February 14, 2019

Bitcoin [BTC] Core developer proposes reduction of Bitcoin chain’s block size to 300KB

bitcoin, the largest cryptocurrency in the crypto universe, has facilitated yet another development making use of the Lightning Network as Luke Dash Jr, a bitcoin Core Developer, has put forward the idea of shrinkage of the bitcoin’s chain block size down to 300kb.

The concept to reduce the size of BTC’s block chain was introduced by Luke Dash in January 2017. The support for the reduced size block has received more of a consensus than the first time to further accelerate the adoption of Lightning Network.

In January 2017, Dash Jr proposed a bitcoin Improvement Proposal or termed as a ‘BIP’ which had the following request to reduce the block size to 300kb. The proposal was submitted before the transaction fee had a spike of about $30-$50 per trade.
However, the BIP was quickly dismissed following the scalability debate of the protocol and bitcoin users were also upset with the rise of the transaction fee.

Luke Dash recently tweeted:

Source: Twitter

The proposal has garnered a lot of attention and Bitrefill’s CCO, John Carvalho, has expressed his support for Dash’s idea.

John Carvalho stated:

“I agree with Luke Dash Jr that the block size should be smaller. I feel more confident to say it now that we have Lightning Network making strides — I’ll run the soft fork,” I could imagine a few, to increase fees (doesn’t even have to be malicious, could be for survival). To move transactions to Lightning Network (maybe miners realize they can make easier money by increasing fees on L2, under the right conditions) and to reduce costs (new network/web conditions).”

A Twitter account named Mark Lamb responded to John Carvalho:

Source: Twitter

However, the reduced blocksize concept has received its fair share of criticism regarding Dash Jr’s idea and John Carvalho’s explanation about higher fees to push more Lightning Network implementation.

One observer on Twitter posted his opinion and commented,

“Smaller blocks simply means less transactions on the chain, purposefully hard-coding a lower limit — It doesn’t make any logical sense.”

Cobra bitcoin, who is the anonymous owner of bitcoin.org, also pushed forward with the criticism rally and responded with a tweet. Cobra responded to John Carvalho’s tweet and stated:

Source: Twitter

The post Bitcoin [BTC] Core developer proposes reduction of Bitcoin chain’s block size to 300KB appeared first on AMBCrypto.

Published at Fri, 15 Feb 2019 02:05:51 +0000

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Alex Tapscott’s Nextblock Global Receives Major Backlash Prior to Public Offering

Things have gone from bad to worse for Alex Tapscott this past week. Several of his projects have received a lot of scrutiny. Moreover, there are some allegations which have to be rectified as well. Nextblock Global, the company owned by Alex Tapscott, will invest in companies and projects focusing on ICOs. However, the list of advisors for this company is mostly fake. Not a big surprise, but it is still rather worrisome.

Most people in the cryptocurrency world know the name Alex Tapscott. He is a well-known author and Canadian investors. However, his latest business venture raises a lot more questions than answers. Nextblock Global is a very dubious business model, to say the least. Not because of the investing angle, but everything else about it seems pretty fake. Especially the list of alleged advisors contains names which aren’t even associated with this venture.

Trouble Ahead for Nextblock Global

Some of those names include Andreas Antonopoulos and Dmitry Buterin. It is unclear why their names are on the list of advisors, to begin with. Neither of these gentlemen is even remotely connected to this new venture. There are some other names on the page which may also be completely fake, including Vinny Lingham and Kathryn Haun. It is disconcerting to see these names listed on a site they don’t even want to be associated with. It is a common tactic among semi-scammy ICO ventures, though.

The big question is why Alex Tapscott made such a grave mistake. It is evident these names were included to make the company more legitimate. However, it is unclear if this is his doing or someone else’s. The official explanation is how they were “listed in a draft version”. Even so, these names shouldn’t be there unless they agree to be a part of it. A weak explanation, to say the very least. This doesn’t bode well for the future of Nextblock Global either.

It is evident this whole ordeal will cause a lot of heated debate. The Canadian Imperial Bank of Commerce has rebuked its underwriting of the Nextblock Global public offering. This is the only logical decision as long as these “issues” are still being discussed. It is a very strange and potentially unfortunate turn of events. Whether or not there was any foul play involved, will always remain a question. It won’t do the reputation of Alex Tapscott any favors either right now. Then again, if this is an error, it should all blow over pretty soon.

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