The Bitcoin SV (BSV)blockchain has conducted a hard fork at block 620,538 to move closer to the original Bitcoin protocol, and to remove block size limits.
The hard fork was first announced on January 20, and its development team has described it as a “protocol restoration” and not as an upgrade, as it brings Bitcoin SV closer to the original Bitcoin whitepaper, removing several features that have been added over the years.
One of those features is the block size limit. It was originally implemented by Bitcoin Creator Satoshi Nakamoto in secret in 2010, and limited BTC’s blocks to 1 MB. In 2017, when the cryptocurrency’s price surged to a new all-time high near $20,000, transaction fees hit a $50 high, heating a longstanding scaling debate on whether limit should be increased.
Those supporting a bigger block size argued it was necessary for BTC to scale to achieve mass adoption, and a bigger block size would mean support for more transactions per second. Those supporting the 1 MB limit argued increasing the block size could compromise BTC’s decentralization as it would become more expensive to run a full node.
In August 2017, big block supporters hard forked Bitcoin to create Bitcoin Cash (BCH), originally giving it a 4 MB block size. In November 2018, when the BCH block size was «32 MB, the community split as some supported technological upgrades, while others argued for quadrupling the block size. At the time, a hard fork led to the creation of Bitcoin SV. Read More...