Bitcoin’s Block Size Can Be Increased without Hard Fork, Says Blockstream Co-Founder

Bitcoin’s Block Size Can Be Increased without Hard Fork, Says Blockstream Co-Founder

Bitcoin News
October 9, 2018 by XNews Editor 5
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The co-founder of blockchain startup Blockstream and Bitcoin core developer Mark Friedenbach presented a revolutionary concept for Bitcoin (BTC). He introduced a procedure that could possibly make future, controversial alterations to Bitcoin, such as growing block size without having to do a hard fork, as announced at a workshop in Tokyo October 5. The new
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The co-founder of blockchain startup Blockstream and Bitcoin core developer Mark Friedenbach presented a revolutionary concept for Bitcoin (BTC). He introduced a procedure that could possibly make future, controversial alterations to Bitcoin, such as growing block size without having to do a hard fork, as announced at a workshop in Tokyo October 5.

The new idea recognized as “Forward Blocks” was founded during Scaling Bitcoin workshop, proposes a major on-chain capacity boost through a Proof-of-Work (PoW) alternation that is presented as a soft fork, merged with the utility of alternative private ledgers.                                 

“Most of the scaling debate is wrapped up in the issue of how to do a hard fork safely, and when, if ever, we should do a hard fork for scaling purposes,” Friedenbach stated.                          

However, with forward blocks into a picture, this might not be an issue anymore. “‘Forward blocks makes that whole argument pointless. We don’t need a hard-fork to scale bitcoin, if and when we decide to do so. It can be accomplished as a soft fork like SegWit was,” Friedenbach mentioned. 

The proposal explains a process to enhance censorship resistance via sharding and also improvise “settlement transaction volume to 3584x current levels”.

The former NASA contractor, Friedenbach, during his presentation introduced several prominent steps for improving on-chain Bitcoin transactions along with issues appearing on the Bitcoin blockchain. The presumed “soft-fork” alternation seek to strengthen consensus rules wherein old nodes are acknowledged to “still see the chain advance.” The study also describes the meaning of “forwards compatible soft-fork,” for which relegated nodes still accept and practice all transactions.

Additionally, Friedenbach emphasized in his presentation the major part of sharding for growth in censorship resistance, stating that “database field” had lent him “sharding” term. Moreover, the term briefed in the research is “definitely not” the sharding that is being implemented by the rest of the major crypto-related projects but is “nevertheless the correct term to use” in the frame of the study.

The issue pertaining based on Bitcoin scalability is one of the trending topics to be talked about around the top digital currencies. But this problem did not sustain for long in such a tech-freak environment as a group of Bitcoin engineers initially this July proclaimed the launch of the Bitcoin Operations Technology Group (Bitcoin Optech) to reveal the subject of scaling the Bitcoin blockchain.

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