First Block Mined With Bitcoin Unlimited Gets to China in Milliseconds
Bitcoin.com’s mining pool mined its first block using the Bitcoin Unlimited protocol.
Bitcoin.com’s mining pool mined its first block using the Bitcoin Unlimited protocol on block 430757 on Wednesday September 21, 2016. This is a momentous move that will provide miners alternatives.
According to a statement on the website of Bitcoin.com, the major dichotomy between the Unlimited and the Bitcoin Core protocol is the former’s ability to allow miners and nodes to choose the size they want.
Roger Ver, CEO of Bitcoin.com reiterated his outfit’s commitment to providing Bitcoin advocacy, information and news. He upheld his position to support Bitcoin to the point of global economic buoyancy remaining on course.
“Bitcoin.com is now the primary hub for Bitcoin advocacy, information and news. We also want to support Bitcoin’s growth into a worldwide economic force – and that’s exactly what we’re doing by starting this pool.”
Getting around of scalability
It explained further how the move is aimed at resolving the powerlessness of Bitcoin to scale, as well as the current ridiculous 7 transactions per second capacity of the network. The situation is in sharp contrast to centralized platforms like Paypal and MasterCard.
Bitcoin.com believes that the current complains concerning delays in transactions is undesirable for business. In recent times some transactions on the Bitcoin Network can take up to hours or days.
In the absence of a clear cut resolution to scalability, the newly introduced Bitcoin Unlimited seems to point the way out. It offers choices in a competitive environment.
Emil Oldenberg, CTO of Bitcoin.com revealed the mining went well without any blemish.
“This is the first block mined with the Bitcoin Unlimited client using the expedited Blocks relay technology. This block was mined in the US, but got through the Chinese Firewall in a matter of milliseconds and then sent to the other Chinese pools.”
Bitcoin.com won’t create a hard fork
Bitcoin Unlimited protocol won’t change how the Bitcoin network works. However, changes will stem from the majority of the network nodes joining the pool, the statement pointed out.
More so the pool will mine only “consensus compatible” blocks (1MB) pending the readiness of the majority. Other than that, the pool would accept blocks up to 16MB.
In fact it was explicit, Bitcoin.com won’t create a hard fork declaring the pool will always follow the longest chain with 1MB blocks in case it is the community agreement. This doesn’t change even though if another pool mines a much larger one.
Andrew Stone, an ace developer has also expressed his unflinching support for Bitcoin Unlimited. In his opinion it is indispensable since it is in line with Satoshi Nakamoto’s inventive model.
“Network consensus should decide what Bitcoin is or will be in the future – not individual developers and that is why I support Bitcoin Unlimited wholeheartedly.”
However, Bitcion.com agrees the new development brings sweeping changes which include moving majority of transactions off the Blockchain. Meanwhile, they admitted this calls for thorough testing, but claimed it has gone past the testing stage.
Therefore, Bitcoin Unlimited is an answer identical in components of thoughtful and realistic, the statement maintained. Its obvious Bitcoin.com’s development team wants to deepen decentralization of Bitcoin.com by ensuring everyone is involved in vital decision making, not just the few.