The Bitcoin.com pool mined its first block, block 430757, on Wednesday September 21, 2016.This is a significant day in Bitcoin history, and one for future Bitcoiners to remember. While mining pools have come and gone over the years, this is important because Bitcoin.com uses the Bitcoin Unlimited protocol.Bitcoin Unlimited is an alternative to the Bitcoin Core protocol most Bitcoin miners use. Unlimited’s key difference is it removes transaction block size limits from the protocol level and adds it to the transport level. This means those running the software can choose the size they like.Bitcoin.com owner Roger Ver said:
“Bitcoin.com is now the primary hub for Bitcoin advocacy, information and news. We also want to support Bitcoin’s growth into a worldwide economic force – and that’s exactly what we’re doing by starting this pool.”
Free Market, Freedom of Choice for Block Sizes
Bitcoin.com aims to solve one of Bitcoin’s chronic problems — its inability to scale. The existing Bitcoin network can only handle seven transactions per second, a laughably small number compared to major centralized payment platforms like Mastercard and PayPal.As a result, many users report transaction delays of hours or even days — unacceptable for business-critical payments.Proposals for scaling solutions exist, but none are available now or in the near future. Together with Bitcoin Unlimited and a pool of eager miners, Bitcoin.com is taking definitive action.Transaction block sizes are now hard-coded with a 1MB limit. A passionate debate exists around calls for Bitcoin Core to increase it.Bitcoin.com CTO Emil Oldenburg said there were no problems with bandwidth or speed on the pool’s first block:
“This is the first block mined with the Bitcoin Unlimited client using the eXpedited Blocks relay technology. This block was mined in the US, but got through the Chinese Firewall in a matter of milliseconds and then sent to the other Chinese pools.”
Bitcoin Unlimited’s block sizes are flexible. If a majority of miners and nodes on the entire network run the Unlimited protocol, it creates a free market for blocks, and freedom of choice.Running different software versions is great for the Bitcoin network — just as the World Wide Web is better with various web browsers, not just Internet Explorer.
All About the Bitcoin.com Pool
Bitcoin.com owner Roger Ver initially proposed a Bitcoin.com mining pool in June 2016, calling for partnerships with miners and pool operators. With help from Bitcoin Unlimited developer Andrew Stone, Ver’s technical team had a basic pool running on the Bitcoin testnet within 24 hours.Ver is a well-known advocate for a world where Bitcoin is the dominant currency. On top of that, he has long said Bitcoin can never scale to that level under current rules.
The Bitcoin.com pool mined its first block, block 430757, on Wednesday September 21, 2016.
To find out more about the Bitcoin.com pool, look here.
