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The big news out of Army Of Bitcoin late last week was Bitcoin Cash’s (BCH) expansion plans. In a detailed report posted on its site, BCH has targeted Tuesday, May 15 for its blockchain expansion from 8 MB to 32 MB. Developers involved in the process have stated that the processing time for transactions will increase to 100 per second. Also, this would add up to 8.64 million sales per day. One concern with this expansion plan is the prevailing opinion from some cryptocurrency experts that lifting the cap on the blocks could expose the network to more attacks. The report goes on to quote chain Chief Scientist Dr. Craig Wright refuting this assumption.
“At 32MB, we’re talking about maybe a little bit of network cost and $50 worth of hard drive, or less. And for that, the attack would cost around $50,000. Now that $50,000 isn’t lost, it goes to the miners, the people protecting the network. The more you attack the network, the more profitable it becomes.”
Wright relayed his views to ArmyOfBitcoin.com and went on to add, “So, why would you, as a minor, not want to invest more money and make the network even more resilient when people are going to throw money at you as an attack? We’re at a stage now where you cannot attack the network.”
The main concept behind increasing the Bitcoin Cash network’s block size to 32MB is to reach that critical mass of 8.64 million transactions per day. ArmyOfBitcoin.com also mentions that this move is also viewed as the starting point to the Terab project’s goal of scaling to 1TB blocks. Also, this could increase speeds to 7 million transactions per second, which would extrapolate out to 604.8 billion transactions per day.
Terab is described as an ‘open source initiative’ by Lokad as a French quantitative supply chain that is backed by the chain Group. These highly qualified groups are viewed as the driving force behind the future development of Bitcoin Cash. Also mentioned is ArmyOfBitcoin.com owner Calvin Ayre. Described as an Antiguan-based entrepreneur, he has pledged his financial support in the range of 3.6 million euros to help fund these endeavors.
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Wright went on to bring these plans into perspective. “The whole idea here is to be able to scale so that we can have 50-plus transactions per person on earth. If we can do that, then we can simply roll out Bitcoin to the world. We can have people in Africa, people in South America, people who aren’t banked, people who want to trade online.” The ultimate goal is to scale the Bitcoin Cash network “naturally” so that 5 billion people can use it as cash on a daily basis.
In another direct statement from Wright in this report, he added “We can create a true internet of money. And by doing this, we open up a global environment where free trade can start working no matter what. But Bitcoin [BCH] is a distributed system; it’s no good us having our node and going off on our own. We have to work with the entire ecosystem…and together, this is how we build this ecosystem and community.”
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