Bitcoin Unlimited Adoption May Lead To Network Centralization
The crux of the problem with Bitcoin Unlimited is that the economic majority is making the decisions, including the decision of who gets to be a part of the economic majority (by increasing the cost of participation). Ever since Bitcoin Unlimited gained traction, there has been substantial debate regarding this solution. If all network nodes would be able to select their block size, an interesting future is created. However, this idea poses a set of new problems that need to be addressed in the future. Some people even speculate Bitcoin Unlimited would eventually lead to centralization.....
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On March 15, Bitcoin Unlimited suffered from an attack that led to a 6-hour downtime for miners and node operators. Miners lost over $200,000 in revenue and nodes crashed, bringing the node count of Bitcoin Unlimited down from 800 to roughly 300. This particular attack or software crash didn’t necessarily have a major impact on the Bitcoin network. However, it signified that the Bitcoin Unlimited team most likely don’t have the experience and expertise to lead the development of Bitcoin. The March 15 software crash is Bitcoin Unlimited’s second bug exploitation in 2017. One major criticism....
Previously, Cointelegraph reported that Bitcoin price declined to $926 due to hard fork contingency and the likelihood of Bitcoin Unlimited being forked by its closed group of developers. Bitcoin price bounced back to $1,115 in the earning morning of March 22. However, almost immediately after Bitcoin price recovered back to the $1,115 margin, it plummeted to $1,010, due to the ambiguity surrounding the execution of the Bitcoin Unlimited hard fork. Because of the possibility of Bitcoin Unlimited creating a split chains and two tokens of the Bitcoin network, both investors and traders worry....
ViaBTC has announced its support to Bitcoin Unlimited, mines its first Bitcoin Unlimited block. Bitcoin Unlimited, the fork of Bitcoin blockchain is receiving a lot of support lately. Soon after Bitcoin.com mining pool announced its support to Bitcoin Unlimited, another mining pool, ViaBTC has followed suit. ViaBTC, which claimed itself to be the fifth largest Bitcoin mining pool on Twitter recently has allocated its full hashing power to mine Bitcoin Unlimited blocks. The mining pool, launched on June 5, 2016, has rapidly climbed through the ranks to be among the top mining pools on the....
The bigger question is how things will evolve from here on out. Bitcoin Core's SegWit adoption seems to have stagnated, even though a few more companies pledged support for this block scaling solution. Bitcoin nodes are an integral part of the network, as they allow for transactions to be broadcasted to other users all over the world. With the ongoing “issues” between Bitcoin Core and Bitcoin Unlimited, it is always interesting to keep an eye on their individual node counts. It appears BU is getting some additional support right now, as they reached a network node all-time high. At the....
Bitcoin mining centralization - the concentration of mining power in the hands of a small number of corporate entities - is considered by many people to be the single biggest problem facing the cryptocurrency today. One of the biggest selling points of Bitcoin is, after all, the fact that it is a decentralized network that does not need to rely on users trusting large corporations, such as the 'too big to fail' banks which many would like to see replaced by cryptocurrency. Bitcoin's mining centralization not only contradicts this decentralized ethos, but also potentially puts the network....