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Blocksize Algorithm CHIP endorsement

· 2 min read

I (and The Bitcoin Cash Podcast & Selene Wallet) wholly endorse CHIP-2023-04 Adaptive Blocksize Limit Algorithm for Bitcoin Cash for lock-in 15 November 2023. A carefully selected algorithm that responds to real network demand is an obvious improvement to relieve social burden of discussion around optimal blocksizes plus implementation costs & uncertainty around scaling for miners & node operators. There is also some benefit to the community signalling its commitment to scaling & refusal to repeat the historic delays resulting from previous blocksize increase contention.

The amount of work done by bitcoincashautist has been very impressive & inspiring. I refer to not only work on the spec itself but also on iteration from feedback & communicating with stakeholders to patiently address concerns across a variety of mediums. Having reviewed the CHIP thoroughly, I am convinced the chosen parameters accomodate edge cases in a technically sustainable manner.

It is a matter of some urgency to lock in this CHIP for November. This will solidify the social contract to scale the BCH blocksize as demand justifies it, all the way to global reserve currency status. Furthermore, it will free up the community zeitgeist to tackle new problems for the 2025 upgrade.

A blocksize algorithm implementation is a great step forward for the community. I look forward to this CHIP locking-in in November & going live in May 2024!


Further reading:

Original CHIP document

FAQ on Bitcoin Cash governance