The Bigger, the Better: 64% of Bitcoin Users Vote For Block Size Increase
Over the past few weeks, community-driven Bitcoin statistics and services provider Coin Dance conducted a survey to analyze the stance of the Bitcoin community on the Bitcoin block size debate. Approximately 64% of Bitcoin users that participated in the survey voted for the increase of the block size limit. Scaling the Bitcoin network. Since the Bitcoin Roundtable Consensus in Hong Kong held in February 2016, a lot of Bitcoin users, miners, companies, and investors have demanded for the increase of the Bitcoin block size. Miners and companies that participated in the Hong Kong conference....
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A decentralized, open-source voting platform called CryptoVoter allows bitcoin holders to vote on bitcoin development issues. The value of each voter's vote is proportional to how much bitcoin they own, making the system similar to a shareholder referendum. Introduced by startup Lewes, Del. -based Blockchain Innovation Labs Inc., the CryptoVoter uses the block chain to cast and audit votes. The questions are proposed by bitcoin holders. After each poll deadline, the system scans wallet balances of addresses associated with the votes and automatically calculates the total for each answer....
Blockchain is the ledger in Bitcoin network which records all transaction details. These transactions are registered in 10 minute blocks of 1 megabyte each. The Blockchain grows as the number of blocks increase. New blocks are created each time after the previous block exceeds the block size. The block size was limited to 1 MB during the initial days of Bitcoin when the number of transactions were less and the Blockchain didn't have much use apart from recording the transactions. But now, as the number of bitcoins and bitcoin users increase, the number of transactions also rise. Apart from....
Bitcoin has entered into a new phase of its existence. Prominent developers Mike Hearn and Gavin Andresen have made changes to the alternative Bitcoin implementation Bitcoin XT, designed to fork Bitcoin's blockchain in order to allow for bigger blocks. Bitcoin users and - in particular - miners are, therefore, faced with a choice. Will they support Bitcoin XT and vote for an 8 megabyte block-size limit - doubling every other year? Or will they stick to Bitcoin Core with 1 megabyte blocks, limiting the Bitcoin network to a maximum of seven transactions per second? Or at least that is the....
BTCC COO Samson Mow: Without Consensus on Block-size Limit, Stakeholders Might Implement an Increase
BTCC Chief Operating Officer Samson Mow indicated that the leading Chinese mining pool and exchange supports an incremental increase of Bitcoin's block-size limit to 8 megabytes in order to buy time for alternative solutions to be developed. Moreover, Mow believes the Bitcoin industry might opt to raise Bitcoin's block-size limit even if no consensus is found among the Bitcoin Core development community. "If there is no consensus soon, I could see a situation where stakeholders make a decision to implement a small increase," Mow said. "Without bigger blocks, a fee market will develop,....
A Reddit discussion on increasing the bitcoin block size clarified why many are opposed to the bitcoin hard fork. A poster asked Bitcoin Core developers to explain their vision on increasing the block size. The poster claimed to be “very strongly anti-Bitcoin Unlimited (BU) but mildly in favor of bigger bitcoin blocks. BU has been proposed as a solution to scaling the bitcoin network that will hard fork the bitcoin blockchain. “Please, educate me on your view as to if the max block size should ever change, if not why not, if yes how,” the poster asked. Block Size Change Needed. In....