Craig Wright's misinformed attempt at scaling Bitcoin, BSV frivolously increasing block size to 2GB

Published on by Cryptoslate | Published on

In Craig Wright's latest marketing attempt, Bitcoin SV will increase its block size cap from 128MB to 2GB. The upgrade will make BSV less secure, more centralized, and more costly for infrastructure providers to maintain.

The upgrade would increase the block size cap of Bitcoin SV from 128MB to 2GB, an eight-fold increase, which the project claims will allow BSV to "Significantly scale" while providing "Robust utility" to users, especially enterprises.

There are also many who disagree, like Roger Ver, who forked Bitcoin in August 2017 to increase the block size from 2 MB to 32 MB-resulting in Bitcoin Cash.

Simplistically increasing the block size limit is not a workable solution to scaling.

Continually increasing the block size cap is unworkable because it's necessary for the Bitcoin ledger to be decentralized and auditable.

First, Bitcoin SV rarely takes advantage of its current 128 MB block size cap, mainly because few entities are transacting on the BSV blockchain.

The large difference between average block size and maximum block size result in a scenario where services will periodically dump data on the blockchain, causing the spikes in usage seen on a block size chart.

With a better understanding of the block size debate, it becomes obvious that Craig Wright and his henchmen are using it as a deceptive marketing tactic.

"Miners need to be aware that massive scaling is critical for their profitability-especially after the next block reward halving in May 2020 For mining to remain profitable, miners need to earn more in transaction fees from each block to compensate for the lower block reward subsidy. This is only possible on BSV," said Nguyen.

"Steve Shadders, nChain's CTO, explains the next step in BSV's devolution. In the future Bitcoin SV will conduct its"Genesis" upgrade, where it will completely remove the block size limit, allowing for blocks of infinite size.