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
US SEC Requests Grayscale to Withdraw Filecoin Trust Application, Claiming Filecoin Is Security
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
Lido Proposes to Introduce $LDO Staking
Decentralized Liquidity Protocol Tokemak v2 to Be Launched
Turbos Finance to Refund Users' Funds for Participating in Public Sale
X2Y2 Launches NFT Lending Platform X2Y2 Fi
Binance Will Support Cocos-BCX (COCOS) Token Swap and Rebranding Plan to COMBO (COMBO)
Other news in case you missed it:
$2.15 Million Worth of Crypto Assets Withdrawn from Do Kown's Wallet
Multiple US States Consider Banning Central Bank Digital Currencies Following Florida's Lead
Lawmakers Hand Over FTX-linked Political Donations Following DOJ Instructions
USDC Issuer Circle Reallocates $8.7B to Repo Agreements Amidst Potention U.S. Default Risk
Bitget Reports Highest Quarterly Token Gains, Reveals 30% Staff Expansion
Voyager Liquidation Procedures Approved by Court, Customers Could Receive Assets Starting from June 1st
Pakistan to Ban Online Services Related to Cryptocurrencies
Singapore's Whampoa Group to Set Up Digital Bank in Bahrain Open to Crypto Clients
Policy and Regulation