Bitcoin Scaling Consensus Reached. Commentary From Industry Leaders

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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 general agreement 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 comes 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 the discussion then 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.

Cointelegraph has reached out to several key leaders of the Bitcoin industry, and asked them to comment on this major event:

Sarah Maxwell, Blockchain.com:

"The consensus realized today reflects our collective desire to see the industry move forward. We are grateful to join these partners and are committed to helping Bitcoin reach its full potential to improve the lives of billions across the globe."

Valery Vavilov, CEO BitFury:

"We are glad that consensus has been finally reached. BitFury, along with vast majority, is fully supporting this historic decision. This is a very important moment for the ecosystem with this solution setting the new chapter for the Bitcoin technology."

Ben Peters of Bitso.com:

“I think it's an important step forward - it's taking Bitcoin over a major hurdle, and facilitating future scaling, while relieving what had become something of a short term crisis. I think the most significant thing about it is, however, that it was possible to reach a compromise within a community of very strongly-held and conflicting views. This bodes very well for Bitcoin's future growth and development.

Both elements of the agreement contribute to transaction capacity increase, which means greater efficiency with respect to on-chain transaction cost. Segwit in particular helps open the door to the second-tier scaling solutions that will make small/micro transactions viable, so that's really exciting.

Overall, I'm really proud that it was possible to navigate this issue. I have always felt that all parties were acting in good faith in this debate, and I think that this agreement proves that.”

The significance of solving the problem of Bitcoin scaling cannot be overstated, as it finally enables the cryptocurrency to be used by the vast mainstream audience - something, which was considered impossible before.

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