> **Bitcoin: A Peer-to-Peer Electronic Cash System**
>
> A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution. Digital signatures provide part of the solution, **but the main
benefits are lost if a trusted third party is still required** to prevent double-spending.
>
> What is needed is an electronic payment system based on cryptographic proof instead of trust,
allowing any two willing parties to **transact directly** with each other without the need for a trusted
third party.
> if (blocknumber > 115000)
> maxblocksize = largerlimit
> It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don’t have it are already obsolete.
> When we’re near the cutoff block number, I can put an alert to old versions to make sure they know they have to upgrade.
– RAM Capacity per USD: ~6.5x Increase
– Global Average Network Speed: ~32x Increase
– CPU Performance per USD: ~9x Increase
– Storage Capacity per USD: ~10x to 25x Increase
1 Comment
As relevant as ever.
> **Bitcoin: A Peer-to-Peer Electronic Cash System**
>
> A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution. Digital signatures provide part of the solution, **but the main
benefits are lost if a trusted third party is still required** to prevent double-spending.
>
> What is needed is an electronic payment system based on cryptographic proof instead of trust,
allowing any two willing parties to **transact directly** with each other without the need for a trusted
third party.
— [Satoshi, The Bitcoin Whitepaper, October 31, 2008](https://bitcoin.org/bitcoin.pdf)
> The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
— [Satoshi, Bitcoin Genesis Block hash 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f, January 3, 2009](https://bitcoinwiki.org/wiki/genesis-block)
**Satoshi on how to increase the blocksize when at capacity**
> We can phase in a change later if we get closer to needing it.
— [Satoshi, October 3rd 2010](https://satoshi.nakamotoinstitute.org/posts/bitcointalk/478/)
> It can be phased in, like:
> if (blocknumber > 115000)
> maxblocksize = largerlimit
> It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don’t have it are already obsolete.
> When we’re near the cutoff block number, I can put an alert to old versions to make sure they know they have to upgrade.
— [Satoshi, October 4th 2010](https://satoshi.nakamotoinstitute.org/posts/bitcointalk/485/)
**Adjusted for inflation since 2010**
– RAM Capacity per USD: ~6.5x Increase
– Global Average Network Speed: ~32x Increase
– CPU Performance per USD: ~9x Increase
– Storage Capacity per USD: ~10x to 25x Increase
**Developments since 2017 in BCH**
– Adaptive blocksize (ABLA, blocksize governance solved)
– UTXO Parallel Validation (speed increase)
– Schnorr signatures (validation speed increase)
– Graphene and compact blocks (block propagation bandwidth reduction)
– CTOR (canonical transaction ordering) enables more efficient propagation and parallel validation
– High-performance UTXO storage, pruning, and parallel IBD reduce node hardware requirements
– Double Spend Proofs (safe zero-conf)