Extension Blocks To Increase Blockchain Transaction Capacity

Extension Blocks To Increase Blockchain Transaction Capacity

Extension Blocks is a solution designed to create larger blockchain blocks by the use of a second layer that is optional for users upon activation. Th

Blockchain has huge potential for data security in Singapore
Cash Still Rules as the Payment Choice
Start-Up Spriggy Receives $2.5 Million Funding

Extension Blocks is a solution designed to create larger blockchain blocks by the use of a second layer that is optional for users upon activation. The extension blocks are now available for review with demo functionality code.

“This specification defines a method of increasing bitcoin transaction throughput without altering any existing consensus rules.”, as github.com reported.

Extension blocks leverage several features of BIP141, BIP143, and BIP144 for transaction opt-in, serialization, verification, and network services. This specification should be considered an extension and modification to these BIPs. Extension blocks are not compatible with BIP141 in its current form, and will require a few minor additional rules.”, added the publication.

Future size and computational scalability can be soft-forked. Unknown witness programs count as 1 inputs/outputs cost on non-upgraded nodes. Lesser cost can be implemented for newer witness programs. In this way, future soft-forked dos limit changes can be allowed.

Christopher Jeffrey, Purse.io CTO, Joseph Poon, a Lightning Network developer, Stephen Pair, BitPay CEO and Fedor Indutny, a PayPal software engineer, were among the parties who published the proposal.

Purse.io provides applications for bitcoin by carrying inventory with comparatively low prices. The extension blocks proposal is reportedly described as “consistent with their goals”.

As mentioned previously, extension blocks benefits are available on an opt-in basis. Those who don`t opt in can continue to use bitcoin. Also, wallet software undergoes minimal changes.

When a majority of miners support Extension Blocks, users will be able to use the feature.

A testnet is to be released by the end of April.

COMMENTS