Published on November 14th, 2017 | by bitcoin0
Adam Back Says We Can Increase Blockchain Block Sizes Mid-Term
In response to a statement provided by Jihan Wu, the co-founder of Bitmain, the $3 bln Bitcoin mining equipment manufacturing company, regarding the necessity of a block size increase to reduce Bitcoin Blockchain congestion, Back stated: “Probably mid-term with enough testing yes.
Thanks.” Bitcoin Core is not fundamentally opposed to on-chain scaling As explained by Back, the Bitcoin Core development team has not been fundamentally opposed to on-chain Bitcoin scaling.
But, Bitcoin Core and the majority of the Bitcoin community remain certain that block size increase is not a long-term scaling solution, in contrast to public viewpoints, because there is a limit to which the block size of any Blockchain network including Bitcoin can be increased to.
Possibility of block size increase in mid-termRecently the transaction fees have been substantially high, most of them being above $1 to $2, but the increase in the size of the Bitcoin mempool was triggered by the migration of Bitcoin miners to the Bitcoin Cash network.
In the mid-term, if transaction fees become too high, as Back stated, block size increase is certainly a possibility with rigorous and thorough testing.