The Bitcoin community is still a few light years away from seeing a consensus being reached on whether or not BIP 101 and the 8MB block size will become the new norm for Bitcoin in the future. Bitcoin Core and Bitcoin XT developers are still debating who is right and who isn’t, but that’s not keeping various major Bitcoin companies from expressing their opinion either.
Implementing BIP 101 Regardless Of The Decision
Regardless of which camp you are in, a decision will have to be made by January 2016. If not, Bitcoin Core and Bitcoin XT will form two separate blockchain, effectively forking Bitcoin and causing irreparable damage to the virtual currency ecosystem. No one is looking forward to seeing those events unfold, so major Bitcoin companies are trying to force the issue.
Some of world’s leading Bitcoin startups – including BitPay, Xapo, Blockchain.info and KnCMiner – have reached a consensus to implement the BIP 101 change proposed by Gavin Andresen. As a result, all of these companies are in favor of 8MB Bitcoin blocks, which will solve the future scalability issue associated with Bitcoin.
The decision between these companies was made after a lengthy talk to miners, core developers and technical teams from each individual company. After all, this decision to implement BIP 101 has an effect on all of these Bitcoin startups, albeit it will be in a slightly different manner for each and every one of them.
“We support the implementation of BIP101. We have found Gavin’s arguments on both the need for larger blocks and the feasibility of their implementation – while safeguarding Bitcoin’s decentralization – to be convincing. BIP101 and 8MB blocks are already supported by a majority of the miners and we feel it is time for the industry to unite behind this proposal.” – The Letter states.
There are some valid concerns regarding BIP 101 and the 8MB Bitcoin block size, as the world’s largest Chinese mining pools feel their Internet infrastructure will not be able to keep up. However, it looks like all of these mining pools are still in favour of increasing the block size sooner rather than later. This story will unfold in the next few weeks.
Bitcoin Developers To Put Up or Shut Up
“Currently, the block size limit is hard-coded to 1mb, which constrains overall transaction throughput. BIP101 proposes to increase that limit to 8mb after January of 2016 when a supermajority (75%) of the blocks being mined indicate they support the increase. The limit on block size will double every two years after that until it reaches 8gb in 2036. We believe BIP 101 will safeguard Bitcoin’s decentralized nature while providing a reliable, immediate path toward greater network throughput and we would like to express our support for merging BIP 101 into Bitcoin Core.” – Bitpay CEO Stephen Pair mentioned a few days ago.
It will be interesting to see how the BIP 101 debacle will play out, as most of the parties in the Bitcoin industry seem to be in favour of increasing the block size. Whether or not a consensus will be reached in terms of making it 8MB, remains to be seen; but one thing’s for sure, if the Bitcoin ecosystem is to grow, the block size will have to be increased.
Source: Blockchain.info blog
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