The initiative aims to study the current real capacity of the Bitcoin network by incorporating blocks of up to 1GB of space. This proposal incorporates the data provided by the companies in relation to the tests made separately, in which blocks of up to 64MB have been optimally run in test networks similar to the Bitcoin Blockchain.
The pioneering research and development company for Blockchain technology, nChain, and the developers of one of the proposals to improve the scalability of the BTC network, Bitcoin Unlimited (BU), recently announced the development of a joint initiative called Gigablock Testnet, which is a test network designed with the intention of evaluating whether the Bitcoin infrastructure could handle blocks of a much larger size than the existing ones.
The Bitcoin network, which has recently been updated with the SegWit protocol, still presents associated problems in terms of confirmation times and transaction fees, which has affected the ability of the digital currency to function as a system of payments that can satisfy the needs of its users, and thus be recognized worldwide as a valid economic alternative to carry out commercial operations. In order to solve this situation, nChain and BU intend to increase the size of 1MB blocks (as originally planned) and bring them to a much larger extent to ensure greater scalability to the network.
In the same vein, Bitcoin Cash has a size for blocks of 8MB by default, keeping open the possibility of increasing it as long as this ensures greater efficiency for the network. However there are experts in the area who wonder if the Bitcoin network can properly handle larger blocks, so the BU team will meet with representatives of nChain to explore the possibility of joint research on the subject, and a of the proposals discussed was the design of a global test network to study whether the network was really in the ability to assume an exponential increase in the size of the blocks, improving the performance of transactions.
Following a vote last week, both companies decided to work on an initiative known as Gigablock Testnet (BUIP065), taking BU's direction of the project and providing nChain with all possible technical support. The companies committed to fund the project in an equitable way (50%) by investing annually 1.5 million dollars over a period of 5 years. The idea is that the test network becomes a self-sustaining resource for the Bitcoin community, and that it has collaborators from all over the world.
Among the specific objectives contemplated by Gigablock Testnet are the following:
Establish and maintain a global test network that is capable of supporting blocks up to 1GB in size, while guaranteeing Bitcoin network performance equal to or greater than Visa (3,000 TPS). The plan is to add mining nodes in Beijing, Bangalore, Sao Paulo, Sydney and Vancouver with the intention of expanding an existing mining network in Toronto, Frankfurt, Munich and Washington. To do this, it is expected that the network can be subjected to stress tests and other experiments related to scalability.
Identify possible setbacks, failures, problems and work on solutions that allow to establish a safe way for the production of larger blocks that operate in the network.
Informing the Bitcoin community about the results obtained to guide the project in terms of better development based on the assessments and suggestions of experts in the area.
At the moment BU is already working on the project and apparently has created a new test network, added mining nodes for the transactions, and has begun to carry out the first experiment planned by the team.
The project is supported by the British Columbia University in Canada. Professor Victoria Lemieux will provide additional research support.
In relation to the potential of the evidence in development, the president of BU, Andrew Clifford stated the following:
"We believe that the Gigablock Testnet initiative will demonstrate that the performance reported by Visa can be surpassed in a global testing network backed by Blockchain technology mining nodes, which handles much cheaper costs for companies, university institutions and amateurs. We anticipate that the results of ongoing experiments in this network of evidence will add to the growing evidence that Bitcoin can actually become an international payment mechanism, as sketched by Satoshi Nakamoto in the founding document of the digital currency ".
Testnet Gigablock takes as a precedent the research done previously by the companies responsible, since nChain has been able to test blocks of 32MB while in the test network "Nolnet" of BU have been successfully tested blocks up to 64MB.
Stefan Matthews, CEO of the nChain Group, stated the following:
"Many people believe that the Bitcoin network can drive faster transactions to a business level. In nChain we will allocate resources and knowledge in order to realize the idea of a network with greater scalability. This initiative, Gigablock Testnet, is also another step in the relationship between nChain and Bitcoin Unlimited. We hope that our joint efforts will inspire and further motivate the participants of the ecosystem to work together instead of fighting each other to realize the goals set forth in the founding document of Bitcoin and catapult it as the dominant cryptodonon. We extend the invitation to interested companies to partner with us and work on a better future for the digital currency. "
Let's keep in mind that apart from supporting Bitcoin Unilimited, nChain is researching and developing tools, protocols and applications to support the growth of Blockchain technology around the world. Among the most reputable products is a software development kit, which would allow programmers to create applications in Bitcoin's Blockchain, as well as solutions for network scalability, inventions to enhance the security aspect, sequences of chain commands for the establishment of intelligent contracts, and the development of a decentralized trading platform that makes use of autonomous agents.
Source: CryptoVest / nChain