Xapo Announces Plans to Upgrade to Bitcoin Classic

On February 21, 2016, popular bitcoin wallet platform and vault solutions provider Xapo CEO Wences Casares announced that the company is planning to upgrade to Bitcoin Classic, with a vision to help the Bitcoin network scale efficiently.

Bitcoin Classic is a hard fork bitcoin block size increase proposal currently supported and led by Bitcoin Core developers Gavin Andressen and Jeff Garzik, and industry leaders including Coinbase and Circle. If Bitcoin Classic achieves the 75% support threshold and becomes successfully implemented, the Bitcoin block size will be increased to 2 megabytes immediately, hence the name hard fork.

However, the announcement of Xapo has become controversial amongst the community and existing Xapo users, because the implementation of Bitcoin Classic could lead to a split chain, an event in which two Bitcoin chains co-exist in the same network. Historically, if two Bitcoin chains co-exist in the same network, the minority becomes eliminated almost instantly, unifying to one single chain. Thus, if Bitcoin Classic overtakes the Core chain, the Bitcoin network would be unified

Read more ... source: TheBitcoinNews

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