Author: Luke Dashjr 2015-11-13 06:39:51
Published on: 2015-11-13T06:39:51+00:00
Chun Wang, a member of the bitcoin-dev community sent an email on November 13, 2015 at 2:56:55 AM. The email contained information regarding a proposed increase in block size from 1 MB to 2 MB and a corresponding increase in the maximum number of transactions per second. This proposal was seen as a solution to the scalability issues faced by Bitcoin. The increase in block size would require a hard fork, which is a permanent divergence in the blockchain. This was met with mixed reactions from the community. Some saw it as a necessary step to improve the network's capacity, while others were concerned about the potential risks and drawbacks of a hard fork.Despite the controversy, the debate over block size continued for several years. In 2017, a compromise agreement known as the "SegWit2x" proposal was reached, which included a soft fork to enable Segregated Witness (SegWit) and a subsequent hard fork to increase the block size to 2 MB. However, this proposal was eventually abandoned due to lack of consensus within the community.Since then, other solutions have been proposed and implemented to address the scalability issue, such as the Lightning Network, which allows for faster and cheaper off-chain transactions. Nonetheless, the debate over block size remains relevant as it continues to be a point of contention among members of the Bitcoin community.
Updated on: 2023-06-11T01:05:40.878949+00:00