Monday, July 15, 2019

Bitcoin Core Developer Pushes for Bitcoin Block Size Reduction to 300kb

The Bitcoin community has found itself in the middle of another controversy after prominent Bitcoin developer; Luke Jnr suggested that the block size of bitcoin is reduced to one-third of 1 megabyte.

Once Bitten, Twice Brazen

Luke Dash Jr., a core Bitcoin developer, has finally gained the attention of the majority of the bitcoin community after tendering his proposal once again. After tendering a Bitcoin Improvement Proposal (BIP) back in January 2017, he saw his concerned BIP shoved down the drain of the internet: unchecked and considered. This time, however, Luke’s BIP is causing more than a rouse on the internet and bitcoin gurus and influencers are now getting involved in the discussion including Vinny Langham, and Cobra, the anonymous owner of bitcoin.org.

Luke’s first proposal might have come at a less appropriate time, where the bitcoin communities were already more engrossed in Bitcoin’s scalability debate and the rising network fees which nestled between $30 and $50 then. The clamor for Lightning Network adoption and the attention it is rapidly gaining is partially responsible for the heat that has been accorded Luke’s new BIP. The BIP has before suggests the current block size of bitcoin’s blockchain which theoretically has a limit of 2.1 megabytes is reduced to 300 kilobytes instead.

“This patch would enforce a very simple soft fork, reducing Bitcoin block sizes to ~300kb between Aug 1 and Dec 31 — It demonstrates how one can make a truly temporary soft fork,” he wrote in a post on Twitter. “Do not run this in production even if you support UASF.”

General Reception

The developer’s proposal has been well received in some quarters with his most vocal of supporters turning out to be Bitrefill’s, John Carvalho. The crypto entrepreneur announced to his followers his complete agreement with Dash’s proposal and revealed he had long argued the same thing, considering the progress that coins which have adopted Lightning Network are making.

“I agree with Luke Dash Jr that the block size should be smaller. I feel more confident to say it now that we have Lightning Network making strides — I’ll run the soft fork,” he told his followers.

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When asked what advantages the proposed changes could offer especially financially, he said miners stood more chance of gaining with the proposal offering more incentives. The fact that block rewards for miners which currently stands at 6 BTC for blocks are halved every four years is already enough to worry for Bitcoin miners and concerned faithfuls. Dash’s BIP, however, is set to navigate the problem.

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on [email protected]
 

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