Bitcoin Scaling Consensus Reached. Commentary From Industry Leaders

Monday, Cointelegraph has reported that a number of leading players of the Blockchain industry have reached a consensus in regards to the Bitcoin scaling solution. This break in the scaling debate stalemate is a new, highly significant boost for the Bitcoin ecosystem.

According to sources, a number of Bitcoin businesses owners, including Barry Silbert (Digital Currency Group), Roger Ver (Bitcoin.com) and major mining players Jihan Wu (Bitmain) and Valery Vavilov (BitFury), have come to a consensus at the currently ongoing Consensus conference in New York.

They have agreed to collectively enable the SegWit proposal for Bitcoin scaling effective immediately. Additionally, their proposed solution includes a countdown to another hard fork, which will enable an increase of the block size limit to 2MB - as opposed to the current limit of 1MB.

This means that the problem of Bitcoin scaling, that has been unresolved for years, could soon become a thing of the past. This news come quite on time, as the number of transactions being stuck in the backlog has reached record heights in recent days.

Until now, the community has been unable to come to a consensus on whether to enable Bitcoin scaling by activating SegWit, Bitcoin Unlimited, or some other technology.

Some steps towards reaching an agreement were made before including a meeting in February 2016 in Hong Kong, however it differed in terms, and did not include the people who have agreed to the current consensus.

This time, the new solution has received enthusiastic approval from key members of the community. Regardless of the differences in their technical expertise and ideological outlook, industry members came to realise that a compromise between SegWit and a block size increase may be necessary for further progress.

Link: https://cointelegraph.com/news/bitcoin-scaling-consensus-reached-commentary-from-industry-leaders