Author: Rebroad (sourceforge) 2015-06-15 11:16:16
Published on: 2015-06-15T11:16:16+00:00
The debate over Bitcoin's block size limit has been ongoing, with some advocating for increasing it while others want to keep it at 1MB. One proposal is to hard-fork Bitcoin to remove the block size restriction, but concerns remain about what will happen to the original 1MB limited Bitcoin. The solution proposed is to hard-fork and merge-mine, allowing both versions to exist and mining power to remain undivided. This has been successfully implemented in Dogecoin's recent hardfork. The plan is to have a forked Bitcoin with the blocksize limit removed begin to be merge-mined alongside Bitcoin at a certain block size, allowing both to coexist. The idea is to preserve the original Bitcoin and keep diversity, ensuring that people's investments are not unnecessarily put at risk. The Bitcoin core developers can implement a patch to allow the chain to fork at a set point, splitting bitcoins into the new and old versions. Branding will be an important issue, so there is little confusion. The use of centralized services is not ideal as it introduces systemic risk, but some argue that the benefits of decentralization are low compared to adding additional features. Third-party services are providing whatever developers need to build great apps, even if doing so fails to meet perfect cryptographic ideals.
Updated on: 2023-06-09T23:08:21.927889+00:00