What Happened on May. 18th | Revisit the 2015-2017 Bitcoin Civil War
The Bitcoin blocksize war refers to a contentious debate within the Bitcoin community regarding the optimal size of blocks in the blockchain. In Bitcoin, blocks serve as containers that hold transactions, and larger blocks can accommodate more transactions, thus increasing the network's capacity.
Two main factions emerged between 2015 and 2017: one advocating for a conservative approach, favoring smaller block sizes to ensure network decentralization and prevent potential security risks, while the other group supported larger block sizes to improve scalability and transaction throughput.
The conflict escalated in 2017 when the Bitcoin community faced a significant backlog of transactions, causing delays and increased transaction fees. This sparked a fierce debate between supporters of small blocks, led by Bitcoin Core developers, and proponents of larger blocks, most notably Bitcoin Cash supporters. Bitcoin Cash, a hard fork of Bitcoin, was created in 2017 with an increased block size of 8MB.
The blocksize war generated intense discussions, social media campaigns, and even personal attacks within the community. Proponents of larger blocks argued that it would enable faster and cheaper transactions, attracting mainstream adoption. On the other hand, supporters of smaller blocks emphasized the importance of maintaining decentralization and preventing potential centralization risks associated with larger blocks.
Ultimately, the conflict resulted in a split in the Bitcoin community, with Bitcoin Cash emerging as an alternative cryptocurrency with larger blocks. However, Bitcoin remained the dominant cryptocurrency in terms of market capitalization and adoption.
Biggest Gainers & Losers
Hong Kong Monetary Authority to Commence e-HKD Pilot Programme: Sixteen firms from the financial, payment, and technology sectors have been chosen to participate in the first round of pilots, which will explore potential use cases in six categories, including full-fledged payments, programmable payments, and settlement of tokenised assets.
Hot projects on the market
Other news in case you missed it:
Policy and Regulation