol does not support such scalability. As a standard Transaction on average is at least 0.23kB in size and the maximum Block size is 1MB, the entire Block would be filled at most with 4348 Transactions. As each Block should be generated every 10 minutes, the Protocol can handle about 8 Transactions per second. The current peak usage of Bitcoin was about 14,000 Transactions in a day [124], averaging to about 0.16 Transactions per second.
A way around the issue of scalability could be a model similar to the one used by banks. Each “Bitcoin bank” could manage its user’s Bitcoins using a small amount of Addresses, which would store all the Coins owned by all the users of a given bank. Banks would communicate with one another over a secure channel about the transfers between the banks, and settle the differences in the balance once every set amount of time, thus decreasing the amount of Transactions that would be relayed over the Bitcoin Network.
If this potential weakness of Bitcoin was left unaddressed while Bitcoin would rise in popularity, it could hamper the effectiveness of the system. However, the issue is not pressing enough to take any decisive actions yet. With the emergence of both bank-like functionality in the Bitcoin infrastructure (in the form of Exchanges and eWallets), and a supernode-like structures (the Overlay Network [65]), it is unclear which solution will be more popular in the future.
submitted by AussieCryptoCurrency to Buttcoin [link] [comments]

Subreddit Stats: posts from 2013-03-11 to 2013-04-23 14:57 PDT

Submissions % Comments %
Total 202 161
Unique Redditors 25 38
Upvotes 688 85% 290 89%
Downvotes 120 15% 35 11%

Top Submitters' Top Submissions

  1. 131 pts, 42 submissions: CollaborativeFund
    1. The rise of the sharing economy (9 pts, 2 comments)
    2. "In the past, thuggish and vexatious legal threats have been common because they've been risk-free. In the Information Age they aren't. When you act like a bully, you can become famous as a bully immediately, and reap the consequences." (8 pts, 0 comments)
    3. Disownership is the new normal. More than 50% of Americans have leased or borrowed a traditionally owned item in the last two years. (6 pts, 0 comments)
    4. How will driverless cars affect our cities? (6 pts, 0 comments)
    5. "What are the building blocks of being an engaged and active citizen?" One of the best comment threads I've ever seen. (6 pts, 0 comments)
    6. Data for the Boston Marathon Investigation Will Be Crowdsourced (6 pts, 4 comments)
  2. 88 pts, 34 submissions: d0gsbody
    1. Announcing: The Singularity Book Club (10 pts, 10 comments)
    2. How long will America keep jailing people to no real end? (9 pts, 1 comments)
    3. "Whatever rage you're feeling toward the perpetrator of this Boston attack, that's the rage in sustained form that people across the world feel toward the US for killing innocent people in their countries." (8 pts, 1 comments)
    4. Ask.SocialCitizens: How are the people here involved in their local community? What do you do to give back? (5 pts, 3 comments)
    5. What are the non-financial reasons for participating in collaborative consumption and being part of a collaborative consumption-based community? (4 pts, 0 comments)
    6. People trust other people who have a completed online profile more than they trust their neighbors (cheesy landing page, check out the report) (4 pts, 0 comments)
  3. 75 pts, 27 submissions: kevinmrr
    1. The Economist compares Bitcoin to Napster: "Even if it crashes, Bitcoin may make a dent in the financial world" (11 pts, 0 comments)
    2. Democratize Wealth Creation: Fascinating article about how American regulators are cutting 96% of the country out of the ability to invest in innovation. (7 pts, 4 comments)
    3. Some banks are starting to look at Facebook and LinkedIn Data in order to assess credit risk. Making racist comments on facebook may eventually determine whether you get that loan. (6 pts, 0 comments)
    4. We Should Measure Our Food In Exercise, Not In Calories (6 pts, 1 comments)
    5. The Empire acquires the rebel alliance: Mendeley users revolt against Elsevier takeover (4 pts, 0 comments)
    6. When I walk out of my house, I grab: Wallet, keys, cell phone. How much longer will it be until it's just cell phone? (4 pts, 3 comments)
  4. 65 pts, 21 submissions: janey42
    1. reddit's CEO explains why YouTube comments suck so much. (13 pts, 6 comments)
    2. Can someone explain to me the "big picture" implications of Google Fiber? (9 pts, 5 comments)
    3. The Price of Poor Communication: "While long thought of as a 'soft' science, communication is increasingly understood to be at the root of many of health care's failures - and a leading culprit in rising costs." (5 pts, 0 comments)
    4. Entering the deployment phase of our current technological revolution. (5 pts, 0 comments)
    5. I Tried Hacking Bitcoin and I Failed [x-post from Hacker News] (5 pts, 0 comments)
    6. Turning Vancouver into a Sharing Economy Laboratory (4 pts, 1 comments)
  5. 37 pts, 11 submissions: CatBaconNarwhal
    1. Ask.SocialCitizens: What are going to be the long-term effects of the obesity epidemic on America? Are there any (realistic) ways that we can reverse the trend as quickly as it began? (6 pts, 2 comments)
    2. How should we be preparing for the rise of collaborative consumption's impact on the labor markets? (6 pts, 2 comments)
    3. 250,000 English words still available as Twitter handles (6 pts, 5 comments)
    4. The Tyranny of Taxi Medallions (5 pts, 0 comments)
    5. "The Airbnb For Blah" analogy isn't going to go away (3 pts, 0 comments)
    6. You’re forking out $9,000 a year to own your car. (3 pts, 1 comments)

Top Commenters

  1. d0gsbody (54 pts, 42 comments)
  2. kevinmrr (27 pts, 25 comments)
  3. countmac01 (22 pts, 14 comments)
  4. craigshapiro (21 pts, 9 comments)
  5. CollaborativeFund (15 pts, 8 comments)
  6. alphacentauriAB (11 pts, 5 comments)
  7. Vaginal_Scrapings (10 pts, 5 comments)
  8. DanPierson (7 pts, 5 comments)
  9. DanteEstonia (7 pts, 4 comments)
  10. agentlame (6 pts, 1 comments)

Top Submissions

  1. reddit's CEO explains why YouTube comments suck so much. by janey42 (13 pts, 6 comments)
  2. The Economist compares Bitcoin to Napster: "Even if it crashes, Bitcoin may make a dent in the financial world" by kevinmrr (11 pts, 0 comments)
  3. The Boston Marathon attack gave me an idea for dealing with events like this in the future. by Vaginal_Scrapings (10 pts, 0 comments)
  4. This is the first time I've shared this idea with the general public - Reddit seems like the right place by WaterproofThis (10 pts, 4 comments)
  5. Announcing: The Singularity Book Club by d0gsbody (10 pts, 10 comments)

Top Comments

  1. 6 pts: agentlame's comment in reddit's CEO explains why YouTube comments suck so much.
  2. 5 pts: blinkergoesleft's comment in Announcing: The Singularity Book Club
  3. 5 pts: craigshapiro's comment in Can someone explain to me the "big picture" implications of Google Fiber?
  4. 4 pts: BloggingAlan's comment in reddit's CEO explains why YouTube comments suck so much.
  5. 3 pts: d0gsbody's comment in Uber, Data Darwinism and the future of work
Generated with BBoe's Subreddit Stats SRS Marker: 1366754276.0
submitted by subreddit_stats to socialcitizens [link] [comments]

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