By
Bhushan Akolkar
August 29th, 2022
BitFury advocates the block size increase to be implemented correctly and with minimum risk.
BitFury Group, a leading, fully integrated Bitcoin Blockchain infrastructure provider and transaction processing company, unveils the necessity for bitcoin community to discuss the industry’s hottest issues. The attention to the bitcoin block size issue has been great over the last several months.
The possible solution to the problem, new Bitcoin Classic version 0.11.2, was released the other day. It differs from the beta2 version only by the version number. Bitcoin Classic 0.11.2 focuses on doubling the transaction capacity of Bitcoin and includes a consensus rule change that increases the block size limit from 1MB to 2MB.
BitFury has always advocated the pragmatic approach: a careful evaluation of all pros and cons and taking into account all potential risks and benefits. At the end of January it held a round table discussion with more than 70 prominent people from the bitcoin industry including Luke-Jr from Bitcoin Core team, Ledge Marco from Genesis mining, Marshall Long and Gavin Andersen representing Bitcoin Classic and many others.
Bitcoin Core developers were advocating that more transaction capacity should be added without immediately altering the size of data blocks on the blockchain while other participants saw a direct increase of the network’s block size limit as the solution to the block size challenge. In their opinion, the block size must be increased in order to enable the bitcoin network’s scalability and further development of the bitcoin economy.
BitFury has recently published five key conclusions that it came to together with bitcoin businesses, exchanges, wallets, miners, and mining pools:
- Bitcoin block size must be increased in order to move the bitcoin project forward, but at the same time it should be done with minimal risk, taking the safest and most balanced route possible.
- Any contentious hard-fork is quite risky and, if incorrectly implemented, may potentially result in two incompatible blockchain versions. BitFury insists that hard-fork right now would be extremely detrimental to the bitcoin ecosystem.
- BitFury calls the Bitcoin Core developers to discuss and determine the next best steps. The company opposes to unduly rushed or controversial hard-forks irrespective of the team proposing.
- Bitcoin community must be sure that future changes to code relating to consensus rules are done in a safe and balanced way. The hard-forks should only be activated only if they have widespread consensus and long enough deployment timelines in order to avoid trust and monetary losses.
- The success is seen in the collaborative work of all bitcoin contributors. Divisions in the bitcoin community can only be mended if the developers and contributors can take the first step and cooperate with each other.
BitFury CEO Valery Vavilov once announced his support to Bitcoin Classic in his Twitter account:
https://twitter.com/valeryvavilov/status/688054411650818048?ref_src=twsrc^tfw
Indeed Bitcoin Classic’s developers express confidence that miners and users will be satisfied with Bitcoin Classic as it establishes democratic decision-making on code changes, using miner and user input. “We are writing the software that miners and users say they want. We will make sure that it covers their needs, helps them deploy it, and gracefully upgrade the bitcoin network’s capacity together.” Bitcoin Classic will be implemented if the majority approves the change.
