Bitcoin Fork Soon? Core Blocks Dip Below 90% As Unlimited Takes Off
Bitcoin Unlimited takes off as Core blocks mined drop below 90% for the first time, indicating that Bitcoin may be forked, increasing the block size limit. Attempts to raise the block size limit have been made in the past, the latest of which before Unlimited, Bitcoin Classic, reached 70 blocks per 1,000 at its height before slowly declining. This month, Bitcoin Unlimited, which would allow the block size to be increased, took off, fast approaching 10% of Bitcoin blocks mined per thousand. Added to Classic’s roughly 30 (and declining) blocks and Core’s block share has dipped below 880.....
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Former Bitcoin core developer and one of the founders of the Bitcoin Foundation, Gavin Andresen, has once again expressed his negative feelings about Bitcoin Core known via Twitter after a miner with a node running the alternative Bitcoin protocol, Bitcoin Unlimited, lost $12,000 through a bug. Bitcoin Unlimited bug. News of a bug in the Bitcoin Unlimited code that had caused a miner to lose 13.2BTC, which equates to about $12,000, arose on Reddit in the pro-Bitcoin core subreddit, /r/bitcoin, where the poster proclaimed “Bitcoin.com loses 13.2BTC trying to fork the network: Untested and....
Peter Rizun, known to many simply as “Peter R.,” made a recent summary post on Medium outlining a way for projects which aim to scale within the framework of Bitcoin Unlimited. Bitcoin Unlimited is an ongoing fork of the Bitcoin project which allows for larger blocks. It is an answer to an ongoing debate about how the scaling of Bitcoin should take place, albeit not the most popular. The fundamental rift in the debate is whether third-party products such as Lightning Network should become the primary mode of Bitcoin transfers in the future, or if the core software itself should simply make....
In the end, the mining pools are a strong indicator of which solution will "win" eventually. Intriguing things continue to happen in the world of bitcoin and cryptocurrency. Network support for Bitcoin Unlimited and Bitcoin Core is nearly the exact same. This is quite a significant development for the bitcoin ecosystem, although it remains unclear how things will play out. One thing seems certain: the balance of power could shift at any given moment. Only one percent separates the two scalability solutions, which is quite interesting. The mining pool support is quite important....
One thing is for sure: no one will be surprised if another branch of development pops up. It is only a matter of time until a new bitcoin fork is proposed. After Bitcoin XT and Bitcoin Classic failed, Bitcoin Unlimited is the current concept to disrupt Bitcoin Core development. Samson Mow jokingly hinted at what could be the next fork of development. BitcoinEC would keep the best of Bitcoin Core and add Emergent Consensus “nonsense”. An intriguing thought, even if it is just a joke. Discussions like these always lead to a rather intriguing conversation between bitcoin enthusiasts.If....
Last week, Bitcoin Core version 0.13.1 was released, officially bringing Segregated Witness (SegWit) to Bitcoin. 4 days in, 13.7% of Bitcoin nodes has already upgraded to Bitcoin Core 0.13.1, supporting the activation of SegWit. SegWit is an innovative scaling technology developed and introduced by the Bitcoin Core development team. Once it reaches a soft fork activation threshold, it will separate the transaction signatures from the initial transactional data, which immediately increases the capacity of blocks and eliminate transaction malleability. Like all soft forks, the SegWit release....