Bitgesell Improvement Proposal Introduces Dynamic Block Size for…

Efficient and lightweight, Bitgesell is a blockchain that takes the best of Bitcoin and improves upon it. Increased scarcity through annual halvings and having a 90% transaction fee burn allows the already superfast blockchain to fast track an upward pressure on the BGL coin’s price.

The latest proposal by the developers seeks to give Bitgesell a variable block size to improve the efficiency and utilization of the burn fee.

BIP-1: Dynamic Block Size

Block sizes in blockchain have a major significance when it comes to the efficiency of the network itself. The debate is so strong that it has already led to forks of Bitcoin, Bitcoin Cash being the most famous. Limited to 1MB, the original Bitcoin makes it impossible to hold more transactions than the set block size, leading to a higher transaction fee as users fight for priority, while the network speed remains the same.

For Bitgesell, having the perfect block size not only means an efficient network but also having the perfect burn volume. A less utilized block means a lower transaction fee, leading to an overall lower burn quantity, slowing down the scarcity pressure.

On the other hand, a congested network does help in burning more BGL as it raises competition and therefore the transaction fee. But then again, it means network clogging, a big no-no according to the Bitgesell philosophy.

The development team found the answer in creating dynamic block sizes, which vary according to the network load, allowing for the perfect balance of keeping fee per transaction on the higher end without slowing down the network.

How the Block Size is Determined

The BIP-IP-1 proposal presents two major parameters which will help in calculating the perfect block size.

The first is a collection of verifiable on-chain metrics. This includes:

  • Transaction Fee Value: Determined through factoring in average, median and maximum/minimum fee relative to the overall increase or decrease.
  • Network Congestion: Calculated through total transactions in block weight against the maximum block weight.

Secondly, the proposal takes into account off-chain data:

  • Transactions in Mempool: Transactions that await appending in blocks.

The result is a controlled dynamic block size that can take into account the varying network loads (times of lull and when Bitgesell is more active) to decrease or increase the block size respectively.

The Way Forward

Bitgesell development team intends to implement the proposal through several steps:

  • Response from the community.
  • Defining exact parameters that determine block size.
  • Creating a numbers-backed maximum block weight to counter any runaway effect.
  • Build and test the code to ensure exploits are not possible and smooth integration on the mainnet.
  • Implement if testing shows no issues with the Bitgesell code change.

Bitgesell: The Evolutionary Digital Gold

Bitcoin is said to be digital gold, with its limited supply and increasing demand. But the truth is that the real value of Bitcoin will only be realized by our offspring’s offspring as BTC supply decreases through 4-year halving cycles to a point where no more Bitcoin can be generated.

Bitgesell has been specifically created to allow for the same effect, but within our lifetime. Yearly halvings instead of every four years mean that all of the 21 million BGL will be mined in a couple of decades. Factor in the 90% burn of every transaction, this can be shortened even further. This also leads to heavy pressure as the scarcity increases and with increased adoption, creates an upward trend for the price.

The perfect store of value, Bitgesell is more than a fork of Bitcoin, it is the evolutionary future of digital gold.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.