Who Should Take Advantage of Blockchain Pruning?
Blockchain pruning is a concept that is developed by Bitcoin developers to address the issue of Bitcoin scalability. This blog will try to shed light on which groups of Bitcoin community will be benefitted by Blockchain pruning and which would prefer to stay away from it?
Let’s look at each group:
- Individual users: Those users who are not operational on a Bitcoin service or mining pool can choose to prune their blocks. It is because their requirements will be met by this activity, but the storage requirement will go down by multiple folds.
- Mining Pool Owners: These groups may want to skip Blockchain pruning as keeping the entire Blockchain transaction history will be a failsafe option for them. There is no doubt that keeping the transaction history up to 550 blocks will do a great favor on their storage capacity, but it is not advisable.
In light of the recent problems caused by invalid Bitcoin block validation, a buffer of 550 blocks is not enough to prevent Bitcoin fork. Also, it will be extremely problematic, if the majority of mining pools fixate on a fork of the network. Although the issue regarding invalid block verification continued for a long time, they have been addressed swiftly.
- Companies: Firms that are into Bitcoin services are required to maintain full Blockchains with them, especially the financial ones. Other companies, for example, those which are into providing API access can adopt Blockchain pruning. Although, they still need to maintain a copy of the entire Blockchain that runs parallelly. It is to observe the capabilities of different options and analyze which one can handle user’s requests in a better manner.
- Bitcoin Nodes: Bitcoin Nodes present all across the world, running Bitcoin Core client, can benefit from Blockchain pruning. However, switching from the full Blockchain to pruned 550 blocks can lead to problems down the line.