Toms Blog

Where I talk about Bitcoin Cash and more

A roadmap for scaling Bitcoin Cash

2017-11-02 bitcoin cash
I have been measuring the performance and optimising it for over a 2 years now, when I first looked we had 368 million transactions a day. Today with better software and faster hardware we are closer to a 900 million a day. This means that today, the software on modern hardware has a peak-performance in ideal situations which is about equal to Visa peak levels 10 years ago. These numbers are not sustainable because of various reasons. Continue reading

Re-thinking crypto transaction priorities

2017-09-19 Bitcoin cash
There is an air of oppression that lifted in the Bitcoin Cash ranks. This is still something we are getting used to, but the change is clear and the benefits are slowly being realized. We used to live with the people that want to forever have 1MB blocks and are still fighting against even a little increase on the SegWit2X chain. Those people were toxic, yes. But what is more important is that their ways of thinking affected everything about Bitcoin, and many times not for the better. Continue reading

Increasing Merchant Adoption of Bitcoin Cash

2017-09-14 bitcoin bitcoin cash
When Bitcoin and Bitcoin Cash split, we made sure that there was no possibility of user losing money because their BCC transactions would somehow be valid on the BTC chain. Or vice versa. This has done great things for the trust people have in the chain. Shortly after Bitcoin Cash started (Aug 1st), some merchants came and realized we missed one important usecase. The payment protocol. We soon fixed that too. Continue reading

The simplicity of Flexible Transactions

Flexible Transactions is a technology I wrote that does only one thing, and it does it well. It upgrades the way that a Bitcoin transaction is stored. The way that Satoshi Nakamoto initially designed the way that transactions were stored is a very old-fashioned idea. The old format lists byte-by-byte what is allowed and what comes next. As you can imagine that specification is quite large. It is in actual fact hardly documented at all. Continue reading

Dear Bitcoin Cash: Good news, Fees Will not Rise

2017-08-08 bitcoin cash
In a recent unparalleled action, Blockstream employee and thus Bitcoin core dev Rusty Russel admitted that in their strategy Bitcoin fees, unlike Bitcoin Cash fees, will continue to rise. Bitcoin Cash, or to be more honest, Bitcoin-as-originally-designed is a decentralised system. To really know if a transaction is valid you need to know every transaction that fed into it is valid. You can always retrace a chain of transactions to the point where the coins were originally mined. Continue reading

Bitcoin Cash Migration Strategy

2017-08-01 Bitcoin cash
The last week has been very wild, very long days and great code being churned out. Sometimes the unit tests objected to that latter part, but all is fine again today. After shipping Bitcoin Classic 1.3.0 and 1.3.1 with substantial changes in each, please notice the 1.3.2 release is just out. This finalizes the features needed in the short term for migrating people from the current state to the state where there are two coins. Continue reading

Quadratic scaling of hashing time

2017-07-11 bitcoin
Theory In Bitcoin a transaction moves money from one address to another and in order to only allow the actual owner of money the ability to move this, we use cryptographic signatures. An owner of a Bitcoin address can only spend money by adding a cryptographic signature to a transaction that spends it. The act of adding a cryptographic signature includes the hashing of the entire transaction. As such the size of the transaction matters to the speed of this signing, as well as the validation of said signature. Continue reading
Older posts Newer posts