Development of bitcoin requires multiple ideas to ensure the future and stability of this popular cryptocurrency can be guaranteed. With the block size scaling issue still a problem, several developers came up with a possible solution. Bitcoin Unlimited, as this idea is called, is trying to tackle the problem slightly differently compared to Bitcoin Core.
Explaining Bitcoin Unlimited In A Nutshell
There are quite a lot of similarities between Bitcoin Core and Bitcoin Unlimited. That is only normal, as the code base used for both branches of development is nearly identical. The only major difference right now pertains to the block size scaling issue, which has been plaguing bitcoin for months. A solution needs to be found to allow for more transactions per network block, yet the opinions on how to do are quite varied.
Bitcoin Unlimited is looking to provide high levels of stability, privacy, and security. Bitcoin has often been “blamed” for not having enough privacy-centric features. Albeit criminals flock to cryptocurrency for their nefarious activity, Then again, bitcoin is one of the most transparent payment systems in the world today, despite the pseudonymity provided by the protocol itself.
Bitcoin Unlimited is primarily designed to ease the process for users who want to pick their own block size limit. While this feature has been available for quite some time, a configurable option in a GUI menu has never been available to most cryptocurrency enthusiasts. Such a vast improvement could be quite significant for miners and node operators. Moreover, BU allows users to create their own “failsafe setting” to accept blocks larger than their maximum accepted size if it is succeeded by enough network blocks.
Up until now, there is still one centralized point of control to be found in the world of bitcoin. The block size limit is determined by the developers. Bitcoin unlimited wants to switch this power into the hands of those who are an integral part of the network: node owners and miners. This allows for the block size to be adapted based on the needs presented by the network itself. In a way, this allows for a “living” technology that can be changed modified depending on the situation.
Having the miners and node owners determine the best bitcoin block size makes a lot of sense. It appears the next logical block size would be to create 2MB network blocks. Any block that does not represent that value can be rejected by the miners and the nodes, unless they reach x amount of blocks deep in the longest chain. Should the number of transactions continue to increase, upping the block size limit would be a mere tweak, so to speak.
In the end, it is important to keep in mind Bitcoin Unlimited wants to remove existing practical barriers for community members looking to express their opinions regarding these critical matters. By tracking consensus rather than competitive scaling proposals, Bitcoin Unlimited offers a lot of things plenty of community members have been looking for. All things considered, it is a concept well worth considering.
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