CoinWallet Plans To ‘Stress Test’ Bitcoin To Make The Case For a Larger Block Size

CoinWalletCoinWallet, a London, U.K.-based bitcoin wallet, says it will conduct a stress test of the bitcoin network in early September that will render most bitcoin wallet software worthless and create a “nearly 30-day backlog,” according to the International Business Times. They plan to accomplish this by flooding bitcoin wallets with small amounts of bitcoin.

CoinWallet’s purpose is to convince developers and miners to implement a hard fork. The upcoming stress test is not CoinWallet’s first such attempt to make the case for increasing the block size.

“As part of this test, I will be reconsolidating more than 150 Bitcoin that currently sits in these wallets,” an unnamed spokesperson told the International Business Times via email.

Will Wallets Face A 30-Day Backlog?

CoinWallet said it will use 20 cloud-hosted servers to send bitcoin payments in amounts of 0.00001 to thousands of its addresses at random in transactions that are approximately 3kb each.

These 20 servers push approximately one transaction per second. The plan is to fill them up to 50-100 Bitcoin in total. In theory, if all things go as planned, we will create a nearly 30-day backlog.

Wallets that increase their transaction fees

Read more ... source: CryptoCoinsNews