Bitcoin scalability problem to be addressed by the newly launched Bitcoin Optech Initiative. Bitcoin Optech, a non-profit organization that is supported by PayPal Board Member Wences Casares, and executive of Kohlberg Kravis Roberts & Co. Ltd, John Pfeffer, who are big wigs in the industry. Scalability issue is a problem that confronts Bitcoin, due to limited blocks of size and volume of Bitcoin transactions.
Solution to Bitcoin Scalability Issues
Bitcoin scalability issues limit the number of transactions that can be processed on the Bitcoin network. Over time this issue has led to increasing transaction fees and delay in the processing of operations that cannot fit into a block. Solving this situation has become the goals of a group Bitcoin engineer through Bitcoin Optech Initiative as they announced on the 20th of July 2018.
As contained in the released statement the goal of Bitcoin Optech Initiative is presently centered on “operational, technical work, such as Segwit usage, transaction batching, fee estimation and coin selection.”
In aiding the goals of the initiative, Bitcoin Optech will be addressing the scalability problem through working in conjunction with engineers of the companies that use the Bitcoin network and open-source developers.
Lightning network, which is a second layer payment network that permits transactions to take place off the blockchain has once been proposed as a solution to the scalability issue. However, a recent discovery has revealed that lightning network is not as useful in solving the scalability issues as was first thought it would, it was rejected by the Lightning Network Co-founder and BTC developers that noted that LN is still at the preliminary stage of development.
The search for a lasting solution to the scalability problem to aid the rate of transactions on the network has prompted the commitment of Bitcoin Optech Initiative. Solving the challenge and probably building on the initial effort of Lightning Network will lead to greater success for the cryptocurrency.