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Nchain and Bitcoin Unlimited Promote Bitcoin Scaling Initiatives Amid Hard Fork

Nchain and Bitcoin Unlimited Promote Bitcoin Scaling Initiatives Amid Hard Fork

Prior to the bitcoin cash hard fork, research firm Nchain conducted a workshop with the Bitcoin Unlimited (BU) team. The intent of the meeting was to signal joint support for new bitcoin scaling initiatives. The two groups explored ways to achieve greater bitcoin scaling in order to grow overall network capacity. They met in Vancouver, Canada on July 26. 

Also read: Fork Watch: First Bitcoin Cash Block Mined Included Over 6k Transactions

Nchain and Bitcoin Unlimited Promote Bitcoin Scaling Initiatives Amid Hard Fork

According to an Nchain press release, the meeting focused on ways Nchain can help enhance the Bitcoin Unlimited protocol. Nchain is supposed to make the software into a “certified,” next generation version. The software will be rigorously tested for quality assurance. They will eventually release a version intended for mass consumer and small business usage. Stefan Matthews, Chief Executive Officer of the nChain Group, elaborated:

“Nchain has confidence in Bitcoin Unlimited and BU’s code. With improvements we can provide using nChain’s expertise, we are also confident that our ‘certified’ version of Bitcoin Unlimited’s client software will address the needs of enterprise users, especially miners. nChain intends to make this certified version available for usage without charge, as part of our contributions to help achieve a faster, more powerful bitcoin network and exponentially higher bitcoin value for everyone’s benefit.”

Bitcoin Unlimited and Bitcoin Cash Connection; Segwit2x

With the happening of the recent Nchain and BU workshop, there have been whispers either BU or Nchain has had a connection with bitcoin cash. Dr. Craig Wright of Nchain has already come out and falsified those claims. He also praised bitcoin cash. He said,

I recognize why I am a polarizing figure in bitcoin and understand why so much is written about me on the Internet and social media, even though most online posts are incorrect. The incorrect comments include anything suggesting that I am behind the Bitcoin Cash initiative; I am not. However, I applaud the efforts of whoever is behind Bitcoin Cash to achieve a truly decentralized, peer-to-peer electronic cash with higher, more efficient transaction capacity.

Both teams, however, have a problem with Segwit2x. Nchain supports the 2mb fork increase. However, Nchain claims it is not enough. In staying true to Satoshi Nakamoto’s original vision, Nchain wants to see larger scaling initiatives for the Segwit fork of bitcoin. Nchain said they will remain open for communication and new research development to help bootstrap bitcoin with more network capacity.

Nchain

What do you think about this meeting? Will Nchain and BU succeed at scaling bitcoin? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, prnewswire.com, and bitcoinunlimited.info


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Tags in this story
Bitcoin, bitcoin cash, Bitcoin Unlimited, Canada Meetup, Craig Wright, Hard Fork, N-Bitcoin, nChain, scaling debate, scaling initiatives, Segwit2X, Stefan Matthews
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Sterlin Lujan

Sterlin Lujan is a journalist, editor, speaker, anarchist, and essayist. He has been involved with cryptocurrency and Bitcoin since 2012. Sterlin is especially interested in the intersection of psychology and cryptography. He has written on behavioral economics in regards to innovative technology, and was one of the first to write about the emerging field of cryptopsychology on bitcoin.com.