Myth; Blocks Must Be Kept Full To Have A Working “Fee Market” To Secure The Chain

This idea that bigger blocks causes centralization of cryptocurrency and the argument for that is basically when people start to use any form of cryptocurrency there are more transactions and these transactions have to be validated by everybody running a full node. These transactions are stored forever in the blockchain… the more the transactions there are the bigger the blocks are every minute and it increases some burdens for each person running a full node..

Part of this philosophy is that it’s a good idea for everyone to run a full mode and if this gets more expensive, with some sort of tendencies for fewer people running the node. It sounds very obvious bigger blocks do increase the cost of running a node but however, there are a still lot of other effects here for bitcoin itself..

There are market decentralization and let’s look at this like the market and the economy itself is decentralized, so when I talk about the market I’m talking on the fact that we can participate in trading with other people.. The market is decentralized because we are all aware that no one runs everything, the doings are distributed over a lot of people around the world.. so the market is decentralized in the sense that there’s no one person that just owns the economy and nonetheless it doesn’t have a central point of failure.

Bitcoin is decentralized in the same way and if we let these series of blocks get bigger, it is not at all threatening to the market decentralization of bitcoin. In fact it’s a sign that the decentralization is improving because the sole reason why a block could get bigger is because more people are using it and more transactions are being sent around, that’s the more reason why the blocks are bigger which also shows that there are more people in the economy and as well running businesses, more mining power and more people doing a lot in the economy..

It success as a transaction system and that’s the more reason why the block gets bigger, what this means is because more people have reasons to run a node. Years ago Back to 2013 or 2014 there was this idea that because the economy is growing there will be more reason to run a node even if it’s more expensive and this is some of the points that makes me believe that bigger blocks do not actually centralize bitcoin or any other chain and it’s probably the other way around..

”Greater adoption causes better decentralization” and the facts that the blocks are bigger and makes the cost of mining a node to be higher it’s not that important of a factor all other factors are actually more important. In a nut shell, I’m not concerned that bigger blocks cause further centralization but helps in the decentralization of bitcoin for example. And this form of market means that more people are involved in critical functions where, not everyone runs the node..

There’s a constrain in the minimum confirmation times because new informations cannot propagate or circulate across networks faster than the speed of light, tons and tons of information are broadcast and there are no limits to the bandwidth of transactions.. But because everyone live all over the globe, information has to be transmitted across and if it bounces off it’s due to lower bound of networks and this has to be secured properly to avoid loss of dominance and a huge drop in the chain network..

It’s about helping one way to secure another and this puts a lot in place to encourage an acceptable fee market.

For a secure approach we have to consider certain alterations, the rapid changes in the adoption technology for various use cases… people coming into the eco-system will have a blockchain overview which will create an optimistic guide of a secured platform… There’s need to put up a regulation on fee protection and for each block protection, a lot of things have to come into play..

We check how blockchain security have advanced from time to time… these are constant changes that must be monitored, I can proudly say that from far back till this moment there are changes that have been done periodically to ensure the suitability of investors..

Authorized identities allowed to perform and audit various data

In relation to the full requirements, it must be firm in protection of various data within the chain. Regardless of how big and how resourceful the block size is, it is even much more safer to alternate around it.. This isn’t just a myth but for a fact, the quick response and reinforcements built in place to prevent cyber passage, automatic dysfunctional system is tight and still proactive till date.. For each level of trust in the affairs of the block raises the tension to how the system can remain as it is.

The Confidentiality In Protecting The Chain

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Cryptocurrency fee transaction list, crypto fee transaction comparison and many others are additional to what must be done to have a secure approach… there’s more trust in the system and many more people will be attracted from the globe… I wouldn’t trust my line of a ton of fee market cause that would be relying on the myth, so this isn’t profitable and a proper to guide the chain network system..

I believe with these few words there can be proper allocation of time and efforts to keep this fired up and going smoothly like it used to…

This is my entry for the @SofiaCBCH myth-busting writing competition. And lovely greetings to the amazing elves..

Slp address:

simpleledger:qz9jy5a4hd73gsgweur7pc8n3sa48keqavprhs43qx

SmartBCH address:

0x3c13dC5662d437de2a4102dA3B00A8f57d5e1E20

Lead [Image source]

December 2021