Encouraging to see Bitcoin Community Come to a Consensus, says BitFury CEO
BitFury NABC says a contentious hard-fork right now would be extremely detrimental to the bitcoin ecosystem.
Blockchain infrastructure provider BitFury brought together more than 70 prominent figures from the cryptocurrency industry January, 2016, for a round table conference. Following a year of debate on block size alteration and Bitcoin’s future, the North American Bitcoin Conference finally resulted in a more structured consensus to solve the issue long-term.
This Bitcoin conference was followed by another conference this month in Hong Kong, where it was announced that Bitcoin Hard-fork is to be activated by 2017 provided support from Bitcoin community is there.
BitFury CEO Valery Vavilov told Cointelegraph in emailed comments:
“As a Bitcoin Blockchain industry leader, it was important to organize a meaningful dialogue among members of our community that allowed us to address this challenge and work to ensure the success of the Bitcoin Blockchain for the future.”
The issue of the block size reform has slowly grown to incorporate opinion from across cryptocurrency, and its initial results, Bitcoin Classic and Bitcoin Unlimited, continue to draw varying responses from businesses and consumers alike.
The Bitcoin Conference Consensus
While Bitcoin Classic gained a fair following in light of its second beta release last month, concerns still remain as to effects of competing blockchains operating simultaneously. Advocates, meanwhile, opt for demonstrable results and experimentation over continued long-term speculation in order to secure Bitcoin’s commercial future and overall reputation.
An official statement issued by the conference read:
“We think any contentious hard-fork contains additional risks and potentially may result in two incompatible blockchain versions, if improperly implemented. To avoid potential losses for all bitcoin users, we need to minimize the risks. It is our firm belief that a contentious hard-fork right now would be extremely detrimental to the bitcoin ecosystem.”
The conference supported for an initial block size limit increase through SegWit, an opinion reiterated again in the Hong Kong round table conference.
“It was very encouraging to see how motivated the Bitcoin community is to come to consensus,” Vavliov commented on the atmosphere between parties at the round table. “The overall mood among the core developers, as well as the Bitcoin Blockchain companies, was optimistic and determined.”
The NABC round table featured the participation of, among others, Adam Back of BlockStream, Ledge Marco of Genesis Mining and Marshall Long from the Bitcoin Classic Team, as well as Blockchain.Info, core developers Gavin Anderson and Luke-Jr, and ‘Bitcoin Jesus’ Roger Ver.
The result was a five-point plan on block size resolution, with the team specifically advising users to “act rationally and hold off on making any decision to run a contentious hard-fork” when it came to the Bitcoin Classic and Unlimited blockchains.
“Our shared goal is the success of bitcoin,” the announcement of the round table’s outcomes concluded. “Bitcoin is strong and transformational. By working together, we will ensure that its future is bright.”
Vavlilov meanwhile elaborated on BitFury’s stance regarding the future preservation of Bitcoin’s ultimate usability.
“A consensus about the block size issue has three major benefits for the community”, he explained:
“First, it will allow for the Bitcoin network to appropriately scale its usability. Second, a consensus about the block size alteration will allow the Bitcoin Blockchain community to move toward progress in lockstep, with no single Bitcoin network participant left behind in the process.
Third, how we manage dissent will speak volumes about the community’s ability to proceed further into the mainstream and garner additional public trust.”