Bitcoin Unlimited is a full node software client for the Bitcoin network. It removes the limit, allowing the users to determine the block size by consensus.The Bitcoin scaling debate is still ongoing since no decision has yet been made.
Bitcoin Unlimited developer Andrew Stone believes that on chain scaling and understanding how people use bitcoin are the most important issues to address. Solutions like SegWit and Lightning networks are good, he said, but they are not addressing the right problems the good way.
The extent the Scaling debate has reached
The Scaling debate has been on for the last two years and it is still heating up again to determine how many transactions can be put into each block on the bitcoin blockchain during the trading and transactions of bitcoins. In many bitcoin forums, there are mixed reactions from people but these reactions have a forward leaning trend towards Bitcoin Unlimited. As for the final decision, we are yet to see what the miners will decide in the recent coming months.
How Scaling will affect the end users
To my own understanding and opinion, I think the Scaling will not affect the end users negatively but positively, since it will protect the growing network against spam transactions from bad actors and it will also enable the end users to know the number of transactions that they are supposed to put or place in each block chain during the bitcoin transactions. Although the latter statement holds true, there are of course challenges with Bitcoin scaling. Some of the challenges will come in the form of Decentralization arguments, Minimum system requirements being undefined, Known unknowns and processes. This effect was pointed out by an undisclosed redditor saying,
“There would also be a related BIP describing the basic requirements for a full node in terms of RAM, CPU processing, storage and network upload bandwidth, based on experiments — not simulations. This would help determine quantitatively how many nodes could propagate information rapidly enough to maintain Bitcoin’s decentralized global consensus at a given block size.”
Scaling versus Fork: What are the connections?
Scaling refers to determining the number of transactions that are supposed to be placed into each block chain and Fork simply occurs when two miners find a valid hash within a short space of time. But the connections come in when the network splits into two, where a half of the network believes one block is the next to be included in the blockchain ledger, the other half of the network believes in a different block.
With Bitcoin Unlimited seeming to be the next Bitcoin processing platform and protocol, it has to be seen how Bitcoin price will react.
3,500+ 5-Star Reviews