Bitcoin Overflows with Pending Tx in Record Congestion


  • Bitcoin mempool continues to swell with unconfirmed transactions. 
  • The network has been operating at maximum capacity. 
  • Bitcoin’s developer community remains divided on addressing the issue. 

Bitcoin’s network activity has shown no signs of slowing down since introducing Ordinals and new token standards. However, the continued demand for its block space has led to a series of unprecedented problems for the network. 

As Bitcoin faces its most challenging test yet, pending transactions pile up in the mempool, stirring panic and chaos, leading to an important question: How will Bitcoin overcome this? 

Bitcoin’s Record Congestion

Bitcoin’s astronomical success with Ordinals and its new token standards have revealed a worrying trend: it can’t handle mass adoption. Since May, despite operating at maximum capacity, the network’s mempool swells with transactions, marking the longest congestion period in its history. 

At press time, over 458,000 transactions sit in limbo on the network, waiting for confirmation, with much of this demand attributed to the success of Ordinals, BRC-20 tokens, and Inscriptions. 

Bitcoin Block Fullness. Source: Dune.

Data revealed that Inscription-based transactions dominate the network by holding 10% of the block size and generating 50% of the confirmations. 

Still, despite Bitcoin facing heightened congestion with these new protocols exacerbating block space demand, developers have yet to come up with a solution. 

Developer Solution for Bitcoin Remains Elusive

Bitcoin’s dev community remains torn on addressing the growing elephant in the room. While some core developers have called for a total ban on these new protocols, many argue that the challenges the network currently faces would persist regardless. 

Although increasing the block size could resolve the problem within a hundred blocks, the topic remains contentious among developers, with strong opposition from many in the community. 

Still, despite what community members believe and posit, the network has yet to see competent solutions besides banning the protocols. However, until then, the network could continue facing these issues. 

On the Flipside

  • Bitcoin’s recent network congestion issues are similar to Ethereum’s in 2018. 

Why This Matters

Bitcoin is on track for mass adoption with the introduction of its new protocols and solutions. However, its issues have long gone unaddressed, which could ultimately hurt the network in the long term. 

Find out if Cardano is as insufficient as this researcher claims it to be:
Cardano Community Strikes Back at Researcher’s TPS Critique.

Catch up on how SBF’s Dad siphoned exchange funds:

Here’s How SBF’s Dad Recklessly Misused FTX Funds



Source link: https://dailycoin.com/bitcoin-overflows-pending-tx-record-congestion/

Sponsors

spot_img

Latest

PlayStation and Activision Veterans to Launch Survival MMORPG on ImmutableX

ImmutableX is home to some of the most prolific Web3 games in the industry, including Gods Unchained, Illuvium, Guild of Guardians, Undead Blocks,...

Nets defense disappears in second half as they fall to Thunder, 121-107

OKLAHOMA CITY (AP) — Shai Gilgeous-Alexander scored 35 points, Josh Giddey had 15 points, 13 rebounds and 10 assists, and the Oklahoma City...

Poole states Warriors championship solidified his basketball legacy

Poole states Warriors championship solidified his basketball legacy originally appeared on NBC Sports Bay AreaFormer Warriors guard Jordan Poole is building something new...

Abortion opponents’ next fight is with GOP lawmakers

At the same time, these disagreements threaten to further fragment the anti-abortion movement, which was unified for nearly 50 years over the goal...

Kings’ Davion Mitchell details differences in regular season, playoffs

Kings' Davion Mitchell details differences in regular season, playoffs originally appeared on NBC Sports Bay AreaThe upstart Kings got a crash course in...