If bitcoin was using all of its tech during its peak of activity?
Just recently did segwit in bitcoin pass the 30% percent mark.
Segwit if you do not know is a 2mb soft fork increase and needed for LN
And Batching is not widely adopted yet :(
I wrote about the theoretical possible tps using all incoming/existing tech confirmed to being added to scale bitcoin.
But it made me think how many transactions could have done during "bitcoin's peak" of transaction level using segwit and batching.
According to blockchain.info the highest transactions done was 490,644 Tx on 12/13/2017.
Old segwit(read my theoretical possible tps level for more info ) would scale bitcoin to 2-3 times. Test have confirmed if alteast 80% of all Tx were using segwit 2mb blocks would be made about 95% of the time.
**So let say everyone was using segwit 100% on December 13. **
Normally bitcoin can do 5tps with 1mb blocks. Since segwit is a 2mb soft fork. Bitcoin can do 10tps using segwit. At random time it can get 3mb blocks using segwit giving 15 tps but that would be really rare. 1.9-2.2 mb are what you would expect from segwit usage.
So there are 86400 second in a day.
10 tps times 86400= 864000 Tx in one day with segwit :)
Without segwit would give bitcoin 432000 Tx in one day.
Wait a second you might be asking how did bitcoin process 490,644 Tx on 12/13/2017. That is because segwit was already active but only reached about 10-15% only.
With a 100% Tx using segwit on Dec 13 bitcoin would of been using only 56.78% of it capacity.
(490,644/864000) x 100= 56.78
Now time to take account for batching!!!
In bitcoin you can combine a bunch of output in one output.
Say 10-200 output to 1 output. Instead of performing separate transactions you combine alot the transaction and do it one time. In the blockchain, one batched transaction has the same weight as a single output transaction. This is called batching.
Out of all honesty, batching is for people/business sending a bunch of transactions. So this applies mostly to exchanges.
Shapeshift has claimed they use 2% of bitcoin network pre-batching.
.
Coinbase has been reported to use 30-50% of the bitcoin network sending out payment..
And there are way more exchanges not batching.
So let estimate that 40% of all Tx could of been batched.
So there was 490,644 Tx on 12/13/2017.
Some of these Tx are already batched hence why I picked 40%.
490,644 times 0.4=196257.6 Tx need to be batched.
Let say every 10 transaction were batched.
196257/10=19625.7
So 196,257 Tx now look as 19,625Tx :)
Key note=batched Tx can use segwit.
With 196,257 Tx now look as 19,625Tx we can calculate how much capcity bitcoin could of had now with batching+ segwit on Dec 13.
490,644 Tx - 196,257 Tx=294387 Tx+ 19,625Tx= 314012 Tx.
864000 TX can be done in bitcoin with segwit :) in one day.
(314012/864000) x 100= 36.34%
Using old segwit and batching bitcoin could of been using 36.34% of its capacity. The mempool would have been clear which would mean cheap fees.
You don't always have to work harder, just work smarter!!!! This same phase could be said with bitcoin.
Thank you for reading!! Remember these calculations were only counting old segwit only with batching.
If you read this post you'll see the power of the new tech coming to bitcoin. .
I am hoping my next post will be how bitcoin plans to add privacy. That right bitcoin is going to finally add privacy features that are actually really good. It an updated version of one of my old articles but with official confirmations and even newer tech :)
With Segwit at 100% and LN fully functional BTC would solve many problems that he has...
I completely agree with you!! I hate it when people say that bitcoin is not innovating anymore. If you read this article: https://steemit.com/bitcoin/@sames/segwit-bech32-batching-others-will-lead-to-bitcoin-reaching-passing-ethereum-on-chain-tps-level
I write about all the new tech being added to bitcoin!
Just bc bitcoin does not add quickly does not mean it old. Bitcoin is famous for its security.
Bitcoin lets other coins test the tech for them then adds it. Monero and litecoin being the main exp. LN is the only tech not being tested on altcoin but the amount of testing being done to make it secure is amazing. And bitcoin has create it own special privacy tools that would be better than any in the market. Well..until it get added to Monero. But you know what i mean. :)
Agree. Bitcoin has to be secure and simple. BTC doesn't need smart contracts in my view because for it's purpose and use case is not necessary .I have article about BTC use case: https://steemit.com/bitcoin/@cicbar/bitcoin-use-case-in-my-view-and-why-he-will-stay-a-king
Oh I remember that article :)
But i kinda do disagree with you. Bitcoin can/needs to do smartcontracts but it does not affect the main chain! How? It called rsk.co a sidechain: https://steemit.com/bitcoin/@sames/bitcoin-s-ethereum-killer-rsk-co
BTC cannot compete with EOS,NEO or similar platforms with smart contracts so better do things that you are best at...
While rsk.co and LN apps won't compete with Eos in pure speed but in security. Remember bitcoin is one of the best in being secure. Rsk.co will be a bitcoin sidechain with main interest in being secure while also doing 25K tps not eos level but not bad. Plus rsk.co can have sidechains of its own thus increasing the speed.
Ln apps are basically commerce app , one exp is dice games.
Ln apps are even more secure then rsk.co bc it is the LN but just a bunch of nodes dedicated to do some special task.
Maybe you are right and sidechain contracts on BTC will happened and will be used but I am not convinced...
Most Dapps will not be on rsk.co so no cryptokiity but probally hardcore finance apps/ other high security needed apps will run on rsk.co but in term of total usage rsk.co will be a failure but rsk.co was made for security and piggy back on the bitcoin name bc rsk token are just bitcoins. no token are created in rsk.co
You just planted 0.94 tree(s)!
Thanks to @sames
We have planted already 5852.37 trees
out of 1,000,000
Let's save and restore Abongphen Highland Forest
in Cameroonian village Kedjom-Keku!
Plant trees with @treeplanter and get paid for it!
My Steem Power = 20598.57
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku