A New Bitcoin Blocksize Proposal Goes Nowhere

A New Bitcoin Blocksize Proposal Goes Nowhere

I woke up today to what appeared to be good news. Joseph Poon, a Lightning Network developer, Stephen Pair from BitPay, Christopher Jeffrey from Purse and Fedor Indutny, had published a seemingly interesting proposal.

In what appeared to be a compromise that may reluctantly get the support of both sides, they proposed both on-chain scaling and segwit activation through a mechanism called extension blocks. Importantly, it is all a soft-fork, but segwit’s 4:1 discount is removed, while on-chain capacity is increased.

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