As the bitcoin network struggles to cater to the ever expanding bitcoin network with 1 MB blocks, the bitcoin community is still undecided about increasing the block size. Currently the bitcoin industry is taking part in the Scaling Bitcoin conference to come up with a plan of action that might decide the future of the cryptocurrency itself.
The Scaling Bitcoin event organized in Hong Kong is scheduled for 6th of December and we can expect bitcoin developers, entrepreneurs, miners etc. to attend the event. Ranging for 2 days, the event is sponsored by Massachusetts Institute of Technology (MIT), Blockstream and PriceWaterhouse Coopers. AS the name suggests, most of the discussion will be centered about the technology powering the bitcoin network.
Currently, the Blockchain Improvement Proposal – 101 (BIP-101) also known as the Bitcoin XT is still awaiting consensus from the bitcoin network. Introduced by Gavin Andresen and Mike Hearn, the Bitcoin XT is a fork of actual bitcoin blockchain. BIP-101 is proposed to increase the block size from 1 MB to 8 MB and double it every two years. In order for the Bitcoin XT to be implemented, at least 75 percent of the total bitcoin community has to vote in its favor.
The Bitcoin XT project has received mixed response from the mining community as well. While Slush Pool has extended its support by allowing miners to vote for Bitcoin XT, other Chinese bitcoin mining pools like F2Pool have decided not to support it. Instead F2Pool has recently stated that it will support a much smaller block size of 2MB instead of 8 MB as proposed by Bitcoin XT.
If the bitcoin community keeps on fighting over the proposed increase in block size, we may soon end up witnessing the death of bitcoin as we have known so far.
