Without Network Improvements, Bitcoin Would Have Failed Long Ago...

An official blog post published at the end of last week by BitMEX explains how the team of the platform have just finished up a test of the main Bitcoin by conducting 35 initial block downloads (IBDs) and also highlighted that the length of time the network takes for node synchronisation.

In its conclusion, the BitMEX research indicates that the edits made to the network that give the green light for its improvement are suggesting that it seems to be the key reason it has been able to keep going. Not only that but that it is still highly consistent.

“The results show a considerable and consistent improvement in the performance of the software, but also a high degree of variance.“

The research team continues in explaining that the software utilised on this test were released between 2012 to 2019. On top of this note, on the software enhancements, the platform indicates that the later software - more up to date - would not have performed as well with older versions of the BTC software. This confirms that the enhancement wasn’t just bang on but we’re vital to the effectiveness of the network for the foreseeable future.

“Even with the latest computer hardware, older versions of Bitcoin struggled to get past the pickup in transaction volume which occurred in the 2015 to 2016 period. Therefore we conclude that without the software enhancements, an initial synchronisation today could be almost impossible.”

BTC’s End

Finishing off, the team said that if the software wasn’t improved upon, Bitcoin would have died out long ago.

“The large reductions in IBD times and the inability of old nodes to fully synchronize indicates that if it were not for these scalability enhancements, by now Bitcoin would be essentially dead, even if users had the highest specification hardware available.”

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