Currently Bitcoin blocks are limited to 1MB and each block seems to hold roughly 1000 transactions assuming each transaction is 1KB.
Much of a transactions size seems to be caused by Bitcoin’s built-in scripting system to facilitate complex transactions.
Would Bitcoin benefit from a deliberately primitive blockchain, one that can only records the input addresses and output addresses?
My thinking is that for most transactions you would only need 1 input and 2 outputs. So you could reduce the transaction size from 1KB to about 100 bytes. That would increase Bitcoin’s Tx/s by 10 times I’m assuming.
What’s more, since the Blockchain is primitive by design it couldn’t handle anything like Escrow or any other kind of transactions. This would encourage people to do those activities before they record their transaction on the Blockchain which would mean there would be less demand on the Blockchain for transactions.
These are just ideas I had, if anyone could disprove them that would be cool too!
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