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The first release of Bitcoin Classic version 0.11.2 is now out. The bitcoin block size debate has been going on for quite some time now and the efforts of the bitcoin community to solve this issue are starting to take shape.
The version released is identical to the beta2 version, with the only exception of the version number. It focuses on doubling the transaction capacity of Bitcoin and includes a consensus rule change that increases the block size limit from 1MB to 2MB.
Bitcoin Classic 0.11.2 is based on Core version 0.11.2, and is compatible with its blockchain files and wallet.
The Bitcoin Classic team said that the next release will be based on Bitcoin Core version 0.12, and is expected to be ready in the next weeks. At the same time, they will focus development on features requested by miners and companies and that will help Bitcoin scale on-chain that includes:
- Faster block validation
- Faster block propagation
“These features will help alleviate bandwidth issues tremendously, and will make sure nodes & miners can continue to operate properly, without requiring super fast connections”, the team said. “More importantly, this will enable Bitcoin to scale to a much higher transaction volume.”
Bitcoin Classic is increasingly getting support from various entities in the bitcoin industry. According to latest statistics from Coin.Dance, node data site, Bitcoin Classic has 654 nodes running the software at the time of writing, while Bitcoin core has 3,965. BitcoinXT (174 nodes) and Bitcoin Unlimited (68 nodes) have not been able to get much support yet.
Another proposal called “Segregated Witness” has become the most talked about topic in bitcoin community. It was introduced by Blockstream co-founder Pieter Wuille in December and aims aims at creating 2 MB blocks, the effective size being somewhere between 1.3 MB and 1.6 MB. CoinDesk reported that unlike other proposals, Segregated Witness can be introduced to the network as a soft fork, which would reduce the risk of an upgrade split the bitcoin blockchain.
“It seems 'segregated witness' and other proposals such as off-chain protocols, partial transaction validation and more efficient cryptographic proofs could be implemented in the near future”, said John Karantonis, CEO of Geopay, in conversation with Stacey Mankoff, Managing Principal of The Mankoff Company.
