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Amid so many controversies, growing blockchain scalability problems force miners to reconsider a bigger block size through the ‘Bitcoin8M campaign’.
Scalability means the ability of the blockchain network to increase its size or scale. For blockchains like Bitcoin and Ethereum, increasing this range presents many challenges.
The biggest obstacle to mass blockchain technology adoption is its limited transaction processing capacity. In contrast to some legacy transaction processing systems able to process tens of thousands of transactions per second, the Bitcoin blockchain can handle only three to seven transactions per second.
In particular, this sluggish performance is due to Bitcoin’s restriction to the average block creation time of 10 minutes and the block size limit of 1 megabyte.
If we were to categorize the primary scalability problems in this sense, they would be:
1. The time is taken to put a transaction in the block. In other words, time to process payments.
2. The time is taken to reach a consensus. In other words, time to validate payments.
These block size concerns, however, extend beyond the transaction number. In the future, they would mean smaller miners’ incentives (as the block rewards decrease) and higher transaction fees to compensate for it.
The good news is that some developers are working on a promising solution to close the performance gap.
The blockchain scalability solution involves adjusting one variable to attempt to increase the transaction per second. This variable is the block size, which is currently hardcoded at 1MB. Ideally, the block size should be increased to increase the transactions per second.
The ‘Bitcoin8M’ project is aimed at encouraging blockchain enthusiasts to support the bigger block size cause, with its hashtag dubbed ‘#BlockSizeMatters’.
This new initiative highlights stakeholders, but especially the miner community’s need to support the cause. It will also include a specific focus on increasing the Bitcoin block size to 8 megabytes, which is expected to significantly lower transaction costs.
To help support the Blockchain in the wake of the bigger block movement, Remitano also joined the growing list of notable Bitcoin8M promoters.
As explained by Remitano:
“Scaling the Bitcoin block size now is more important than ever before. It’s crucial to know that Bitcoin ‘s 1MB limit can be stretched. If more people support Bitcoin8M by Remitano, we can improve transaction information per block, thus driving down the average time it takes for a transaction to be published to the blockchain”.
Remitano says it will be adding free resources, education, games, and training to help members understand their roles and the benefits of a bigger block limit.
Benefits of a Bigger Block Size
Here are more reasons increasing the block size is vital:
If Bitcoin achieves these advantages, Bitcoin will gain a competitive edge over other payment systems, ultimately making Bitcoin more universally adopted and accessible.
How Can You Support the Campaign?
Both miners and stakeholders can be supporters of Bitcoin8M.
When a miner mines a block of Bitcoin, they sign on it. If so, miners can support Bitcoin 8M by downloading the signature provided by Remitano and signing on the block they have mined successfully with that signature.
Learn more about How to Upgrade.
For stakeholders, you can visit this website to understand more about the campaign.