Bitcoin 'Forked' in Controversial Bid to Resolve Scalability Question
Two of bitcoin's best-known developers have 'forked' the software in a controversial attempt to resolve its scalability crisis. The client, Bitcoin XT, was dreamt up earlier this year as a way to 'opt out' of bitcoin's current 1MB block size limit - which has proved a divisive issue as the digital currency grows. Currently, the network handles between three and seven transactions per second. However, blocks on the network are beginning to fill up. Reaching bitcoin's so-called 'capacity cliff' - depending on who you ask - could create a competitive market for transaction fees or destroy the....
Related News
Forked coins have proven to be lucrative in the past. Holders of Ethereum came to possess an equivalent amount of Ethereum Classic when it forked in 2016. Ethereum's blockchain Merge is expected to take place around 05:05 UTC on Sept. 15. It is a milestone that marks a full transition towards Proof-of-Stake (PoS) for Ethereum, and eliminates the need for energy-intensive mining by a projected 99.9% when compared to Proof of Work (PoW).Some miners are also getting ready for a hard fork that would allow them to continue using PoW consensus. Forked coins have proven to be lucrative in the....
Blockchain analytics company Coinfirm said authorities are "ignoring" criminals' stockpiles of cryptocurrencies that forked from bitcoin.
Bitcoin core developers Gavin Andresen and Mike Hearn have forked the Bitcoin code in an attempt to support more transactions per hour. Titled Bitcoin XT, the new client has split itself from all the previous Bitcoin Core versions, for it has increased the digital currency's current block size limit, and has further introduced new patches to resolve issues related to double spending, DDOS attacks, and network robustness. Despite its well-intentioned innovation, the forked version hasn't been received well by the Bitcoin community. There are debates going on various social media forums -....
Scalability trilemma implies that to scale, blockchains usually need to sacrifice one of their three fundamental cornerstones — security or decentralization, or transaction throughput. After a successful Ethereum Merge, all eyes are set on the next phase of transition that would introduce key scalability solutions on the platform, including sharding. Market experts believe sharding would be a game changer for the Ethereum network as it could potentially solve the scalability trilemma.In an exclusive conversation with Cointelegraph, Uphold’s head of research, Dr. Martin Hiesboeck, explained....
US Congressman Tom Emmer is pushing for safe harbor legislation to protect taxpayers with forked coins. A bill entitled “Safe Harbor for Taxpayers with Forked Assets Act of 2021” has been introduced to prohibit “penalties against taxpayers attempting to report certain gains or losses on ‘forked assets’ until the IRS issues sufficient guidance on how to do so.” Bill Aimed at Protecting Crypto Investors Introduced The office of Congressman Tom Emmer announced this week that the congressman has introduced the bill entitled “Safe Harbor for Taxpayers....