Bitcoin Unlimited chief scientist, Peter Rizun, reveales that the first 1.0001GB block was mined on a Gigablock testnet. It goes without saying, that the event marks a significant milestone for the big block project backed by the University of British Colombia, Nchain, and the Bitcoin Unlimited development team.
— Peter R. Rizun (@PeterRizun) October 13, 2017
Thus, the current initiative puts scalability to the test by experimenting with much larger blocks to improve blockchain transaction congestion. For instance, both BU and Nchain have been testing larger blocks already in two separate projects: Nchain has been testing 32MB blocks, while BU’s “nolnet” network built by Andrew Stone has experimented with 64MB blocks.
The development teams believes that increasing the block size limit from 1MB to much larger blocks will significantly reduce high fees and transaction bottleneck. The Gigablock testnet project has very ambitious goals as it aims to create a network that can handle Visa-level transaction throughput (3,000 TPS).
Noteworthy, after testing the Gigablock trial’s findings will be published within the Bitcoin community, the technology may be applied to the Bitcoin Cash network in the future.