Bitcoin Block Size Conflict Ends With Latest Update

An issue that has been the source for months of debate and rancor throughout the Bitcoin mining and developer community over Bitcoin’s block size appears to have reached a long-awaited resolution. Within the most recent BitcoinXT update, Gavin Andresen has begun the process of revising the block chain individual block size from 1 MB to 8 MB starting next year. This is deemed necessary for the overall growth and usability of Bitcoin, as the current limits of seven transactions per second are becoming insufficient for the growing global community as consumer and business interest increases.

These impending updates were revealed on GitHub, and this is what is in store for the upcoming “hard fork”, taken directly from GitHub, posted by Gavin Andresen:

Implement hard fork to allow bigger blocks. Unit test and code for a bigger block hard fork.

Parameters are:

  • 8MB cap
  • Doubling every two years (so 16MB in 2018)
  • For twenty years
  • Earliest possible chain fork: 11 Jan 2016
  • After miner supermajority (code in the next patch)
  • And grace period once miner supermajority

    Read more ... source: CryptoCoinsNews