In the month following the release of BitcoinXT, there has been much speculation regarding the future of the Bitcoin network. The ongoing block size debate resulted in the release of the alternative version of the software, which seeks to address the block size capacity issue. BitcoinXT functions as a sort of community referendum, as the initiation of a hard fork requires at least 75% of recently mined blocks to be using the alternative, XT software.
A large section of the community has rejected BitcoinXT, instead choosing to back BIP100, which proposes a different, more conservative solution to the block size limit. BIP100 would also lead to a hard-fork, but would result in a slower scaling of the Bitcoin network, as miners would be required to ‘vote’ for block size increases. The lengthy debate has caused something of a divide within the Bitcoin community, which is less than ideal for a currency built on decentralisation, trust and consensus.
BitcoinXT does have some high-profile support; blockchain.info released a document signed by a number of CEOs of prominent Bitcoin companies, including Bitpay, Circle and Xapo. Such companies have significant VC-backing and are likely backing BitcoinXT due to its potential to scale up the Bitcoin network quite