Bitcoin network may be eventually heading towards the hard fork even after the Bitcoin Roundtable community disagreed with the idea of creating a hard fork of blockchain. According to the community, there is a possibility of the hard fork creating two separate blockchains that do not communicate with each other. In such circumstances, the whole bitcoin network can be segmented into two versions, one that works and another that doesn’t.
The prolonged bitcoin debate has not paved the way for any concrete solutions towards increasing the block size. Many proposals so far have been shot down by one or more powerful members of the community. The latest proposal to be shot down was the Bitcoin Classic. Bitcoin Classic had proposed a hard fork to increase the block size from the existing 1 MB to 2 MB. Initially, it received support from various quarters until the Bitcoin Roundtable decided that it will not consent hard-forking bitcoin network due to potential risks involved. According to the Bitcoin Roundtable – a community of bitcoin miners, mining pools, wallet providers, exchanges and other bitcoin-based businesses, the hard fork can result in two different blockchain versions that are incompatible with each other. It may cause huge losses to bitcoin users on the network.
In the previous Bitcoin Roundtable meeting, a set of 5 key points for creating an effective bitcoin future roadmap was announced. Those key points called for an increased co-operation between Bitcoin developers and Bitcoin Roundtable, making subtle changes to the blockchain without creating a hard fork and any BIP requiring hard fork has to be introduced only after a consensus is reached between the developers and Bitcoin RoundTable. Bitcoin Roundtable May Have the Answer
However, the social media today is flooded with updates from an ongoing Bitcoin Roundtable meeting which is turning out […]
