Big Miners Back Bitcoin Classic As Scaling Debate Evolves
Following a months-long debate on how best to scale the bitcoin network to accommodate a greater number of transactions, bitcoin mining firms are voicing their support for a newly introduced proposal called Bitcoin Classic. Though a new entrant to the debate, Bitcoin Classic so far has the support of bitcoin developers including former Bitcoin Core maintainer Gavin Andresen, Bloq CEO Jeff Garzik and Ledger Journal editor Peter Rizun, among others. If adopted, Bitcoin Classic would increase the size of blocks on the bitcoin blockchain to 2MB, up from 1MB today. The proposal has created....
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Just because mining pools give individual miners the ability to choose Bitcoin Core and Bitcoin classic, does not mean they will be switching over in droves all of a sudden. That statement is only reinforced by the F2Pool mining statistics, as only a small portion of miners have diverted their hashpower to Bitcoin Classic. This begs the question as to whether Bitcoin miners care enough about the difference between both solutions to risk their steady earnings or not. Bitcoin Miners Are Not Too Bothered. Reaching a consensus on whether or not to implement the Bitcoin Classic block size....
The prolonged scaling issue has turned into what some have been calling bitcoin's existential crisis. As proposals for alternative solutions to Bitcoin Core’s roadmap were put forward and Bitcoin Classic gained traction, the divergence in technical approach has devolved into a heated debate. Emotionally charged disputes on Reddit and Twitter with censorship and personal attacks have divided the community. This split over the protocol harkens back to differences in views that arose at the onset of this technology between economists and those with computer science backgrounds. The former....
A code update best known for its polarizing role in bitcoin's scaling debate has just made its debut on another blockchain. As of this morning, miners securing the alternative blockchain litecoin can now begin signaling support for Segregated Witness. Known popularly as SegWit, the upgrade changes the way that data is stored within a digital currency transaction, allowing more transactions to take up less space on the network while adding other optimizations. The introduction sets up an interesting dynamic as some bitcoin developers now believe the upgrade is perhaps more likely be....
Bitcoin's scaling debate is clearly one of its defining moments. It has pitted the user bases sharply against one another whether through endless Reddit debates, digital media or even at the "top" tier of the development teams. It also raised significant issues around centralization and bitcoin’s somewhat awkward relationship with the mostly China-based mining industry. In this post, I will attempt to document different parts of the debate as it played out from different perspectives. I do not consider myself beholden to any specific strand and have attempted to be as neutral as....
An interesting proposal has surfaced on Reddit, detailing how Bitcoin should be used as it was originally designed and envisioned by Satoshi Nakamoto. That in itself is nothing new, but the idea of crowdfunding Bitcoin Classic miners for every block they mine on the network is something else entirely. If this concept came to fruition, there would be a....