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Bitcoin [BTC] developer Luke Dash Jr defends small block size in the LA Bit Conference

Namrata Shukla

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Bitcoin [BTC] developer Luke Dash Jr defends small block size in the LA Bit Conference
Source: Pixabay

The core developer of Bitcoin, Luke Dash Jr, recently put forward his version of Bitcoin scaling roadmap at LA Bit conference in Chile on December 7.

While talking about scaling Bitcoin, Dash Jr spoke about the possible changes that can be expected in the future. He informed the audience that there are certain changes still on the back burner. Dash introduced Segwit v1, which is a revised script and not the same as Segwit v0 released last year.

Dash Jr roadmap includes siding with many active Blockstream projects like the Lightning Network and Liquid side chains. While talking about the trivial changes in Segwit v1, Dash Jr said:

“Lightning is probably everyone knows about lightning, it’s the real peer to peer transactions, instead of just flooding the whole network with every transaction. Uses a lot less blockchain space, and the transactions can confirm instantly that’s a layer two change. So it doesn’t need any more consensus change at this point, just a matter of implementation testing and people adopting it.”

Dash went ahead talking about the Signature aggregation where the miners while producing blocks, can combine all the signatures pertaining to each transaction into one. This would help in reducing transaction time and verification time.

Dash called for a decentralized sidechain, which could be a possible solution for mining centralization. Blockstream’s Liquid sidechain would be able to carry confidential transactions while making use of their new release Simplicity, which is an “entirely new script language for smart contracts”. Dash believes that this will allow for safer smart contracts, with flexibility.

Dash has been advocating smaller blocks, a contradictory view to many crypto-patrons. He believes that this move can contribute to the sustainability of BTC blockchain. The reason behind this is that it would assure that the scaling is achieved via two-layer solution rather than increasing the block size limit to get linear scaling on layer one chain.

The debate of block size caused the split of Bitcoin protocol and led the formation of Bitcoin Cash. Which also split recently forming Bitcoin Cash ABC and Bitcoin SV, as SV wanted to move to on-chain scaling with large blocks.

The roadmap, when published on Reddit, was questioned by many on the inclusion of small blocks. Dash Jr came on to defend it and said:

“The block size is larger than the rate of technological improvement. It’s not sustainable. We’re at 200GB now, and will get to 300GB in a year. There are already too few full nodes, and we’re just making it harder and harder to set them up!”

Dash concluded his note in the conference after providing an explanation for a smaller block size:

“A lot of people talk about increasing the block size, but with some of these other improvements, especially lightning, we hopefully they use the block size we need will be a lot less and it may be more palatable to actually reduce the block size at least in the short term.”





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

Analysis

LocalBitcoins see steady trading volume in Russian Ruble following cash-trades exodus

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LocalBitcoins see steady trading volume in Russian Rouble following cash-trades exodus
Source: Unsplash

LocalBitcoins, the Finland-based peer to peer cryptocurrency exchange, announced earlier this month that trading in a country’s national fiat currency will be disallowed, leading many in the community to believe that countries not on the frontlines of the digital asset world would be hit the hardest. Three weeks on, some defiant trends have been noticed.

According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement. With many expecting a drop in volume, other top countries have also seen the absence of an immediate plummet, with Moscow being the stand-out.

The first week of June saw a notable high of RUB 1,174 million in volume owing to the native currency, while the aftershock of the announcement dropped the same down by to RUB 1,104 million by the second week. The next two weeks saw the volume surge back to its May 2019 heights, with the week beginning on June 22 recording a volume of RUB 1,188 million in volume.

Source: CoinDance

On the basis of the above data, Russia is indeed a positive LocalBitcoins market.

The Finnish exchange has also been popular in South America, with its weekly volumes doing exceedingly well in the markets of Colombia, Venezuela, Peru, Chile, and Argentina, with Brazil, the only Latin American country left-out.

Buenos Aries saw its weekly volume from the initial weeks of June to mid-June drop from $13.71 million to $10.53 million, following the cash-removal announcement. In terms of the Colombian Peso, CoinDance stated that the number for the same was $9.98 billion towards the close of May 2018, and dropped to $7.16 billion by the first week of June. However, the same has since stabilized to stand at $9.2 billion.

LocalBitcoins began mulling the possibility of phasing out fiat currency trades following its inclusion under the supervision of Finland’s financial watchdog, the Financial Supervisory Authority [FSA] in March 2019. This inclusion was made days after Finnish legislators stated that cryptocurrency-based assets would be given legal status under the law. However, the act will officially come into force later in November 2019.

Additionally, several changes were made to the country’s Anti Money Laundering [AML] laws and Countering Financial Terrorism Act [CTF], which would require the exchange to follow the stated guidelines.

 





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