Last week, we saw Bitcoin Cash
execute a hard fork which was designed, in collaboration with Bitcoin ABC, to allow the network to have an increased block size. Blocks have thus been upgraded from 8MB, to 32MB. This of course did trigger some controversy. Ultimately, the upgrade was designed to ensure that going forward, Bitcoin Cash could remain a fast and viable cryptocurrency
option, with mainstream adoption in mind. The controversy however, focused on ideas that the upgrade would simply just encourage a slower blockchain, with bigger blocks operating at a slower rate.
This however, won’t be the case according to Bitcoin.com:
“The software advancement makes blocks big enough to process lots of transactions over time — which gives developers plenty of breathing room to adjust the size if it starts getting closer to its limit. Unfortunately, many misdirected individuals assume the BCH chain will start processing 32MB blocks right away, which could lead to a blockchain that’s much larger in gigabyte size and takes longer to download. However, this is not the case right now at all, because BCH miners process blocks that are often still under 1MB, as the 32MB code is only set to ensure the network is capable in the future.”
See the full Bitcoin.com article for yourself, here- https://news.bitcoin.com/32mb-blocks-means-bitcoin-cash-is-prepared-for-mass-adoption/
With the actual block size limits set by the miners who are mining Bitcoin Cash, this post is essentially arguing that until the demand for all 32MB to be used within each block on the Bitcoin Cash blockchain is there, for now the blockchain will continue to handle blocks of around 8MB.
Therefore, this upgrade is an issue of scale, under the guise of a plan for a big future within the Bitcoin
According to Bitcoin.com:
“Essentially the bottom line is the software is now capable of processing 32MB blocks as it was previously capable of 8MB blocks. So far BCH miners had proven the capability of mining much larger blocks than 1MB multiple times, clearing thousands of transactions from the mempool. After the successful fork on May 15, some BCH supporters are already asking developers to remove the block size limit entirely.”
Overall, as we now know this upgrade was a resounding success. Bitcoin Cash promises to grow with this. Driven by a community with their eyes set on mainstream Bitcoin Cash adoption, this network upgrade could be the start of something far bigger for the Bitcoin Cash team. For now, I guess we have to wait and see what happens next.