‘Bitcoin Unlimited’ Hoping To Be The Salvation For Bitcoin
For more than a year, Bitcoin has involved in a circular debate regarding a code change which would allow this cryptocurreny to handle more transactions. But this week saw a major shakeup which will change the course of bitcoin as we know it.
Now the issue at hand is the exact size of blocks of BTC data which gets uploaded to its blockchain, the public ledger. These blocks get created by miners in the network who use computers to solve complex mathematical problems and receive bitcoins as reward. The idea is that somehow if the blocks get full – something that observers have reported is already started happening – its network will slow down due to congestion.
Increasing the block size is very essential for Bitcoin’s future as most merchants and customers will not use a system where the transactions take some hours to be confirmed. Thus, increasing the size of blocks will theoretically free up a lot of space as more and more people can start using bitcoin and keep everything running smoothly. Its rivals argue that there are a slew of reasons why this might not be desirable. Most of them are centered on the potential of a disruption during a hard fork in the code which can split the network.
Bitcoin Unlimited is an alternative to the hugely popular Bitcoin Core Client which has been at the epicenter of this block size debate. Bitcoin Unlimited allows the miners to decide the size of blocks by themselves as well as the upper limit of blocks that they are willing to process on their own. Forget about bigger or smaller bitcoins- the main aim of Bitcoin Unlimited is the flexibility.
However, the danger for Bitcoins network is that unlimited miners will try to send large blocks through the regular Bitcoins system without any one of them willing to process them, causing most of them to be lost. But Bitcoin Unlimited proponents believe that the market dynamics will prevent users from making too much mess of the situation.