Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The Bitcoin network has made history after mining the largest block (ever recorded) on February 1st, 2023.
As per reports, this block consisted of approximately 4 million transactions. The developer who carried out the transaction based it on the concept of “Ordinals” and used “Taproot Wizard”, an NFT project.
Bitcoin lacked a stable public identity, which is what the Ordinals were introduced for. The public and private keys were non-transferable for Bitcoin. By introducing ordinals, this issue may be resolved as it marks each satoshi (smallest unit of BTC) in each output, creating a transferable account for BTC.
The Taproot Wizard, on the other hand, will promptly increase the Bitcoin blockchain size and requirements for devices running a full node. However, this has also caused quite a commotion in the crypto industry as people have varying views about how it may impact the following aspects:
- Anti-censorship capabilities of the network
- Browser facilities
- Crypto wallets
- Mining pool
- Security of the network
Despite the innovation brought forth by the largest block ever mined, the conflict of opinion has highlighted the significance of finding a solution to eliminate the limitations faced by the Bitcoin network.
The discussion has also inspired enthusiasts within the crypto community to conduct various experiments and test out innovative solutions.
If you are looking to leverage trade Bitcoin up to 100x, sign-up on Bybit today. You can also use this link to claim a bonus on your first deposit.
Claim up to $30,030 in Bonus
100x LeverageStart Trading
The post Largest Block Mined in the Bitcoin Network Yet! appeared first on Bitcoinsensus.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.