Bitcoin Unlimited boss Peter Rizun revealed that the first 1GB block would have been extracted on a Gigablock testnet on October 13 backed by the University of British Columbia and Nchain, making it a real milestone for this new potential technology. On Friday, October 13, Rizun announced this through his profile on Twitter:
The world’s first 10001 GB block was mined and propagated yesterday on the Gigablock testnet – excited to present our research Scaling Bitcoin!
It is important to take note of the initiative of the Gigabock testnet because surely and over time Bitcoin will need much larger blocks and research in this area is necessary and is being fruitful because the scalability of Bitcoin has been a topic of debate and something very important to take into account during the last weeks. Although we should take into account that Bitcoin Cash has blocks of 8 MB and, at present, are almost never complete. Raising the size to 1GB nowadays has little sense, but it may be a good solution to think about the future of this technology and go forward ground.
Development teams and researchers believe that increasing the block size limit of 1 MB (in the case of Bitcoin Classic) to much larger blocks will significantly reduce costly commissions and the “bottleneck” in transactions. The test project of Gigablock has very ambitious goals, objectives that not only this equipment has been marked, as Vitalik Buterin also aims to create a network that can handle a performance similar to the one that runs Visa.
The problem comes when you look at a block of 1 GB every 10 minutes would create a huge Blockchain size at the end, but you have also thought about it, the Gigablock team will create dedicated mining nodes and will be set up in various places around the Beijing, Bangalore, Sao Paulo, Sydney, and Vancouver, which will join those already created in Toronto, Frankfurt, Munich, and Washington.
Studying the results of the testnet, the teams will seek to find and identify “bottlenecks” and the solution to these problems so that the blockchain works as fluidly as possible. All these changes may apply to Bitcoin Cash in the near future.
In addition, preliminary studies show more than 10,000 transactions per second.
Andrew Stone of Bitcoin Unlimited added:
We will not go from 1 MB to 1 GB tomorrow. The purpose of going so high is to show you can do it, you do not need a second layer.
It is up to users if they believe that the application of such large blocks will bring more benefits or more problems for the future Blockchain, what is clear is that there seems to be no ceiling on the young and potential new technology of the blockchain.