THE BCHF SUPPORTS CHIP-2023-04 Adaptive Blocksize Limit Algorithm for Bitcoin Cash
The Bitcoin Cash Foundation Endorses CHIP-2023-04 Adaptive Blocksize Limit Algorithm for Bitcoin Cash.
The Bitcoin Cash Foundation (BCHF) is pleased to announce that we have endorsed the CHIP-2023-04 Adaptive Blocksize Limit Algorithm for Bitcoin Cash, a Cash Improvement Proposal (CHIP) that aims to improve the scalability and performance of the Bitcoin Cash network.
CHIP-2023-04 Adaptive Blocksize Limit Algorithm for Bitcoin Cash by bitcoincashautist is a proposal that introduces a new algorithm for adjusting the blocksize limit of Bitcoin Cash based on the network demand and the block propagation time. The algorithm is designed to be simple, robust, and adaptive, allowing the network to grow organically and efficiently without compromising security or decentralization.
The BCHF believes that the CHIP-2023-04 Adaptive Blocksize Limit Algorithm for Bitcoin Cash is a great step forward for the Bitcoin Cash community, as it will enable the network to handle more transactions and users, while also reducing the risk of future schisms. The algorithm will also provide more predictability and stability for miners, developers, businesses, and users, as they will be able to plan ahead and optimize their operations according to the network capacity.
The BCHF has reviewed the technical details and the implementation of the CHIP-2023-04 Adaptive Blocksize Limit Algorithm for Bitcoin Cash, and despite not being coders ourselves we are satisfied with the quality and rigor of the proposal. We have also consulted with various stakeholders in the Bitcoin Cash ecosystem, including node software team members and more, and we have found a high level of support and consensus for the proposal.
The BCHF would like to congratulate and thank the CHIP-2023-04 contributors for their hard work and dedication in developing and testing this proposal. We would also like to acknowledge and appreciate the support from other BCH project teams, as well as John Moriarty who helped make the proposal more accessible to the less technically minded.
If accepted, the BCHF will help to inform and encourage Bitcoin Cash node operators, miners, exchanges, wallets, and users to upgrade their software to support the CHIP-2023-04 Adaptive Blocksize Limit Algorithm for Bitcoin Cash before activation May 15, 2024. The proposal is expected to be activated on May 15, 2024, as part of the scheduled network upgrade.
For more information about the CHIP-2023-04 Adaptive Blocksize Limit Algorithm for Bitcoin Cash, please visit the following link:
https://gitlab.com/0353F40E/ebaa
If you have any questions or feedback about our support of the CHIP-2023-04 Adaptive Blocksize Limit Algorithm for Bitcoin Cash or any other BCH-related topics, please feel free to contact us at outreach@bitcoincashfoundation.org or join our Telegram group at https://t.me/BitcoinCashFoundation
Sincerely,
The Bitcoin Cash Foundation Team
