LONDON, August 22, 2018 — 128MB is not the end for Bitcoin BCH – CoinGeek supports “miners’ choice” for block size growth
Last week, leading blockchain research and development outfit nChain introduced Bitcoin SV, a full node implementation for Bitcoin Cash (BCH).
The node, created per a special request by CoinGeek and other Bitcoin BCH miners, is designed to fulfill the original vision of Satoshi Nakamoto. Bitcoin SV seeks to restore the original Bitcoin protocol and then avoid unnecessary changes that do not enhance the network.
The announcement, as one can expect, led to a debate on how to address the maximum block size pre-coded in a BCH full node implementation, which is essentially the maximum block size that a Bitcoin BCH miner will accept from another miner.
BCH miners can already configure block size
Bitcoin SV’s initial plan was to raise the default maximum block size to 128MB-the block size increase that CoinGeek supports for the November 2018 BCH protocol upgrade. But the 128MB is just a step forward; it’s not the end destination for Bitcoin BCH. CoinGeek is firm on its stance that all artificially imposed limits in the BCH protocol should be removed, and that parameters such as block size should be determined by miners in a competitive spirit.
In fact, in the Bitcoin ABC implementation, miners already can (if they choose to) increase the maximum accepted block size-but the obscure debug setting is poorly documented and difficult to find for miners. CoinGeek supports Bitcoin SV’s plan to move that setting to a more prominent location and document its operation and implications thoroughly whilst also adding other tools to enable miners’ choice for block size growth; CoinGeek thus encourages miners to use Bitcoin SV.
CoinGeek founder Calvin Ayre is firm on restoring the Bitcoin protocol to its original design and then lock it so businesses and developers can reliably build on top of the “battle-tested” protocol. In a statement, Ayre said:
“We need to stop relying upon developer-determined default block caps. The block size is miner-configurable, allowing individual miners to set what maximum block size they wish to accept from another miner. This approach is similar to Bitcoin Unlimited’s ’emergent consensus’ mechanism for block size, and therefore has precedent. This ‘miner’s choice’ approach has two benefits: (1) it takes the block size question out of the hands of BCH developer groups, and avoids unnecessary future disagreements between developers over maximum block size; and (2) it puts the block size question in the hands of miners-key users of the BCH network-so they can direct the scaling roadmap, as driven by network usage growth and their own economic incentives.
From our communications with others, there are more miners who support this approach. We invite all BCH miners to join us in choosing block size for themselves, and let miners drive the BCH road map together. We also invite all Bitcoin miners to come to the W Hotel in Bangkok Aug 30th to hear CoinGeek present our arguments for this in person. Anyone who does not agree with Satoshi Vision is welcome to fork off to their own new path. Any forks from the Satoshi Vision path will not be Bitcoin and will have to come up with some other name for their fork. Any Satoshi Vision Miners not already invited to this event should contact us here at CoinGeek for details.”
As always, we at CoinGeek are open to discourse. In November, the CoinGeek Week conference, taking place in London on Nov. 28-30, will gather BCH Miners, App Developers, Merchants and other industry movers together to discuss the most pressing issues, opportunities, and risks facing the Bitcoin Cash ecosystem. If you are interested in taking part in that discourse, you are absolutely welcome to join the community.
Looking to help the growth of merchant adoption of Bitcoin Cash? Join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community.
Iranian Government Proposes for New Cryptocurrency Mining Regulations
The Cabinet of Iran has proposed for new cryptocurrency mining regulations in Iran, which include annual licensing for cryptocurrency miners.
Based on the proposal, licensed and registered cryptocurrency miners will be required to submit information such as their list of business activities, the predicted value of their investments, current employment status, rental agreements for the space itself, value of their mining equipment and the duration of the mining project. The license will need to be renewed every year.
The Iranian mining industry has grown dramatically over the past two years. One anonymous source in Tehran told CoinDesk that most miners he knows are “under the radar” and import equipment through the black market, without paying taxes.
The Central Bank of Iran finally recognised the grassroots industry and promised a lawful licensing procedure in July 2019. The pending proposal was approved by Reza Rahmani, Iran’s Minister of Industry, Mine and Trade. The Iranian mining licenses would only apply to miners with equipment that requires 30 kilowatts, which might exclude homemade mining equipment or small operations.
“It’s obvious that the power industry here in Iran, it’s not a private business, it’s from the government. They need to figure out how to balance mining [operations] so that they wouldn’t harm the power grid. If there’s a constant, a continuous consumption of electricity you can also make new power plants or assign power plants to this,” an anonymous source said.
Bitcoin Confirmed As New Sleeve Partner of Watford FC
The Bitcoin logo will appear on the shirt sleeve of Watford FC this season, as part of an educational drive led by the innovative sports betting brand Sportsbet.io.
The logo is part of a wider campaign to improve awareness around Bitcoin and educate the public on the benefits of using cryptocurrencies.
It is led by Watford FC’s primary shirt sponsor, Sportsbet.io, which announced a landmark deal with the Hornets team in June.
Justin Le Brocque, Head of Marketing at Sportsbet.io, said: “The crypto community have been hugely supportive of us since we began, so putting the Bitcoin logo on the sleeve felt like a fun way to give something back while also showing them our support.”
The sponsorship will be crowd-funded, allowing anyone who holds Bitcoin the exclusive opportunity to share in the perks granted to Watford FC sponsors. Contributors can bid for public LED space shown live during matches, use of the Bitcoin box for eight people and exclusive Watford FC merchandise.
“Some of the biggest challenges we and others like us face is raising awareness, dispelling common myths around cryptos and educating the public on the advantages and opportunities presented by cryptocurrencies,” added Le Brocque.
“Our partnership with Watford marks a major disruption in the world of traditional sports sponsorship, and by adding the Bitcoin logo we hope this world’s first partnership will create even more buzz around cryptocurrencies.”
Scott Duxbury, Hornets’ Chairman & CEO, added: “Placing the Bitcoin logo on a Premier League shirt is something that challenges the accepted norm. We’re excited about the partnerships and the potential for new global conversations that it could help start for our club.”
To celebrate the Bitcoin sponsorship with all Bitcoin holders, Sportsbet.io is also giving away a 2 mbtc Free Bet to all Sportsbet.io players if Watford scores against Arsenal this coming Sunday. More information on the amazing offer can be found https://sportsbet.io/promotions/free-bet-giveaway.
Last month, Sportsbet.io announced a pioneering three-year partnership with Watford, marking the first time a company known for blockchain and cryptocurrency expertise had appeared on the front of a Premier League shirt.
The announcement was accompanied by the launch of Sportsbet.io’s ‘Know No Borders’ campaign, which highlights the brand’s commitment to putting players at the heart of the action, no matter their country, sport, team or currency.
Sportsbet.io accepts a range of fiat and cryptocurrencies, including Bitcoin, to deliver the very best in fun, fast and fair gaming.
To get involved, all you need to do is visit the site http://bitcoin.watfordfc.com.
CEEGC2019 Budapest – Speaker Profile: Max Krupyshev, CEO at CoinsPaid
CEO of fast-growing Cryptocurrency Processing Provider to join the payment related panel discussion at CEEGC 2019.
As mentioned earlier, at CEEGC2019 we are putting together a debate about Payments, Fintech, and Blockchain with an emphasis on the changes that have occurred in the past 2 years.
The panel discussions will take place during the 2019 edition of CEEGC Budapest, and has been strategically titled as “2-year revision – Payments, Fintech and Blockchain”.
Among the experts of the panel discussion, you have the opportunity to catch up and hear more about cryptocurrencies and blockchain in the online gambling industry from a leading expert, Max Krupyshev, CEO at CoinsPaid.
About Max Krupyshev
Max has a Bachelor’s degree in Physics and a Master’s in Business Administration.
Max heard about Bitcoin for the first time in late 2013 right after completing his Master’s degree in Management. Max was immediately inspired by the innovative and disruptive technology behind Bitcoin and quickly made a name for himself in his local Bitcoin community in Kiev.
Eventually, Max’s passion for Bitcoin drove him to co-found a Kiev-based software development studio and to found the Bitcoin Foundation Ukraine and Satoshi Square Kiev. Max has worked for one of the biggest Bitcoin Cloud mining platforms prior to becoming Product Manager and later Head of Crypto Business at Cubits.
After a tragic Cubits shut down, Max was invited to obtain the CEO position at coinspaid.com. Coinspaid is a fast-growing Cryptocurrency Processing Provider for an online business.
Make sure that you are among the delegates of CEEGC Budapest this year for a new and engaging format that is going to increase the engagement and interaction of the attending delegates.
Browse the official event website for more details: www.ceegc.eu
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