Following the BCH Bliss conference, a focal event for Bitcoin Cash enthusiasts held May 14-15 in Ljubljana, Slovenia, Jonathan Silverblood introduced a Bitcoin Cash Podcast on X, featuring a collection of tracks from the event. This gathering also celebrated the “Jessica” upgrade, which launched the network’s innovative adaptive block size limit. BCH Bliss 2024: A […]
Bitcoin News
Bitcoin Cash Soars 40% in 24 Hours as Market Eyes Upcoming Halving and Adaptive Block Size Upgrade
On Saturday, March 2, the valuation of bitcoin cash witnessed a significant increase, climbing over 40% within a 24-hour span to reach a peak of 1 each. This upward trend is attributed to the anticipated halving event, set to happen in 16 days, and the forthcoming 2024 upgrade, which is expected to implement an adaptive […]
Bitcoin News
Adam Back States ‘You Can’t Stop JPEGs on Bitcoin,’ Proposes Block Size Increase to Host Inscriptions
Adam Back, CEO of Blockstream and legendary cryptographer, has acknowledged that inscriptions, media embedded directly on top of Bitcoin, cannot be stopped, stating that any action focused on this will only prompt users to do it in “worse ways.” Instead, Back proposed adding a new blob of data to Bitcoin blocks dedicated to inscription purposes.
Adam Back Proposes Block Size Increase to Support Inscriptions
Blockstream CEO Adam Back recognized that fighting Ordinal inscriptions, media embedded directly on the Bitcoin blockchain, is useless. In recent statements posted in X, Back stated that JPEGs (images) on Bitcoin were unstoppable and that any actions directed to stop them would only worsen the situation.
Back declared:
Complaining will only make them do it more. trying to stop them and they’ll do it in worse ways. the high fees drive adoption of layer2 and force innovation. so relax and build things.
Back has been critical of the Ordinals protocol and its purpose since its launch, calling it “inefficient” and “stupid,” prompting developers to use other solutions like IPFS to achieve the same objective.
The issuance of Ordinal inscriptions and stamps, another media embedding protocol on Bitcoin, recently took transaction fees to over . According to Back, a solution to this congestion issue can come in the way of allocating space directed to host this and other Bitcoin-centric data through a “segwit annex” to each block. He explained:
Inscriptors want unavoidable scarcity derived from bitcoin mining and blockspace limits, and they want to pay less not more. so a segwit annex for another 4MW space, paid by miners, with a higher discount than taproot inscriptions.
Back acknowledged this proposal would include a Bitcoin block size increase that would not be required for consensus and would also be used to save Bitcoin wallet-related data.
Many users in the community signaled that Back’s proposal resembled Ethereum EIP-4844, also known as Proto-Danksharding, which adds data blobs with a limited life to the Ethereum blockchain, which also have their own fee market.
What do you think about Adam Back’s “segwit annex” block size increase proposal for Ordinal inscriptions? Tell us in the comments section below.
Blockchain Retail Market Size to Top Over $2 Billion by 2028 — Study
According to Fortune Business Insights, the global blockchain retail market size is expected to surge from the 2.2 million recorded in 2021 to over billion by 2028. Both the demand for the product by end-users as well as the growing use of the technology in supply chain management are expected to sustain the market’s projected compound annual growth rate (CAGR) of 42.8%.
Inherent Benefits of Blockchain
The value of the global blockchain retail market size is expected to grow from the 2.2 million recorded in 2021 to over billion by 2028, a study by the market research firm Fortune Business Insights has found. In a report titled “Blockchain in Retail Market Forecast, 2023-2028,” the research firm also revealed that the CAGR during this period is expected to top 42.8%.
According to a part of the research firm’s March 10 press statement highlighting the likely drivers of demand for the technology, Fortune Business Insights analysts argue that the “surging demand for the product from end-users such as retail as well as [the] supply chain is expected to navigate the demand for [a] solution in retail.”
Expanding on why the technology is increasingly favored by businesses in the blockchain retail sector, the report points to the technology’s inherent benefits such as improved efficiency and increased transparency.
“The integration of blockchain technology in the retail sector offers numerous benefits such as secure, cost-effective, and swift payment processing through encoded distributed ledgers. This technology allows for real-time verification of transactions without the need for intermediaries like banks or clearinghouses,” states the report.
Rising Adoption of Smart Contracts
The anticipated growth of digital payments within the retail sector is similarly expected to drive the demand for the technology. In the report, the rising adoption of smart contracts is also identified as a driver of the blockchain retail sector’s growth.
Meanwhile, the report states that North America, which held the largest share of the blockchain retail market in 2020, is likely to hold on to this dominant position due to the “significant capitalization” recorded. While growth in the European market is expected to be driven by companies “expansively adopting the notion of blockchain technology,” in the Asia Pacific region, this will be steered by “dominating nations such as India, China, South Korea, and Japan.”
In Latin America as well as in the Middle East and Africa, the embrace of digital technologies and government programs is expected to sustain demand, the report adds.
What are your thoughts on this story? Let us know what you think in the comments section below.
Cardano To Increase Block Size By 10%, Can ADA Benefit From This Network Improvement?
Via an official post, Cardano developer Input Output Global (IOG) confirmed the approval and implementation of a proposal to increase the network’s block size. Currently standing at 80 kilobytes (KB), the mainnet will see a 10% increase to 88 KB.
Related Reading | Cardano (ADA) Is One Of The Worst Performing Crypto In Terms Of Profit
Set to roll out today April 25 at 20:20 UTC, at the boundary of epoch 335, as confirmed by the company. IOG called this proposal a “significant network enhancement” set to increase Cardano’s throughput and the performance of its decentralized applications (dApp).
As the company reiterated, Cardano has been experiencing a series of network upgrades that will allow it to improve its scaling capabilities in 2022. As the block size increase, IOG added, they will keep a close eye on it for future changes:
Once deployed, we shall monitor network performance and behaviour closely over at least one epoch (5 days) to determine the next increment. Cardano has seen phenomenal growth in recent months, with performance improvements to match.
Furthermore, the company claims that Cardano has been experiencing a “huge recent rise in transaction volume”. In that sense, with the addition of more improvements, they expect this trend to continue.
IOG is focused on optimizing Cardano as it prepares for its next Hard Fork Combinator (HFC) event set for around June this year. IOG added:
Cardano is one of the most decentralized blockchains in the world, built for correctness and security. As the ecosystem grows, we’re focused on delivering the scaling phase of our roadmap; improving speed and network capacity while maintaining security and decentralization.
As NewsBTC reported, the network seems to be experiencing an increase in institutional demand, per data from IntoTheBlock.
On-chain transaction volume for ADA appears to be in an uptrend since the start of February. This data seems to match with IOG’s statements about Cardano’s growth.
@Cardano is experiencing increasing institutional demand
The volume of on-chain transactions >0k has increased by 50x just in 2022
Yesterday, a total of 69.09b $ADA were moved in these large transactions, representing 99% of the total on-chain volumehttps://t.co/8ME8STvRSF pic.twitter.com/aqH7hYIPiV
— IntoTheBlock (@intotheblock) March 29, 2022
What’s Wrong With Cardano (ADA)?
Data from Token Terminal paints a different picture. As seen below, ADA’s trading volume saw a massive increase in late 2021 as the cryptocurrency began a persistent downside price action.
ADA’s price trends to the downside with its trading volume. Source: Token Terminal
This suggests investors started taking profit on ADA at that time. Since that period, the cryptocurrency saw an uptick in trading volume during January which led to further losses for ADA.
Only the increase in trading volume for March and April has led to profits for this cryptocurrency. Remains to be seen if the network improvements, as IOG claims, will be effective at bringing more users into the Cardano ecosystem which could result in sustainable price recovery.
Related Reading | New Wallets Surge On Cardano, What’s Behind This?
CEO at IOG Charles Hoskinson addressed ADA’s recent price action. In response to a holder’s concerns about the cryptocurrency’s recent downtrend, and what are the possible factor behind it, Hoskinson said:
Nothing. Markets move up and down. Cardano is stronger and more useful as an ecosystem than it’s ever been.
At the time of writing, ADA’s price trades at .8 with a 2% loss on the 4-hour chart.
ADA’s price is on a downtrend on the 4-hour chart. Source: ADAUSDT Tradingview
NewsBTC
Cardano Increases Block Size By 12.5%, What This Means
Cardano has been making important changes to its blockchain since the launch of smart contracts capability. This had brought with it an increased usage and thus needed to be more scalable to accommodate this increase. Since the launch in September, there have been a number of improvements to the network and the latest is the increase in the block size.
Increased Block Size In Cardano
Cardano, in a recent blog post, announced that they were increasing block size by 12.5% to make room for the increased traffic that is expected on the network. The 8KB increase will see the total block size now at 72KB and will allow more transactions to be fitted in a single block. This will allow more transactions to be processed per second, greater data throughput, in turn providing greater capacity for its users.
Related Reading | Cardano Founder Says Metaverse Is Important For Crypto
Keep in mind that a year ago, Cardano only averaged 10,000 transactions per day. Now, a year later, this number has risen significantly to more than 200,000 and climbing. A 12.5% increase in block size may not seem large by the average margin but is important to accommodate for this increased usage.
ADA drops to .77 | Source: ADAUSD on TradingView.com
Another factor that warrants the increase in block size is the anticipation of DApps that are expected to launch on the blockchain soon. Since Cardano already has smart contracts capability, it is only a matter of time until developers begin deploying their apps. This anticipated rise in traffic has made increasing block size important for the network.
Plutus Script Memory Gets A Boost
Block size was not the only thing that got a boost. Cardano also increased Plutus script memory units by transaction. In another 12.5% expansion, the Plutus script memory units per transaction is now 11.25 million.
In the blog post, John Woods, Director of Cardano Architecture, explained that this change was brought about due to growing demand from developers. It will help developers in their journey as they test and deploy their DApps on Cardano.
“An increase in Plutus memory limits means that they can develop more sophisticated Plutus scripts, or that existing scripts will be able to process more data items, increase concurrency, or otherwise expand their capabilities.”
Woods notes that this is only a first in a series of changes that will take place to expand the real-world capabilities of Plutus scripts.
Related Reading | Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic
The changes in block size and Plutus script memory units by transactions will be implemented slowly. Cardano has adopted a ‘slow and steady’ mechanism going forward with the changes. Although this may look to be moving too slow for some, a 12.5% increase shows that the developer is not rushing to make changes that would adversely affect the network.
“It’s not just about creating more complex scripts. It’s also about putting more data through,” the blog post read.
Featured image from The Cryptonomist, chart from TradingView.com
NewsBTC
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