CoinGeek.com Funds €3.6 mln to Scale BCH with 1 TB Blocks

16 January 2018   2479

CoinGeek.com, the cryptocurrency media outlet and blockchain company, announced on Monday that it is funding of up to 3.6 million Euro to support Terab, an open source initiative that will solve a key technical issue to enable the Bitcoin Cash chain to massively scale to terabyte size blocks and 7 million transactions per second.

The Terab project will be managed by Lokad, the French quantitative supply chain technology provider, and will receive technical support from nChain, the blockchain research & development specialist.

One of the major criticisms of Segwit Bitcoin is the apparent inability to scale to the level of transactions that payment networks such as Visa and Mastercard can provide. For cryptocurrencies to be competitive in the global payments space, high volume transaction scaling is vital but, not, as many have suggested, impossible and Bitcoin Cash is now firmly on that road.

 

CoinGeek statement

Joannes Vermorel, Lokad founder,  has recently advocated that terabyte-size blocks are viable – but only on the BCH chain. A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second.  

He added that the scale of a network with 1 TB blocks would be immense, and enable BCH to power not just monetary transactions but machine-to-machine data transactions of many types.

Two Mining Pools to Gain 50% of the BCH Hashrate

Media reports that Coingeek and BMG Pool are affilated with odious Australian entrepreneur Craig Wright
18 September 2018   517

The centralization of Bitcoin Cash mining has reached a new level after only two pools - Coingeek and BMG Pool - have established control over more than 50% of the total network hash. This is reported by Trustnodes.

Bitcoin Cash Mining Pools
Bitcoin Cash Mining Pools

Earlier today, there were also reports that at some points the aggregate capacity of both pools reached 58%.

While BMG Pool directly belongs to the odious Australian entrepreneur Craig Wright, the no less scandalous Calvin Ayre, who maintains close ties with Wright, is considered the nominal owner of Coingeek.

The current situation, the media believes, does not exclude the possibility of collusion of the 51% attack on the network. In particular, in this case there is a probability of double spend of coins, which, accordingly, will force the exchange to increase the number of required transaction confirmations.

At the same time, the current situation is likely to be a demonstration of power by Craig Wright on the eve of the November upgrade of the network. As a result of disagreements between different groups of developers, it is still possible that Bitcoin Cash, which at one time split from bitcoin, will itself be split into two separate chains.

Note that the Bitcoin Cash hashrate on the whole continues to remain at a fairly low level, accounting for less than 8% of the bitcoin.