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Bitcoin Classic

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Bitcoin Classic is a fork of the Bitcoin reference implementation Bitcoin Core aiming to increase the transaction processing capacity of Bitcoin by increasing its block size limit.[1] It is similar to, though less aggressive than, the Bitcoin XT fork, which never managed to get the support it needed. Bitcoin Classic promotes a single increase of the maximum block size from 1MB to 2MB.[2][3] Bitcoin Classic is also an attempt to move technical governance of the Bitcoin project from the developers of Bitcoin Core to a voting process involving a larger community of miners, businesses, developers and users.[4]

The Wall Street Journal said "Bitcoin Classic has emerged from the ashes of the XT/Core debate. It is a version of Bitcoin that would allow for a two-megabyte limit. It appears to be quickly winning support." [2]

In Bitcoin, transactions are collected into blocks, and each block is produced on average every ten minutes. With Bitcoin's current limit of 1MB, this capacity translates to an estimated average of three transactions per second. With Bitcoin Classic's proposed doubling of the block size limit to 2MB, the maximum transaction rate would also roughly double.[5]

If deployed, Bitcoin Classic would render current Bitcoin software obsolete, as it changes protocol parameters, namely increasing the maximum block size from 1MB to 2MB.[6][7] Most implementations of Bitcoin software would require small modifications to the block size limit in order to continue to work.

Bitcoin Classic has received support from Bitcoin companies, developers, investors and miners, such as Coinbase, Bitstamp, Circle, Jeff Garzik, Roger Ver and Gavin Andresen.[8]

See also

References

  1. ^ "Bitcoin Classic 0.11.2 Release Announcement".
  2. ^ a b Paul Vigna (17 January 2016). "Is Bitcoin Breaking Up?". WSJ.
  3. ^ "Making Sense of Bitcoin's Divisive Block Size Debate". CoinDesk.
  4. ^ Aaron van Wirdum. "Unlimited, Classic and 'BitPay Core': Bitcoin's New Kids on the Blockchain". Bitcoin Magazine.
  5. ^ "BitFury Announces Support for Bitcoin Classic". NEWSBTC.
  6. ^ "Bitcoin Classic".
  7. ^ "Capacity increases FAQ".
  8. ^ "BitFury Comes Out In Support of Bitcoin Classic - EconoTimes". EconoTimes.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Bitcoin_Classic&oldid=748379074"