Bitcoin Classic version 0.12.0 has been officially launched with features that are compatible with Core version 0.12.0 with both the blockchain files and wallet functionality. This update, building upon Classic version 0.11.2, effectively increases the block size limit from 1 MB to 2 MB as well as provides additional features to improve the health of Classic.
With all of the recent congestion problems on the blockchain, Classic aims to continue the vision of Satoshi and provide a platform that will foster global growth of the currency through a more efficient network. With an overloaded network and continued tensions between developers, Classic version 0.12.0 is a much needed step towards creating a healthier Bitcoin.
Bitcoin Classic’s Roadmap to Success
Following version 0.12.0, Bitcoin Classic will follow the proposed three-phase roadmap to properly promote the health of Bitcoin through crucial innovations.
“The Bitcoin Classic team will help realize Satoshi’s vision of making Bitcoin scale into a global peer to peer cash system, and not merely a settlement network. We believe on-chain scaling is crucial for the long term health of Bitcoin. On-chain scaling maximizes transaction volume, whose fees are needed to replace miner rewards on the medium to long term scale.”
Bitcoin Classic’s goal is to solve the major issues with blockchain congestion through the use of the BIP 109 protocol to raise the block limit to 2 Mb. Furthermore, Classic will hard fork the network with a 28 day grace period once 75% off all blocks are mined under the Classic protocol. As of right now, Classic is gaining strong support, and Bitcoin Core has dipped below 70% of all nodes in Bitcoin’s network While tensions are high between developers, Classic version 0.12.0 is compatible with Core to allow seamless integration with the network and continued coexistence between different versions of Bitcoin.
Following the completion of phase one of the Classic roadmap, the project will integrate crucial solutions that will allow for continuous block syncing, taking an enormous load off the network and improving overall efficiency while still allowing Bitcoin to remain decentralized. By eliminating the need for transactions to be synced within seconds, the network can be further optimized in a way that will improve the efficiency for both miners and users of Bitcoin.
Following a successful phase two, the Classic team will hold conferences to gain consensus with the Bitcoin community on scaling block size which will allow companies and miners to voice their concerns and be satisfied with the results of phase two for the overall health of Bitcoin.
Classic version 0.12.0 is a very important step towards the future health of Bitcoin and will allow the community to take part in shaping a global currency that will align with Satoshi’s original vision while still providing an environment that will foster growth for all participants of the network. Classic aims to increase the efficiency of Bitcoin through several innovative solutions that will give the community more control over the future of Bitcoin while creating a more effective decentralized network.
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