Upcoming Bitcoin Flash Hard Fork Can Solve the Major Issue of Bitcoin’s Slow Transaction Speed

While managing to survive against all sort of storms, there is no doubt to the fact that Bitcoin has emerged as the most powerful cryptocurrency in the market. Its growing strength has popularity has even forced financial institutions to look inwards. However, with the unprecedented increase in investor participation ,the Bitcoin network is currently highly occupied. As a result, solving issues pertaining to the network scalability has turned out to be the utmost priority for the developers.

Since the August 2017, the Bitcoin network has been subjected to multiple “hard forks” in an attempt to solve Bitcoin’s scalability issues. While most of them have turned into a futile attempt, a few have really added value in terms of improvement in the Bitcoin technology. But now, the upcoming hard fork ‘Bitcoin Flash’ is expected to outpace all the previous ones. Bitcoin Flash is said to bring instant confirmations to fund transfers within the Bitcoin network. The hard fork will go live on block 502502, which is expected on January 5, 2018

In the existing system, the transaction proceeds quickly within the network. However, it won’t be considered as “cleared” until it gets mined into the one or maybe two-three blocks. The existing software has an auto-adjustment which keeps the time interval of 10 minutes on an average between the blocks. So for a transaction to be cleared this can take 10-30 minutes time which is a long waiting period and prevents Bitcoin from being used as a daily currency.

Dash cryptocurrency which currently runs a modified Bitcoin code has managed to mitigate this issue through a new InstantX technology. This technology locks the transaction outputs in such a manner that it cannot be double spent hence providing instant confirmation for everyone who accepts Dash transactions. To achieve this, the users on the network are incentivized to run thousands of masternodes. The users earn more coins for the service they offer. This is a completely decentralized and trestles process and the technology has been tested to work absolutely fine over the past several years without the reports of any negative incidents.

Having been proved to be running successfully on other blockchain, this technology will now be merged with the Bitcoin blockchain. The good thing about the Bitcoin flash hard fork is that the code is ready for use with some very minor changes underway but all its main features are said to be working. Moreover, the documentation also doesn’t require much work as the technology is same as that of Dash.

Also, another good thing is that users who are not having high-end mining hardware will still be able to earn Bitcoin Flash by running the masternodes. However, for this to be true, the operator needs to have 1000 Bitcoin Flash BTF in their account.

Bitcoin Flash is expected to launch across multiple Bitcoin Exchanges and it will be traded as futures before the fork date.