Bitcoin ABC, the team behind Bitcoin Cash (BCH), revealed earlier this week that they aim to increase the block sizes of their cryptocurrency network within the next six to twelve months. The team revealed their plan of action for the road ahead, which included an additional two hard forks that are likely to take place in May 2018 and November 2018.
Hard forks have become a popular trend in the Bitcoin community as a way to introduce software upgrades to the network’s underlying blockchain technology. BCH was the very first fork to take place on the Bitcoin network and successfully forked earlier this year in order to address Bitcoin’s block sizes.
The Bitcoin community was very divided on the idea of the BCH fork. While some members argued that a fork which would increase the network’s block sizes could compromise the security of Bitcoin in the future, many felt that increased block sizes would solve a number of growing problems on the network.
Despite the debate in the community, the fork occurred. Currently, a single BCH block is roughly eight times larger than a Bitcoin block. Since it’s fork in the summer of this year, BCH has grown to be a reputable and flourishing cryptocurrency. Now, the development team behind BCH intends to add more innovation to the field. The team recently revealed that they would continue to improve BCH, and illustrated this using a roadmap.
According to the team's announcement, they intend to create a cryptocurrency which is reliable, cost-effective, and that demonstrates enough scalability to easily process a quick growth rate. The team added that they wish to create a cryptocurrency network which works effortlessly and without constantly requiring intervention. The team concluded by stating that their suggested network would be designed in such a way that both mainstream users and traditional institutions could adopt the network easily and eagerly.
According to experts and BCH advocates, this ambitious plan likely hints towards increasing the network’s block sizes. Larger block sizes would mean lower transaction fees, in theory at least.
Interestingly, the Bitcoin ABC development team also confirmed in their roadmap that they intend to reimplement certain rules which have been discarded previously. However, this roadmap is likely not the final one and is due to change as the Bitcoin community gives their input. Several other development teams would have to agree with the Bitcoin ABC team's plans first before it could be implemented. However, the team confirmed that a detailed plan will not be available until February 2018.
Hard forks have become a popular trend in the Bitcoin community as a way to introduce software upgrades to the network’s underlying blockchain technology. BCH was the very first fork to take place on the Bitcoin network and successfully forked earlier this year in order to address Bitcoin’s block sizes.
The Bitcoin community was very divided on the idea of the BCH fork. While some members argued that a fork which would increase the network’s block sizes could compromise the security of Bitcoin in the future, many felt that increased block sizes would solve a number of growing problems on the network.
Despite the debate in the community, the fork occurred. Currently, a single BCH block is roughly eight times larger than a Bitcoin block. Since it’s fork in the summer of this year, BCH has grown to be a reputable and flourishing cryptocurrency. Now, the development team behind BCH intends to add more innovation to the field. The team recently revealed that they would continue to improve BCH, and illustrated this using a roadmap.
According to the team's announcement, they intend to create a cryptocurrency which is reliable, cost-effective, and that demonstrates enough scalability to easily process a quick growth rate. The team added that they wish to create a cryptocurrency network which works effortlessly and without constantly requiring intervention. The team concluded by stating that their suggested network would be designed in such a way that both mainstream users and traditional institutions could adopt the network easily and eagerly.
According to experts and BCH advocates, this ambitious plan likely hints towards increasing the network’s block sizes. Larger block sizes would mean lower transaction fees, in theory at least.
Interestingly, the Bitcoin ABC development team also confirmed in their roadmap that they intend to reimplement certain rules which have been discarded previously. However, this roadmap is likely not the final one and is due to change as the Bitcoin community gives their input. Several other development teams would have to agree with the Bitcoin ABC team's plans first before it could be implemented. However, the team confirmed that a detailed plan will not be available until February 2018.