BitFury’s Vavilov Has A Solution For Block Size Challenge, Rebuts Bitcoin Naysayers
Valery Vavilov, CEO of Bitfury, believes there is a solution to the current bitcoin block size challenge. In a recent video interview at TC Davos, he explained his
solution and he also expounded on his belief in the future of bitcoin, taking issue with those who are proclaiming its demise.
The solution to bitcoin’s block size challenge is to increase the current one-megabyte “block” to two megabytes, Vavilov said. He acknowledges the need to increase the bitcoin blockchain’s scalability, and he envisions a great future for bitcoin in improving its scalability. He gave his insights during an interview with Matt Burns, senior editor of Tech Crunch, at TC Davos.
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I think the biggest issue of bitcoin and blockchain now is the lack of education…what is very important to understand is bitcoin is not a currency
, he said.Quote
Blockchain is the huge ledger; bitcoin is the vehicle which runs across these rails, and you can digitize anything of value, digitize any asset, put it inside this vehicle, and it transacts on blockchain… in each token you can transact anything of value.
BitFury’s Scalability Solution
itFury recently announced it is increasing the size of its bitcoin blocks. “We think the block size should be increased… The question is how.” He noted that increasing the block size is the discussion taking place in the bitcoin community.
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