First 1GB Bitcoin Block Mined – Congestion is in the Past!
The first 1GB block on Gigablock – a testnet administrated by BU chief scientist Peter Rizun, has been successfully mined by researchers with Bitcoin Unlimited (BU), Nchain and the University of British Columbia.
Such a development has particularly stark implications for the future of scaling in the crypto space in general. 1MB, 2MB, and 8MB block sizes are currently debated in the Bitcoin community, but 1GB blocks—and beyond—could make network congestion on the blockchain an extinct dilemma.
Both Nchain and BU have dabbled with “larger block” projects before, with BU previously testing 64MB block sizes and Nchain testing 32MB blocks. The collaborators’ latest 1GB achievement, then, has been a natural, if not hugely successful, progression.
The experiment and test run by Gigablock on Oct 13, is a development and research by any means the first of its kind in the crypto-world.
“The world’s first 1.0001 GB block was mined and propagated on the Gigablock testnet yesterday,” Rizun tweeted in celebration. “Excited to present our research Scaling Bitcoin!”
The main target and the hopes of the team that is running the project is that the process and consequent adoption of blocks by such sizes will reduce the transaction congestion and the high transaction fees.
The network optimization that such high block sizes will inevitably foster belies the necessary steps that must be taken in order to make cryptocurrencies like Bitcoin scalable for mainstream adoption but specifically for adoption by institutional investors.
For the future, it is of great importance the improvement of low fees and high speed in general for cryptocurrencies making them more attractive than traditional payment methods as time passes.