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RE: Bitshares is superior to any other crypto and therefore so is Steem
Thank you for your detailed article about Bitshares. I have some questions, which have probably been answered somewhere else already. ;-)
- Which license does Bitshares use?
- 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.
- 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.
You're welcome. :-)
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. ;-)
Thank you very much for taking the time to answer!
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.
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.
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.