Bitcoin Unlimited Publishes Analytical Results Of GigaBlock Testnet Experiment
Nov 13, 2017 Posted / 8226 Views
Technologies that applies the same kind of algorithm that Bitcoin Scaling would deploy has been among software developers for quite some times now. According to Peter Rizun, Bitcoin Unlimited main scientist the motivation behind the attempt at scaling Bitcoin is increase the Number of Transactions every Bitcoin Block can take while leading to reduction of transaction fees at the same time. The ever increasing quantity of transactions on the Bitcoin Network is makes scaling an important part of a better Bitcoin in the future. Mr. Rizun Believes that the technological solutions needed to offset the problems Bitcoin encountering is already available. Rizun was quoted saying,
“The necessary technology required to enable scaling is already available for everybody worldwide. We wanted to scientifically calculate the maximum achievable out relative to input of the technology using standard off the shelf software on the market.” he continued by saying “we can consistently measure how close we are to achieving this number”
With the current Bitcoin Blocksize according to Blockchain.info being just over 1MB, transaction propagation speeds are slowed down due to long confirmation time. Transaction fees are overwhelmingly high and sending small transaction is not possible as the transaction fee would take up most if not all of the funds. Gigablock is a solutions engineered to relieve Bitcoin of this problem. The latest test results of the testnet performance of Gigablock shows that an increase in transaction propagation speed is achieved with Gigablock. Bitcoin Cash a product of the August Hard fork on Bitcoin is steady gaining market value trading at about $1600 and increasing as of today. Bitcoin Cash is the currency that will run of the Boosted Blocksize. The current Bitcoin Platform of the Bitcoin segwit defers on chain scaling issues and try to fix other issues on the Bitcoin Blockchain.
With the objectives of returning mining to home users with relatively cheap computer hardware, the Bitcoin Unlimited team announced that relatively low end computers are able to mine Bitcoin via the Bitcoin Unlimited GigaBlock scaled Options. This is a good news to small miners as they can turn their old computers into money-making machines.
Mr. Rizun highlights that the test results shows that transaction propagation time does not depend on the Network Bandwidth for the given nodes being mined. With the current appreciation of value of Bitcoin cash on the Bitcoin Blockchain, Bitcoin Unlimited's on chain scaling is likely to become start of a journey to Bitcoin's Eternity.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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