BitFury, the leading and fully integrated Bitcoin Blockchain infrastructure provider and transaction processing company, has announced their support for 2 megabyte block size increase with Bitcoin Classic.
— Valery Vavilov (@valeryvavilov) January 15, 2016
As for now, BitFury’s Bitcoin Classic is supported by more than 72% of mining pools. The largest mining pools and transaction processors in the industry such as KnCMiner have also approved of the 2 megabytes block size increase proposal. Among others Coinbase, Bitstamp, Circle, Jeff Garzik, Roger Ver, and Gavin Andresen have publicly backed up Bitcoin Classic.
However Bitcoin Classic isn’t the final solution of the problem of blockchain size unveiled recently by Mike Hearn. According to Hearn, the current situation in bitcoin industry looks as follows: “The block chain is full. You may wonder how it is possible for what is essentially a series of files to be “full”. The answer is that an entirely artificial capacity cap of one megabyte per block, put in place as a temporary kludge a long time ago, has not been removed and as a result the network’s capacity is now almost completely exhausted.”
Hearn’s statement has caused not only bitcoin price drop last week, but also made the majority of the bitcoin community propose an implementation of a temporary system, instead of gearing towards a hard fork. “We call our code repository Bitcoin Classic. It starts as a one-feature patch to bitcoin-core that increases the blocksize limit to 2 MB. We will have ports for master and 0.11.2, so that miners and businesses can upgrade to 2 MB blocks from any recent bitcoin software version they run,” explains the team.
Having received many comments in response to his blog post, Hearn says: “It’s ludicrous that people are actually writing posts on reddit claiming that there is no crisis. People were criticizing my post yesterday on the grounds that I somehow overstated the seriousness of the situation. Do these people actually use the bitcoin network to send money every day?”
However Hearn’s fears are really considered to be overstated by many. Bitcoin transactions are being processed seamlessly, with 10 minutes of confirmation time and around US$0.02 miners fee on average. Besides bitcoin has already been declared dead for 89 times (2 times only for the beginning of 2016). Nevertheless the cryptocurrency is still alive.
Bitcoin community believes that implementing a soft fork and increasing the block size to 2 megabyte can be a better way out of the situation comparing to forceful implementing of a hard fork and as a result creating a potentially dangerous environment for the Bitcoin network.
The upcoming weeks can prove that absolute majority of world’s largest mining pools, companies, and experts supports the 2 megabyte proposal and gets strongly engaged in the implementation of Bitcoin Classic.