The bitcoin network has been growing in an exponential pace since its inception in 2009. As the number of transactions on the bitcoin network increases, the time taken to process these transactions will also increase. The bitcoin network wasn’t really subjected to extensive testes before it was adopted across the world. One of the well-known bitcoin company, CoinWallet has already conducted stress test without much success.
CoinWallet plans to conduct another stress test on Thursday at around 10 AM (GMT). The company claims this upcoming stress test to be its biggest experiment till date. The stress test has the potential of creating a backlog of transactions for up to 30 days. The disruption of services may affect bitcoin users across the world, who might have to wait for unusually long hours for their transactions to be executed.
CoinWallet believes that the stress test is important to demonstrate the importance of Bitcoin XT. However, it has not gone well with some people from the bitcoin community who feel that the company is abusing the huge, live bitcoin network with billions of dollars’ worth of bitcoin.
The COO of CoinWallet, James Wilson has not offered any specifics about the upcoming stress test, apart from saying that it will be the biggest of its kind to be conducted on the bitcoin network till date. There has been a trail run, conducted yesterday by the same people and James Wilson has taken credit for network disruption yesterday.
In order to create a disruption, CoinWallet allegedly paid five times more than the standard fees for the miners to expedite their transactions over the network. By increasing the payout for miners, they managed to leave others conducting genuine transactions waiting for a long time. However, some of the miners didn’t fall for it and declined to process Coin Wallet’s transactions, thereby saving many genuine bitcoin users form longer wait periods.
The outcome of scheduled stress test will be influential in deciding the fate of BIP 101 and Bitcoin XT. However, bitcoin users might have to put up with very slow transactions for a while after Thursday’s test.