Bitcoin Classic became the latest Bitcoin Improvement Proposal targeted towards block-size increase to get shot down by the community. This time, it was the bitcoin Roundtable, a consortium of Bitcoin mining community, wallet providers, exchanges and other businesses which announced its withdrawal of support to Bitcoin Classic.
According to the announcement, the Bitcoin Roundtable is not ready to implement a hard fork at this stage as it may disrupt the blockchain. Bitcoin Classic proposed an increase in block size from 1 MB to 2 MB by implementing a hard fork. However, such an attempt comes with its own set of risks. The Bitcoin Roundtable community fears that a hard fork may end up creating two incompatible versions of blockchain. Such an event may lead to massive losses to bitcoin users and companies.
Bitcoin Roundtable also announced 5 key points which it wants to be implemented in order to draw a clear roadmap for the future development of bitcoin. As per the points put forth by the Bitcoin Consortium, it does not want the block size to be increased more than it is required for the immediate future. A modest increase in blockchain with minimal risk is favorable over creating a contentious hard fork which may end up creating two versions of blockchain disconnected from each other.
Bitcoin Roundtable calls for increased co-ordination between Bitcoin Core developers and the Bitcoin Roundtable to create a clear roadmap. It also calls for bitcoin companies to refrain from running codes that propose hard fork on their production systems.
Taking note of the differences between bitcoin developers, the consortium urges them to resolve the differences and start working together to collectively come up with solutions that can improve Bitcoin network.
Any implementation requiring hard fork should gain consensus from the majority of Bitcoin community to ensure a smooth transition. Also, there should be ample time for all players to make necessary changes and prepare themselves for the deployment.
With Bitcoin Classic effectively dead, SegWit is gaining traction among the Bitcoin community. Further developments in this regard are awaited.