Block size of Blockchain can be increased without the hard fork, says, Co-founder of Blockstream
Mark Friedenbach, a Bitcoin protocol developer introduced a fresh method of Bitcoin scaling which he claims will not be going to require a hard fork, in Tokyo during a workshop on October 5.
The concept was presented at the Scaling Bitcoin Workshop, entitled “Forward Blocks,” proposes a major on-chain capacity boost by altering the proof-of-work system as a soft fork in the source code, along with the combined use of alternative private ledgers.
The proposed method describes a system of scaling which will be able to increase “settlements transactions volume to 3584x current levels” and upgraded censorship resistance by using sharding.
While presenting the new method, Friedenbach suggested major advancements for on-chain Bitcoin transactions or those which appear on the blockchain of Bitcoin. Soft-fork means strong consensus rules where old nodes can see the advancements on the chain. Along with it, the research represents a definition of “forwards compatible soft-fork,” which will enable the non-upgraded nodes to receive and process all transactions.
In the presentation, he also emphasized the role of sharding for increased censorship resistance, stating that he borrowed the “sharding” term from the “database field.” Meanwhile, the described term in the research is “largely not” the sharding which implied by other leading cryptocurrency related projects, but is “nevertheless the correct term to use,” during the study.
The term, sharding earned its popularity in reference to the Ethereum (ETH) blockchain’s upcoming major upgrades. In April, Vitalik Buterin announced with reference to ETH, the term indicates a method of increasing the number of transactions that a blockchain can process. Sharding is that for on-chain transactions, over multiple computers on the network which can divide the workload of transactions among them.
Also, a former NASA contractor, Friedenbach, claimed during the talk that his earlier intentions were not to find scaling solutions but were about “the development of a dual PoW change where you introduce a new PoW with a soft-fork.” While asserting his suggestion to adding another PoW algorithm, he stressed that his work is not actually a proposal for any subsequent changes, but rather a good place to start and an idea for developers to take into consideration.
Scalability is a major issue around the top cryptocurrency, Bitcoin. In July, a group of Bitcoin engineers announced the formation of the Bitcoin Operations Technology Group (Bitcoin Optech) to address the scalability issues of Bitcoin blockchain. It’s a non-profit team backed by some influential industry members, such as PayPal Board Member Wences Casares, cryptocurrency research and development group Chaincode Labs, and executive of Kohlberg Kravis Roberts & Co. Ltd John Pfeffer.