All About BTC, LTC, ETH mining as well as other alternative crypto currencies
While the controversy surrounding Bitcoin and the block size debate among others continues with the number of transactions ranking up, filling the 1MB blocks completely and transaction fees rising we just got a new Bitcoin Core 0.14.0 release. The key aspects of the new releases are focused on improving performance for initial block download if you are starting a new full blockchain download as well as faster new block validation and relay. This is a welcome improvement that can be really useful for users with the Bitcoin blockchain data already close to 115GB in size…
Another new feature available in the 0.14.0 release is the optional fee bumping (not enabled by default) that allows users to users to increase the fee their transactions pay even after they’ve broadcast an earlier version of the transaction. This new option might be useful with the increasing number of transactions to help you move some coins at a faster speed if your initial fee was too little. This however is not a real solution for the problem with the blocks getting filled with transactions… we actually need a solution that will help keep transaction fees at a reasonable low level with the Bitcoin price still going up and that will help transactions confirm reasonably quick even with lower fees.
One of the main things that has pushed the development of alternatives to the Bitcoin Core software is the ongoing debate about the blocksize and more specifically if and how it should evolve over time in order to cope up with the growing number of Bitcoin users and the increase of the number of transactions. So now apart from Bitcoin Core we also have Bitcoin Classic, Bitcoin Unlimited and Bitcoin XT as major alternatives and there are already quite a lot of nodes running a different software than the Core one. The website Node Counter allows you to easily keep track of the number of different nodes in the Bitcoin network and what version of the Bitcoin software they are running as well as how things are changing over time. Looking at the graphs we can clearly see that the support for 2MB or larger blocksize is growing, but still the number of Core nodes that are keeping the 1MB blocksize is a few times larger. Bitcoin Classic is getting significant increase in support and is currently with about 1/4 of the size of the number of Core nodes, followed by Bitcoin XT and Bitcoin Unlimited that have been recently loosing support most likely in favor of the Classic implementation. If you are interested in how thing are developing you can keep track on Node Counter or another of the many new websites with similar goal that have popped up recently.
Here comes the official release of Bitcoin Core v0.12.0, but note that there is still no final solution implemented for the growth of block size over time and the debate continues. Still a lot of work has gone into this release and it may just be the biggest one yet, with more significant improvements than any other before.
Here is a list of the major improvements in version 0.12:
– 7x Faster Signature Validation
– Ability to Limit Upload Traffic
– Crash Prevention via Memory Pool Limits
– Option to Send Transactions That Can Be Fee-Boosted
– Improved Rules for Transaction Relaying
– Automatic Usage of Tor When it’s Running
– Ability for Apps to Subscribe to Notifications With ZeroMQ
– Massively Reduced Disk Usage for Wallets
– Much Faster Block Assembly for Miners
In addition to these, there are 13 other improvements that didn’t make the top list but are nonetheless quite valuable. You can find a complete list of them in the Change log.