To support Bitcoin Unlimited’s (BU) vision of a scaled network, bitcoin technology and development outfit nChain has announced that it will provide technical support for the BU client software.
If you’re just joining us, bitcoin is now at a critical juncture, and its community is becoming highly polarized with different parties proposing to scale in different ways. Among these proposals is Segregated Witness, or SegWit2x, whose main goal is to send signature data or witnesses off-chain onto second layers like the Lightning Network or sidechains to fit more transactions into the current 1MB block size.
This solution, however, merely defers the capacity problem, whereas Bitcoin Unlimited seeks to enable larger blocks and achieve significant on-chain scaling of the bitcoin network. Bitcoin Unlimited believes that increased scalability via larger blocks will pave the way for faster transactions and enterprise-level capabilities.
And so to solve bitcoin’s current capacity problem, Bitcoin Unlimited rolled out a client software designed for larger blocks, which nChain will build on to address the needs of bitcoin miners.