What is the use of block size (number of blocks)?

The use of block size is to prevent situations where too many transactions cannot be processed due to the current market’s large scale data. According to the data from block explorers, the current market capitalization of Bitcoin is $3 trillion USD (approximately $488 million USD). However, due to the excessive number of transactions in the current market, there is a need to impose restrictions to handle large-scale data. Miners can also set their own block intervals to adjust the block size to the optimal position.

In order to facilitate understanding of block size and its purpose, we use a method called “Zero-Knowledge Proof” to represent a specific data type and computational complexity within a block. Specifically, by examining the input content, it can be determined whether a particular output is sent to a specified address. The output is then encrypted and added to the memory pool, reducing the reliance on external data. (ChainNewswire)

Number of Blocks

The number of blocks is a measure of the validity of each transaction in a blockchain system. When a new block is generated, nodes on the network can include any part of the block in their local repository to verify its authenticity and integrity. According to Blockchair data, there are currently over 30,000 independent miners controlling the entire Bitcoin hash rate, while only about 2,000 BTC (or approximately 2,100 ETH) are locked. Due to no new mining machines entering the market, the block reward has been halved. (cointelegraphcn)