On Nov. 13 Blockstream CEO and HashCash inventor Adam Back, who remains as one of the few individuals cited in the original Bitcoin whitepaper released by Satoshi Nakamoto, explained Bitcoin block size increase in the mid-term is a possibility that has not been ruled out.
In response to a statement provided by Jihan Wu, the co-founder of Bitmain, the $3 bln Bitcoin mining equipment manufacturing company, regarding the necessity of a block size increase to reduce Bitcoin Blockchain congestion, Back stated:
“Probably mid-term with enough testing yes. But in the meantime it would be nice if people would stop spamming. Thanks.”
Bitcoin Core is not fundamentally opposed to on-chain scaling
As explained by Back, the Bitcoin Core development team has not been fundamentally opposed to on-chain Bitcoin scaling. In 2014 Back noted that a gradual block increase to 2MB, 4MB, and 8MB is a viable option in the mid-term, until second-layer payment channels are fully adopted by the industry, wallet platforms, and exchanges.
But, Bitcoin Core and the majority of the Bitcoin community remain certain that block size increase is not a long-term scaling solution, in contrast to public viewpoints, because there is a limit to which the block size of any Blockchain network including Bitcoin can be increased to…