One of the solutions for increasing the block size, Bitcoin Classic may not be adopted by the Bitcoin network anytime soon. It became evident in the past two Bitcoin Roundtable meetings where the participants stressed that the bitcoin blockchain would not be subjected to a hard-fork anytime in the near future.
While it is highly doubtful whether Bitcoin Classic or something similar will be implemented until next year, the leading bitcoin wallet and vault service provider Xapo has announced its support to Bitcoin Classic. Xapo’s CEO and founder Wences Casares made his company’s plans to upgrade their blockchain infrastructure to Bitcoin Classic public. This announcement was made early last weekend. Meanwhile, the Bitcoin Roundtable meeting was also held last weekend in China where representatives of bitcoin mining companies, mining pools, wallet services, exchanges and other bitcoin businesses along with core developer met.
In the latest Bitcoin Roundtable meeting, it was decided to implement SegWit as an immediate solution to the block size issue. Unlike Bitcoin Classic, SegWit or Segregated Witness is a soft fork that is slated to solve the bitcoin malleability issue while increasing the block size. The SegWit is expected to be implemented in the coming months. SegWit will be succeeded by a core hard fork which will graduate to production mode sometime later in 2017.
There are concerns about the implementation of a hard fork at the moment as it may lead to the creation of two incompatible versions of blockchain. Any spilt in the blockchain may lead to huge losses to bitcoin users due to the incompatibility. Xapo’s recent announcements are being met with resistance with many people claiming that the company’s recent move is counterproductive to bitcoin scalability.
The block size debate still rages on with no indicate of its resolution anytime soon.