Do blocks still hold max 1MB of raw data, but the data has become more efficient allowing many more transactions to fit in a 1MB block, than just 2 years ago?
Is this basically correct? Blocks are still 1Mb but segwit and batching, bech32 improvments increase data efficiency allowing many more transactions to fit within a 1MB block....increasing the # of transactions per block (some call this increasing the block weight), while keeping the block size at 1MB. Basically the same size blocks hold data far more efficiently than before.. Is that right? Read more