Why Block Size Increase Is Not A Solution To High Fees
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These are also goals of the Bitcoin Cash chain, which began via an August 1, hard fork with an initial default block size of 8MB and plans to lift the block size even further with appropriate testing. Other proposed solutions, such as Segregated Witness or SegWit 2x adopted by the Bitcoin SegWit chain, merely bitcoin blockchain size 3000 the capacity problem.
However, critics of larger bitcoin blockchain size 3000 sizes question whether the bitcoin network can safely and reliably handle the associated increase in transaction throughput if the block size is raised. BU and nChain believe that the Bitcoin community needs scientific data, rather than theoretical arguments, to bitcoin blockchain size 3000 those questions.
As previously reported, in JulyBU members met in Vancouver, Canada with representatives from nChain to explore ways in which they can collaborate to achieve larger block sizes and massive on-chain scaling of the Bitcoin network.
BU will lead work on the project, with nChain providing both funding and staff support. Although they are the project founders, BU and nChain bitcoin blockchain size 3000 for the Gigablock Testnet to eventually become a self-sustaining resource of the bitcoin community, with contributors from across the world.
BU has already created the new testing network, added mining and transaction generating bitcoin blockchain size 3000, and has begun carrying out its first planned bitcoin blockchain size 3000. In addition, the project will also receive assistance from the University of British Columbia in Canada. We anticipate that results from ongoing experiments carried out on this test network will add to the growing body of evidence that bitcoin can indeed scale into a functioning payment network for the world, following the design laid out in the original Bitcoin white paper written by Satoshi Nakamoto.
Such block sizes are already significantly larger than the current 8MB cap on Bitcoin Cash, and far larger than a recent Bitcoin SegWit main-net block of about 1.
At nChain, we put funding and action behind our beliefs, in order to make massive on-chain scaling a reality. We invite others interested in partnering with us to reach out to nChain. In addition to its support of BU, nChain is researching and developing tools, protocols and applications to support blockchain growth worldwide. This includes a software development kit to enable programmers to develop applications on the Bitcoin blockchain, solutions for scalability of the Bitcoin blockchain, inventions to improve security, on-chain scripting for smart contracts and a decentralised trading platform that uses autonomous agents.
For media enquiries, please email media nChain. The nChain Group of companies has grown to a team of bitcoin blockchain size 3000 excess of 60 world-class scientific research, engineering and other professionals primarily based in London, United Kingdom and Vancouver, Canada. If you continue, you consent to our use of these cookies. View our Privacy Policy and Cookie Notice for more information. Share Shape 5 Shape 3 Shape.
