o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

Bitcoin’s Block Size Can Be Increased Without Hard Fork, Says Blockstream Co-Founder

Posted on October 6, 2018 by nbelov

One of the Blockstream co-founders suggests a new Bitcoin scaling concept that allegedly does not deploy a hard fork.

Bitcoin (BTC) protocol developer Mark Friedenbach introduced a method for Bitcoin scaling he claims will not require a hard fork at a workshop in Tokyo October 5.

The new concept presented at the Scaling Bitcoin workshop, entitled “Forward Blocks,” suggests a major on-chain capacity boost by means of a Proof-of-Work (PoW) alternation that is done as a soft fork, combined with use of alternative private ledgers.

The proposal describes a method for scaling that claims to be able to increase “settlement transaction volume to 3584x current levels” and improve censorship resistance via sharding.

During the presentation, Friedenbach suggested  major improvements for on-chain Bitcoin transactions, or those that appear on the Bitcoin blockchain. The so-called “soft-fork” alternation implies a strengthening of consensus rules where old nodes “still see the chain advance.” The research also represents a definition of “forwards compatible soft-fork,” for which non-upgraded nodes still receive and process all transactions.

In his presentation, Friedenbach emphasized the role of sharding for increased censorship resistance, noting that he borrowed the “sharding” term from the “database field.” However, the term that is described in the research is “largely not” the sharding that is implied by other major crypto-related projects, but is “nevertheless the correct term to use” in terms of the study.

The sharding term has garnered most popularity in reference to the Ethereum (ETH) blockchain’s upcoming major upgrades. Announced in reference to Ethereum’s by its co-founder Vitalik Buterin in April 2018, the term implies a method of increasing the number of transactions that a blockchain can process. The idea of sharding is that for on-chain transactions, multiple network computers can divide the transaction workload between them.

Friedenbach, who is also a former NASA contractor, claimed in his talk that he did not set out to consider Bitcoin scaling solutions originally, but was thinking about “the development of a dual PoW change where you introduce a new PoW with a soft-fork.” While suggesting the addition of another PoW algorithm, the developer stressed that his work is not actually a proposal for subsequent changes, but rather an idea for developers to consider and “a good place to start.”

The problem of Bitcoin scalability is one of the major topics of discussion around the top cryptocurrency.

In July of this year, a group of Bitcoin engineers announced the launch of the Bitcoin Operations Technology Group (Bitcoin Optech) to address the issue of scaling the Bitcoin blockchain. The non-profit team is backed by leading industry actors, such as PayPal Board Member Wences Casares, executive of Kohlberg Kravis Roberts & Co. Ltd John Pfeffer, and cryptocurrency research and development group Chaincode Labs.

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • ‘Extreme fear’ grips Bitcoin price, but analysts point to signs of a potential reversal May 25, 2022
  • Bankman-Fried faces down roomful of futures industry insiders at CFTC roundtable May 25, 2022
  • Terra to Restart Luna Blockchain, Abandon UST Stablecoin – PYMNTS.com May 25, 2022
  • Bad News for Google…Good News for Presearch, Its Blockchain Rival – InvestorPlace May 25, 2022
  • Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund May 25, 2022
  • Brazil's Federal Revenue now requires citizens to pay taxes on like-kind crypto trades May 25, 2022
  • Binance signs MOU with Kazakhstan to further crypto adoption and regulation May 25, 2022
  • Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB May 25, 2022
  • Public Blockchain Technology in Energy Market Size, Scope, Forecast to 2028 Keyplayers | Ibm, Microsoft, Accenture, Consensys, Infosys – The Daily Vale – The Daily Vale May 25, 2022
  • JPMorgan places BTC fair price at $38k, declares crypto a preferred alternative asset May 25, 2022
  • Ni No Kuni: Cross Worlds Contains Blockchain Integration; NFTs Arriving Quarter 4 2022 – Noisy Pixel May 25, 2022
  • Bitcoin creeps toward $30K, but data shows bears in favor for Friday’s $1.8B BTC options expiry May 25, 2022
  • Tracking music royalties is hard, but is blockchain really the answer? – hypebot.com May 25, 2022
  • Scott Minerd says Bitcoin price will drop to $8K, but technical analysis says otherwise May 25, 2022
  • Meter aims to navigate the multiverse of blockchain ecosystem with Sumer.money – VentureBeat May 25, 2022
  • Market Demand of Blockchain Technology in Transportation and Logistics Market with COVID19 Impact and Emerging Trends by Industry Players-2022 – The Daily Vale – The Daily Vale May 25, 2022
  • Andreessen Horowitz closes $4.5 billion crypto fund amid market turmoil May 25, 2022
  • Blockchain In Banking And Financial Services Market Size, Share, Trends, Current and Future Analysis 2022-2029 | Microsoft, Intel, IBM, R3, … – The Daily Vale – The Daily Vale May 25, 2022
  • Tax guidelines for crypto mining pass the first reading in Kazakhstan May 25, 2022
  • Blockchain and Tokenization in Commercial Real Estate – Bisnow May 25, 2022
  • PYMNTS Blockchain Basics Series: What’s Bitcoin, and How Did It Get That Way? – PYMNTS.com May 25, 2022
  • Kongregate and Immutable X launch $40M blockchain game dev fund – VentureBeat May 25, 2022
  • Cryptopedia: Learn the concepts behind stablecoins and how they work May 25, 2022
  • Blockchain Technology In Financial Market would Register a Healthy Growth of USD 49.93 billion by 2027 :IBM, Microsoft, Accenture, AlphaPoint, ConsenSys, Digital Asset, EquiChain, Infosys, R3CEV – The Daily Vale – The Daily Vale May 25, 2022
  • Singapore venture firm launches $100M Web3 and metaverse fund May 25, 2022
  • Blockmate launches blockchain IoT platform Hivello & Webinar registration – GlobeNewswire May 25, 2022
  • Crypto is changing how humanitarian agencies deliver aid and services May 25, 2022
  • GPU prices are still on a decline: Is Bitcoin’s sorrow gamers’ joy? May 25, 2022
  • StarkWare nets $100M as investors bank on layer-2 success May 25, 2022
  • Terra Will Launch a Spin-Off Blockchain This Friday – Crypto Briefing May 25, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com