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a block records transactional data to a blockchain.
fig 1: block
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blocks usually hold ranges of data between 1mb to 1gb of information.
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for example, the bitcoin protocol can hold 4,000 transactions on a block size of 1mb.
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after the first block fills with data, participants on the network agree on the next block.
when validating the next block all participants must form consensus. otherwise, the chain cannot move on.
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a smaller block size allows lower barriers of entry for participants on the network.
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preserves decentralization.
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increases innovation for off chain computation.
a larger block size raises barriers of entry for participants on the network.
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only certain users can participate.
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increases speed of transactions per block.
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My name is Nathan Pease. I'm currently studying Corporate Finance at the University of South Florida. My passion is blockchain/cryptocurrency technology. I am driven to make it my career.
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