Published on: 2015-09-16T11:23:52+00:00
Jason Livesay, a member of the Bitcoin Development team, has proposed building a new system to maintain the brand momentum, network, and business investment of Bitcoin. He suggests packaging this new system, referred to as QuickBitcoin or qbtc, with the bitcoin core client. The purpose of this system is to enable more/faster transactions while working on top of traditional bitcoins. Jason believes that the development team should focus solely on technical issues.Although some members have already started working on such a system, its future prospects are not very promising. Retail spending still accounts for a small percentage of Bitcoin transactions, and there are no indications of any significant changes in retail spending this Christmas compared to last year.A member of the Bitcoin-dev mailing list received an email proposing a short-term modest blockchain increase before the winter shopping rush. The proposal also suggests adopting a new system for fast transactions due to technical scaling limitations. This new system, called QuickBitcoin or qbtc, would build upon traditional Bitcoins but offer a mechanism for more/faster transactions. The goal is to scale Bitcoin while maintaining the strength of its existing network, community, and branding.However, the recipient of the email did not find the proposal to add anything substantial to the ongoing discussion and recommended reading more emails from the mailing list.After studying the issues, it has been recommended to implement a short-term modest blockchain increase, ranging between 2mb-5mb, before the winter shopping rush. However, due to fundamental technical limitations of scaling, a new system needs to be adopted for fast transactions, which will ultimately settle with traditional bitcoins.To ensure brand momentum, network stability, and business investment, the best approach forward is seen as building an additional system re-using the bitcoin name. This new system, known as QuickBitcoin or qbtc, would be bundled with the bitcoin core client and work on top of traditional bitcoins, providing a mechanism for more/faster transactions. The specific mechanism does not have to be perfect, as long as it is reasonably secure and useful, and accepted by the community. This strategy is believed to be the most effective way to scale bitcoin while maintaining the strength of its existing network, community, and branding.From the perspective of the public, this new system could simply continue to be called bitcoin.
Updated on: 2023-08-01T16:06:09.932904+00:00