Plan to use 273 Bitcoins to break the 1MB limit, this Reddit user went viral

A 50万美元proposal to increase the bitcoin block size by providing financial incentives to miners has gained widespread support on social media platforms.

Breaking the 1MB limit with 273 coins

This transaction, called “Save the chain,” has a handling fee of 273.99971476 BTC attached, and can only be mined if the node accepts transactions in blocks larger than 1MB.

Reddit user /u/SaveTheChain explained in a post:

Anyone can create a sub-transaction with zero trust to add economic incentives for miners to achieve the goal of increasing the maximum block size.

He continued:

Most full node software will treat this as a 'non-standard' transaction. Therefore, in order to mine this transaction, miners will need to reconfigure their node software. In addition, nodes will not be able to broadcast this transaction or subsequent transactions... Currently, subsequent transactions need to be published through other means (such as commenting under this post).

Scaling War

The user-run campaign, which aims to force the community to make a decision on the bitcoin scaling debate, is currently embroiled in a cycle of infighting and name-calling involving some of the industry’s biggest names.

This week, former Bitcoin Core developer Gavin Andresen, a BU supporter, even called Blockstream’s Greg Maxwell and Samson Mow “toxic monsters.”

Blockstream has been further criticized by big block proponent Rick Falkvinge, the founder of the Swedish Pirate Party, who believes the company is supporting Segwit only to apply for patents related to the technology.

Maxwell and Blockstream founder Adam Back subsequently denied Falkvinge’s allegations.

As the price of Bitcoin continues to hit new highs, commentators have also analyzed the factors that have caused this phenomenon, such as increased investment, and it seems that the impact of the expansion deadlock has become smaller and smaller.

Peter Rizun, editor of Ledger Journal, is a supporter of “Save the chain” and believes that this approach is “awesome”:

Now we need a website to upload sub-transactions with higher mining fees, and this website can record the corresponding transaction quantity. This will be the best publicity for the large block.

Current data shows that BU's support rate is slightly ahead of Core. As of press time, the support rates of these two schemes are 39% and 35.7% respectively.