Bitcoin Cash team will implement automatic blocksize adjustment
The update is aimed at preparing the network for possible future congestion
07.05.2024 - 08:45
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What’s new? The Bitcoin Cash (BCH) team will conduct a blockchain upgrade on May 15 that will implement an adaptive blocksize limit algorithm (ABLA). The upgrade, aimed at preparing for a possible increase in transaction demand, will allow the network to respond more quickly to congestion without external intervention.
What else is known? ABLA is part of a network improvement proposal numbered CHIP-2023-04, the algorithm will automate Bitcoin Cash’s response to sudden increases in block size usage without requiring consensus among network participants.
The proposal emphasizes that this benefits the network and protects it from certain types of attacks by delegating decision-making to the algorithm itself. According to the initiators, the need to manually agree on increasing Bitcoin Cash’s blocksize imposes additional costs on all network participants, which opens the door to social attacks caused by disagreements.
One of Bitcoin Cash’s developers, Jason Dreyzehner, said the upgrade addresses “an economic vulnerability that was introduced in 2010 and led to the BCH/BTC network split in 2017.”
He also stated that ABLA addresses the artificial blocksize deficit resulting from increased transactions, which forces users to use “custodians, intermediaries, and competing networks,” as has happened before with other projects.
With current activity on the network, the established blocksize limit has not yet been reached, but the implementation of AMLA is intended to prepare for future potential increases in the number of transactions. The proposed changes also maintain the current 32 MB as a floor value, providing a margin of capacity even when the network is underutilized.
Halving took place on the Bitcoin Cash network
In the run-up to the event, there was a noticeable increase in the blockchain hashrate
At the time of writing, BCH ranks 17th in the overall cryptocurrency ranking by market capitalization with a figure of $9,25 billion and is trading at $469,93, having lost 1,3% overnight. The weekly gain was 2,2% and the asset has added 82% since the beginning of the year.
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