Editorial 6 December 2017Eli Afram
Bitcoin Cash will scale to be the global currency
The next hardfork for Bitcoin Cash will see a max block size of 32MB, which ends up supporting close to 100 transactions per second. By comparison, Bitcoin Core’s Segwit, can muster 2-3 transactions per second. The scalability roadmap is undeniable. The only deniability comes from those who are either compromised, or from those who are intentionally working to compromise others.
A 32MB max blocksize is one of many stopgaps in the roadmap to reach 1000, 10,000 and eventually 50,000 tps and more.
Often, I find myself debating some who like to falsely claim that “moore’s law doesn’t transcend to other things like bandwidth of communication speed”. Except that it very much does.
The only technology I can think of that doesn’t experience this extreme growth, is battery capacity. Mind you, even that has been increasing over time – just nowhere near as much. But for Bitcoin, batteries are irrelevant.
It’s true that Moore’s law talks specifically about processor speeds, and even more specifically about the number of transistors in a CPU. But the fundamental outlook being, that technology improves over time. It is for this reason, that Moore’s law is often cited for overall technological growth in disciplines related.
We know very well that Moore’s law is a reality. Ironically, when looking at something like HDD space, that grows even more so. This is a little less popularly known as Kryder’s Law.
Not long ago I tweeted the following an image of three graphs, illustrating how Moore’s law, increases over time, exponentially, supporting the BCH roadmap.
These are detailed below:
First, we have Moore’s Law itself. 120 years of it in fact. Contrary to what some say, Moore’s law hasn’t stopped… The argument that physical limitations will be reached in time is also highly assumptive. If we’ve learnt one thing in the last century, is that technology always finds a way to break boundaries. We know for instance, that quantum computing is a possibility in the future – this alone reaffirms that new ways of doing things, do come into play. Technology evolves, and progresses.
The next point of contention looks at storage capacity. This is a non-issue. Some still found it worthwhile to point out that the graph ends at 2010, insinuating that I might be hiding something. Any research into this shows that this is still going up exponentially to this day, without any reason to believe it is slowing down. This growth is what we call Kryder’s law.
This leads us to the final point of contention. For years we heard the Core camp spout that bandwidth will not cope with future bigger blocks, and that blocks won’t propagate properly, and that we’ll get orphan blocks… well you get the picture.
The above is known as Nielsen’s law. Nielsen’s law states: “A high-end user’s connection speed grows by 50% per year.” Take out variance, and you have a very accurate measure there.
Today we have over a century worth of data, proving that technology scales, advances, and improves over time. To not at the least, move with Moore’s law, is to actually move backwards. The further technology moves, and one remains stationary, the further behind one is left.
Bitcoin Cash (BCH) embraces scalability, and it embraces technological growth. It doesn’t remain tied to an absolute position. To do so, is to remain in the dark ages.
The last 4 months for Bitcoin Cash have truly been phenomenal. Development has been far more energised in the last 4 months, than Core have been in the past 3 years. Businesses and merchants are being re-engaged, the ecosystem is exploding into growth. Volume and liquidity has been soaring on the charts, and the frightening thing is, this is just the beginning. With the plan to re-enable dormant op_codes, smart contract functionality is on the horizon again, in a very computationally flexible way. Bitcoin Cash can do what Ethereum does, without the scalability woes, and without the gas complexity. The future is bright for BCH, and I cannot wait for 2018.
Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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