Speaking in an interview with industry news outlet Decrypt on Oct. 6, Samson Mow stated that as off-chain scaling solutions such as the Lightning Network (LN) progress, Bitcoin will need less on-chain capacity.

The chief strategy officer at Bitcoin technology firm Blockstream has said that the current block size capacity may not even be needed in the future.

Current block size is suitable

According to Mow, Bitcoin now has the equivalent of 4-megabyte blocks if transactions which use Segregated Witness technology are included. The future will show, however, “that the current block size may actually be ‘too big,’” he noted.

Mow’s comments are in stark contrast with the often quoted narrative among commentators who worry that Bitcoin’s network capacity will fail to deal with future increases in demand.

Mow champions the Lightning Network for Bitcoin

Blocks are currently around 1 megabyte in size. Off-chain transactions do not contribute to network load by filling them up, and hence the technology which allows them is seeing considerable development.

For Mow, the LN represents the most likely winner. The protocol allows almost instant off-chain Bitcoin transactions which can cost just 1 satoshi ($0.00007944 at press time). Its popularity remains limited due to its experimental nature and lack of user-friendly interface, but adoption must continue in order to advance the LN’s status. Mow explained:

“Lightning has to grow organically, there’s no real way to jumpstart it artificially. People need to open up channels, lock up Bitcoins and start connecting with other nodes.”

Earlier in 2019, the Lightning Torch transaction relay has significantly increased the profile of both the technology and Bitcoin itself, with participants including Twitter CEO Jack Dorsey.

Bloconomic Expo 2019: The Revolution of IR4.0 and Blockchain Spectrum

Putrajaya, 19th August 2019 –  BLOCONOMIC has successfully kicked off a blockchain expo with over 1000 attendees coming from 30 countries for 2 days event. The event has been officiated by Minister of Entrepreneur Development, YB Datuk Seri Mohd Redzuan, with his support in blockchain industry in Malaysia. Bloconomic managed to bridge government agencies with blockchain agency and company like Malaysia Blockchain Association, MaGIC, and TriveAcademy by creating collaboration on training in education spectrum. This initiative is expected to groom and develop more talents who are passionate about going into this transformation initiative.

The minister has spoken about how getting in the train of blockchain industry is important to the entrepreneur and racing through the IR4.0 together. Being left out from the train is a loss for the society as we should march forward in the digital industry. YB Datuk Seri Mohd Redzuan also fully support the initiative Malaysia Blockchain Association and MaGIC made in creating a Blockchain Researcher Lab, which effort had begin in Bloconomic by signing a Memorandum of Understanding with each other.

Bloconomic had showcase many great projects which can be seen in their expo last week. One of BLOCONOMIC eco-system partner, DASH Next has taken initiative in recourses exchange with TriveAcademy and Block Tech Institute. During the event itself, TriveAcademy has launched their timestamping document project in TRVC.App which speakers and volunteers certificate of Bloconomic can be found inside. TRVC app also allow its users to play game and earn coin by registering for free using this link.

Bloconomic 2019 had also set out night networking meet up for its delegates from 14th-16th August. This session has benefited BLOCONOMIC delegates in many business opportunity angle such as investor funding, collaboration within eco-system and many more. The conference itself is a success with the latest and new trend topic being included in 9 of its panel discussion slot. Over 500 delegates has reviewed that they have get such a great and fresh insight on the conference.

Bloconomic Expo was organized by Alphacap Berhad in collaboration with Malaysia Blockchain Association aim to have more sustainability activity and on-going project development such as talent growth, and new innovative project. By exploring more on the possibility of blockchain development to give back to society by partnering with various institution and organization. Currently, in working together with global and local related organization, such as DASH, MaGIC, MDEC, Vietnam Blockchain Club and many more, BLOCONOMIC has created better blockchain resources in Malaysia and turned Malaysia into ASEAN pit-stop for  Blockchain Business.

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