Bitcoin Developers Write Open Letter to the Community

Several bitcoin developers wrote an open letter to the cryptocurrency community, sharing their plan of action related to technical consensus and bitcoin scalability. Among the bitcoin developers who created the letter are major contributors to at least three separate implementations of the system.

In addition, signatories comprise about 90% of the commits in the last year or two to Bitcoin Core, according to Greg Maxwell. Wladimir J. van der Laan, Pieter Wuille, Cory Fields, Luke Dashjr, Jonas Schnelli, and Jorge Timón are among those included.

Bitcoin Developers Speak Out

The letter begins by shedding some insight on how the cryptocurrency network has grown from Satoshi’s paper back in 2008 to the wide ecosystem it is today, highlighting the role that bitcoin developers have played in the process. It acknowledged that there have been several technical debates every now and then but that these are focused on improving bitcoin. In particular, the letter mentioned that much work has been done in making substantial improvements in CPU bottlenecks, memory usage, network efficiency, and initial block download times, to algorithmic scaling in general.

Currently, the biggest debate among bitcoin developers concerns the block size limit. Some argue that an increase from the current 1MB maximum size is needed in order to allow the network to handle more transactions and to speed up the process. However, others argue that the current hard fork between Bitcoin Core and Bitcoin XT could lead to a larger disruption and possibly compromise the entire network.

With that, bitcoin developers plan to conduct a couple of workshops aimed at bringing the community together to discuss the issues. These are the Scaling Bitcoin Workshop in Montreal from September 12-13 and the second workshop in December 6-7 to be held in Hong Kong, catering to a more global user base. In doing so, they can maintain the consensus-based model of the bitcoin network and work collaboratively to figure out what’s best for the stakeholders. – leading Bitcoin News source since 2012