Bitcoin Classic Publishes Code That Could Double Bitcoin's Block Size
The first release for an alternative implementation of bitcoin that would double its transaction capacity has been published. Today, bitcoin users run or rely on versions of Bitcoin Core, the descendent of the original bitcoin software developed by its pseudonymous creator Satoshi Nakamoto. Yet the ongoing debate on how to increase capacity has opened the door to other implementations of bitcoin to gain prominence, as previously demonstrated by the rise and subsequent fall of Bitcoin XT. The release of Bitcoin Classic, which constitutes a repackaging of the latest Bitcoin Core software....
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Today, Bitcoin Classic released code that could double the block size. The concept is crucial, the timing is interesting, the repercussions massive. At CCN, we have covered block size conversations and opinions. Bitfury’s Vavilov has an opinion. Dash has addressed the limitations. But now the debate is in full swing and the intensity is increasing. After Mike Hearn’s recent departure, the discourse in the community was mostly centered around the question of “What does it mean?” Of course not to imply that today’s release is at all correlated with Hern’s exit, but at least now we know what....
Bitcoin Core developer Gavin Andresen in a recent e-mail has requested constructive feedback for his adaption of BIP-102 from the Bitcoin Community. Block size debate, who is not familiar with it? The arguments are slowly cooling down as most of the Bitcoin community is favoring Bitcoin Classic. Bitcoin Classic proposes an increase of block size from 1 MB to 2 MB to accommodate growing transactions on the Bitcoin network. Bitcoin Classic calls for a hard fork in the blockchain to introduce the change in block size. Recently in an email, Gavin Andresen has called for constructive feedback....
In the continuing struggle between advocates for Bitcoin core and the hard fork of Bitcoin Classic, some Bitcoin ATM’s have drawn a line in the sand on where they hope the future of the cryptocurrency to go in favor of Bitcoin Classic. In a recent Reddit thread posted on behalf of the Bitcoin ATM company Bitlove, they shared that they were among 5 current Bitcoin ATM companies including Coinucopia, Herocoin, Tobitcoin, Sumbits, and Bitlove which would switch to Bitcoin Classic to support the immediate block size increase. In total, 29 Bitcoin ATM’s across North America have switched to....
Chinese miners would not need to worry about explosive block size growth either, as the maximum rate of growth is capped at twice the previous size. There will be no jumps from 1MB blocks to 2MB blocks and then suddenly increasing to 8 MB. This should give the local Internet infrastructure enough time to ramp up the overall network speed and [try to] get rid of data caps. For those people looking to see the Bitcoin block size debate coming to an end, that will not be happening anytime soon, unfortunately. Things have gotten more interesting a few weeks ago when rumours....
It is important to note these details are not officially confirmed by any of the Chinese mining pools right now. For those people who assumed the Bitcoin block size debate was settled once and for all, bust open the popcorn yet again. Chinese mining pools are colluding to hard fork and support 2MB blocks. In doing so, they would go against everything Bitcoin Core has been working on so far, and use Bitcoin Classic instead. The Bitcoin block size debacle has been a source of great controversy for nearly a year now. Many experts feel the Bitcoin block size needs to be increased, yet there....