Block Size Consensus Reached: Bitcoin Classic is Unveiled

Block Size Consensus Reached: Bitcoin Classic is Unveiled

Developers just announced the first official size increase for the blockchain. After months of embroiled, back-and-forth bickering between Bitcoin camps, including attempts to censor the conversation on sites like Reddit, developers have reached consensus. This new iteration of the blockchain is called “Bitcoin Classic.”  With this updated protocol, Bitcoin’s blockchain will gain a 2MB increase. And although this increase appears to be more in-line with a Jeff Garzik’s “emergency fallback” procedure, it still represents an important step forward as concerns about block space and scalability were looming heavy.

Also Read: Royal Bank of Scotland Indirectly Advises Investors to Buy Bitcoin

The website released the information and introduced the new change. It said:

“The data shows consensus amongst miners for an immediate 2 MB increase, and demand amongst users for 8 MB or more. We are writing the software that miners and users say they want. We will make sure that it solves their needs, help them deploy it, and gracefully upgrade the Bitcoin network’s capacity together.”

Even though the developers are ready to upgrade the capacity, it is good for everyone to remember that blocks could originally hold 36MB of transaction information.

Read more ... source: TheBitcoinNews