BitFury Backs BIP 100 Blocksize Proposal
The best-capitalised mining firm in bitcoin has waded into the block size debate - stating it must be resolved by consensus. BitFury, previously silent on the hot-button issue, said it will join bitcoin's biggest mining pool in backing Jeff Garzik's "market-led" BIP 100 proposal, which lets miners 'vote' on the size of each block. CEO Valery Vavilov told CoinDesk: "We think that the block size debate must be resolved by consensus and the voting mechanism introduced in BIP 100 is a good way to achieve such a consensus ... The power to make such future defining decisions must belong to the....
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There have been a few proposals to increase the maximum blocksize in Bitcoin over the past year, but the two plans that are garnering the most attention right now are Jeff Garzik's BIP 100 and Gavin Andresen's BIP 101. While Andresen has already implemented his plan in BitcoinXT, Garzik is still working on a formal write-up and the code for BIP 100. Andresen shared his thoughts on BIP 100 via an interview on Epicenter Bitcoin. Although he did not seem completely dismissive of the proposal, it's clear that he would prefer to go with his own idea for increasing the blocksize, which would....
In the midst of Bitcoin’s price rise and the dramatic flash crash of DAO and Ether, Core developer Gavin Andresen took to Reddit voicing his support for an unlimited blocksize increase. Blocksize Increase: ‘Nothing Bad Will Happen’. The comments were made in response to concerns about an increase to 2MB by longstanding r/btc subreddit user u/Pool30. “I....
Bitfury Group, in collaboration with the open-source Lightning Network community, has released a white paper that explores how the in-development micropayments protocol could more effectively route bitcoin payments between users when launched. Long an outstanding question facing the Lightning Network, one of the more acclaimed proposals aimed at scaling the bitcoin network to accommodate higher transaction volumes, the 40-page white paper introduces a new routing system it calls Flare, which employs a hybrid of existing strategies for path discovery and selection in decentralized systems.....
Haipo Yang, ViaBTC’s founder and former employee at the Chinese internet giant Tencent, expressed strong criticism in a brief interview with CCN towards Luke-Jr, a Bitcoin Core developer and Blockstream contractor, regarding his proposal to reduce the blocksize to 300kb or, alternatively, for the network to wait another 7 years before an increase of the current 1MB transaction capacity. Yang says: “If we change the block limit to 300KB now, the bitcoin system will crash. He, as the core developer of Bitcoin, [is] very irresponsible to do this.” Luke-jr did not respond to our requests for....
Newly-launched BitFury Capital announced Friday that they have made their first investment into the bitcoin ecosystem since launching. A subsidiary of BitFury Group, BitFury Capital is a seed fund that launched in early July, and they say today they've made an investment in what has been described as a "prominent bitcoin wallet provider." Interestingly enough, BitFury Capital neglected to mention which wallet provider they invested in, and what the investment was valued at. "We are happy to mark our first investment into the Bitcoin ecosystem," said Marat Kicikov, managing director of....