The Bitcoin Unlimited (BU) project seeks to provide a voice to all stakeholders in the Bitcoin ecosystem.

Every node operator or miner can currently choose their own blocksize limit by modifying their client. Bitcoin Unlimited makes the process easier by providing a configurable option for the accepted and generated blocksize via a GUI menu. Bitcoin Unlimited further provides a user-configurable failsafe setting allowing you to accept a block larger than your maximum accepted blocksize if it reaches a certain number of blocks deep in the chain.

By moving the blocksize limit from the protocol layer to the transport layer, Bitcoin Unlimited removes the only point of central control in the Bitcoin economy - the blocksize limit - and returns it to the nodes and the miners. An emergent consensus will thus arise based on free-market economics as the nodes/miners converge on consensus focal points, creating in the process a living, breathing entity that responds to changing real-world conditions in a free and decentralised manner.

This approach is supported by the evidence accumulated over the past six years. The miners and node operators have until now been free to choose a soft limit which, as demand grew, has always been increased in a responsive and organic manner to meet the needs of the market. We expect miners to continue in this tested and proven free-market way by, for instance, coordinating to set a new generated blocksize limit of 2MB and reject any blocks larger than 2MB unless they reach 4 blocks deep in the longest chain. As demand increases, the limit can easily be increased to 3MB, 4MB, and so on, thus removing central control over the process of finding the equilibrium blocksize by allowing the free market to arrive at the correct choice in a decentralised fashion.

As a foundational principle, we assert that Bitcoin is and should be whatever its users define by the code they run, and the rules they vote for with their hash power.

Bitcoin Unlimited seeks to remove existing practical barriers to stakeholders expressing their views in these ways.