Bitcoin core version expansion sparks controversy

     Recently, Bitcoin core developers Gavin Anderson and Mike Hearn's announcement about launching the Bitcoin XT version to achieve block expansion caused Bitcoin prices to plummet. The BIP 100 plan proposed by another core developer Jeff Gochak to expand the block size of the Bitcoin Core version has gained wider recognition in the community.

Bitcoin is a web-based cryptocurrency that provides a way to quickly and anonymously send money around the world without third-party verification, a feature that has attracted a wide range of users looking to circumvent capital controls.

In fact, the discussion on Bitcoin block expansion started several years ago, and reasonable traffic forecasts show that the block will reach the limit of the current system at the latest in 2017. In theory, the larger the Bitcoin block, the more transactions can be processed per unit time, the greater the total value of the Bitcoin network, and the interests of all community members (merchants, coin holders, miners, developers) will increase accordingly.

However, this proposal has been opposed by most Bitcoin enthusiasts, sparking heated discussions. Those who oppose Bitcoin XT believe that increasing the block capacity may undermine the original intention of this decentralized payment system, because the additional computer memory requirements may squeeze out the thousands of independent "nodes" currently on the network.

It is understood that on the issue of block expansion of the Bitcoin core version, major mining pool operators in China publicly supported the BIP100 plan at the mining pool technology seminar in June this year, which is to first increase the block limit to 8M, and gradually increase the blockchain capacity limit to 16M, or even 32M. This is also one of the more moderate solutions at present.

In this regard, Huobi CEO Li Lin believes that the forced promotion of the Bitcoin XT version without the widespread recognition and full verification of the Bitcoin community is contrary to the spiritual core of Bitcoin's "decentralization". Any block expansion plan requires discussion and communication among Bitcoin core developers and even the entire community. Under the premise of ensuring the unity of the Bitcoin network, the Bitcoin block should be expanded in accordance with the consensus principle, and the upper limit should be gradually increased according to demand, rather than rudely throwing a disagreement into the community and putting other people's assets and Bitcoin itself at risk. Li Lin expressed his approval of Jeff Gochak's BIP 100 plan and hoped that the community could eventually reach a consensus on the improvement plan. After all, a stable and prosperous community is the result we are pursuing.