Bitcoin China website supports BIP 100 improvement proposal

The Bitcoin China website supports the data block extension proposed by Jeff Garzik (one of the five core developers of Bitcoin).

With the Chinese bitcoin company joining, the proposal has the support of the three largest “block producers” who account for more than 50% of the network’s bitcoin output.

“The company structure gives the company capabilities that others don’t: we are in a unique position to look at things from different perspectives, such as mining pools, online wallet services, and exchanges,” Bobby Lee, CEO of BTCChina, told CoinDesk. “So we have to come up with a holistic approach, not just make quick choices to keep the industry moving forward.”

Until today, the company and other Chinese bitcoin mining pools have supported the 8MB block proposal, but the sudden change has caused many problems and needs to be dealt with in a timely manner. In an open letter on the Bitcoin China website blog today, it was stated: Bitcoin China has experienced high risks and a series of problems. We believe that today's Internet, whether in China or globally, is not unlimited, otherwise it will increase the chain size.

If the BIP 100 improvement proposal is adopted by businesses, BTCChina will choose 2MB blocks and slowly increase to 8MB in the medium term. The company said this will give stakeholders time to learn the impact of the increase in block chain size on the network and plan accordingly.

BTCChina is one of the sponsors behind the event, along with the Montreal workshop, which brought together many bitcoiners to discuss the pros and cons of different scaling solutions. Lee added:

“While this issue has not yet been fully resolved, I am confident that we will come together to come up with a solution that satisfies everyone.”