- 9 лет ago
- Published в: Last winner ethereum
- 4
- Автор: Maujas
The original Bitcoin was developed on 1-megabyte blocks, which was limiting as the cryptocurrency scaled and became more popular. These forks can be developed on larger blocks and result in a brand-new currency. Note Buying and selling either original Bitcoin or any of its forks is highly speculative at this point, and you can lose a lot of money quickly.
Spend only what you can afford to lose. Soft Forks A soft fork is a change to the Bitcoin protocol rather than a change to the end product. The big difference between a soft fork and a hard fork is that a soft fork is backward-compatible, which means that the new protocol will be recognized by old nodes within the system. It also means that there is not a new product being launched, Hard Forks Hard forks are new versions of Bitcoin that are completely split from the original version.
There are no transactions or communications between the two types of Bitcoin after a hard fork. They are separate from each other, and the change is permanent. Note If you are running the older Bitcoin software, you will no longer be able to interact with users who upgraded to the newer software, and vice versa. This is basically creating two types of currency, but in this case, the currency is not interchangeable. You can think of forks like organizational splits, with one part of a company moving in one direction, and another part of the company moving in another direction.
These are all separate cryptocurrencies within the Bitcoin family, and all operate independently with different rules. They are all still cryptocurrencies but not the same as the original Bitcoin. A lot of this debate is now more about hurt feelings. Andreas Antonopoulos , "The Verge" In there were two factions of Bitcoin supporters: those that supported large blocks and those who preferred small blocks.
But in this particular case, everybody is not agreeing. The proof of work algorithm used is the same in both cases. It can be described as a partial inversion of a hash function. Additionally, both Bitcoin and Bitcoin Cash target a new block to be generated every ten minutes on average. The time needed to calculate a new block is influenced by a parameter called the mining difficulty. If the total amount of mining power increases, an increase of the mining difficulty can keep the block time roughly constant.
Vice versa, if the mining power decreases, a decrease of the mining difficulty can keep the block time roughly constant. This algorithm is called the difficulty adjustment algorithm DAA.
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In some cases, bitcoin has spawned variations that are based on the same underlying concept and program but that are distinct from the original. In these situations, the bitcoin blockchain has undergone a process known as forking. With forking, the blockchain itself is divided into two distinct entities. There have been dozens of forks since bitcoin's inception, but only some are viable projects.
Key Takeaways A bitcoin hard fork refers to a radical change to the protocol of bitcoin's blockchain that effectively results in two branches, one that follows the previous protocol and one that follows the new version.
During a hard fork, software implementing bitcoin and its mining procedures is upgraded; once a user upgrades their software, that version rejects all transactions from older software, effectively creating a new branch of the blockchain. It is through this forking process that various digital currencies with names similar to bitcoin have been created, including bitcoin cash and bitcoin gold.
Bitcoin XT was one of the first notable hard forks of bitcoin. Bitcoin cash remains the most successful hard fork of the primary cryptocurrency; as of June , it is the eleventh-largest digital currency by market cap. It is through this forking process that various digital currencies with names similar to bitcoin have been created. These include Bitcoin Cash and Bitcoin Gold, among others. For the casual cryptocurrency investor, it can be difficult to tell the difference between these cryptocurrencies and to map the various forks onto a timeline.
Below, we'll walk through many of the most important forks to the bitcoin blockchain over the past several years. This has come to be referred to as the Genesis Block , as it represented the founding of the cryptocurrency as we know it.
Satoshi was able to make numerous changes to the bitcoin network early on in this process; this has become increasingly difficult and bitcoin's user base has grown by a tremendous margin. The fact that no one person or group can determine when and how bitcoin should be upgraded has similarly made the process of updating the system more complex.
In the years following the Genesis Block, there have been several hard forks. In addition to hard forks, cryptocurrencies, including bitcoin, also undergo soft forks. The difference between a hard fork and a soft fork is that soft forks do not result in a new currency. Soft forks are a change to the bitcoin protocol, but the end product remains unchanged. Soft forks are backward compatible. However, those users who retain the old software continue to process transactions, meaning that there is a parallel set of transactions taking place across two different chains.
The software was launched by Mike Hearn in late in order to include several new features he had proposed. While the previous version of bitcoin allowed up to seven transactions per second, Bitcoin XT aimed for 24 transactions per second. In order to accomplish this, it proposed increasing the block size from one megabyte to eight megabytes. Bitcoin XT initially saw success, with more than 1, nodes running its software in the late summer of However, just a few months later, the project lost user interest and was essentially abandoned by its users.
Bitcoin XT is no longer available, with its original website now defunct. Bitcoin Classic When Bitcoin XT declined, some community members still wanted block sizes to increase. In response, a group of developers launched Bitcoin Classic in early Unlike XT, which proposed increasing the block size to eight megabytes, classic intended to increase it to only two megabytes.
Like Bitcoin XT, Bitcoin Classic saw initial interest, with about 2, nodes for several months during The project also still exists today, with some developers strongly supporting Bitcoin Classic. Nonetheless, the larger cryptocurrency community seems to have generally moved on to other options. Bitcoin Unlimited Bitcoin Unlimited has remained something of an enigma since its release in early The project's developers released code but did not specify which type of fork it would require.
Bitcoin Unlimited set itself apart by allowing miners to decide on the size of their blocks, with nodes and miners limiting the size of blocks they accept, up to 16 megabytes. Despite some lingering interest, bitcoin unlimited has largely failed to gain acceptance. Put simply, SegWit aims to reduce the size of each bitcoin transaction, thereby allowing more transactions to take place at once. SegWit was technically a soft fork. However, it may have helped to prompt hard forks after it was originally proposed.
Bitcoin Cash In response to SegWit, some bitcoin developers and users decided to initiate a hard fork in order to avoid the protocol updates it brought about. Bitcoin Cash was the result of this hard fork. It split off from the main blockchain in August , when Bitcoin Cash wallets rejected bitcoin transactions and blocks. Bitcoin Cash remains the most successful hard fork of the primary cryptocurrency. Be careful! Because Bitcoin Cash developers have not implemented protection against replay attacks, we will not provide a claiming tool for safe coin-splitting between chains.
If a different chain emerges, you will automatically have coins available on all chains after the hard fork not replay-protected. If a different chain than Bitcoin ABC becomes dominant, we will evaluate switching from the current chain to the dominant chain. This does not affect the safety of your coins. If you do not transact around the time of the fork and after it, you will have access to your coins in every scenario. Thank you for your understanding.
For up-to-date information, please follow our Twitter feed: Trezor Security advisory If you decide to move your bitcoin cash before or during the days after the fork, please opt for a safe and tested wallet. Be extra careful with your recovery seed, as it is the access key to all of your coins, not just BCH. Do not trust third-party splitting tools or too-good-to-be-true offers.
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There have been dozens of forks since bitcoin's inception, but only some are viable projects. Key Takeaways A bitcoin hard fork refers to a radical change to the protocol of bitcoin's blockchain that effectively results in two branches, one that follows the previous protocol and one that follows the new version. During a hard fork, software implementing bitcoin and its mining procedures is upgraded; once a user upgrades their software, that version rejects all transactions from older software, effectively creating a new branch of the blockchain.
It is through this forking process that various digital currencies with names similar to bitcoin have been created, including bitcoin cash and bitcoin gold. Bitcoin XT was one of the first notable hard forks of bitcoin. Bitcoin cash remains the most successful hard fork of the primary cryptocurrency; as of June , it is the eleventh-largest digital currency by market cap. It is through this forking process that various digital currencies with names similar to bitcoin have been created. These include Bitcoin Cash and Bitcoin Gold, among others.
For the casual cryptocurrency investor, it can be difficult to tell the difference between these cryptocurrencies and to map the various forks onto a timeline. Below, we'll walk through many of the most important forks to the bitcoin blockchain over the past several years. This has come to be referred to as the Genesis Block , as it represented the founding of the cryptocurrency as we know it.
Satoshi was able to make numerous changes to the bitcoin network early on in this process; this has become increasingly difficult and bitcoin's user base has grown by a tremendous margin. The fact that no one person or group can determine when and how bitcoin should be upgraded has similarly made the process of updating the system more complex.
In the years following the Genesis Block, there have been several hard forks. In addition to hard forks, cryptocurrencies, including bitcoin, also undergo soft forks. The difference between a hard fork and a soft fork is that soft forks do not result in a new currency.
Soft forks are a change to the bitcoin protocol, but the end product remains unchanged. Soft forks are backward compatible. However, those users who retain the old software continue to process transactions, meaning that there is a parallel set of transactions taking place across two different chains.
The software was launched by Mike Hearn in late in order to include several new features he had proposed. While the previous version of bitcoin allowed up to seven transactions per second, Bitcoin XT aimed for 24 transactions per second.
In order to accomplish this, it proposed increasing the block size from one megabyte to eight megabytes. Bitcoin XT initially saw success, with more than 1, nodes running its software in the late summer of However, just a few months later, the project lost user interest and was essentially abandoned by its users.
Bitcoin XT is no longer available, with its original website now defunct. Bitcoin Classic When Bitcoin XT declined, some community members still wanted block sizes to increase. In response, a group of developers launched Bitcoin Classic in early Unlike XT, which proposed increasing the block size to eight megabytes, classic intended to increase it to only two megabytes.
Like Bitcoin XT, Bitcoin Classic saw initial interest, with about 2, nodes for several months during The project also still exists today, with some developers strongly supporting Bitcoin Classic. Nonetheless, the larger cryptocurrency community seems to have generally moved on to other options. Bitcoin Unlimited Bitcoin Unlimited has remained something of an enigma since its release in early The project's developers released code but did not specify which type of fork it would require.
Bitcoin Unlimited set itself apart by allowing miners to decide on the size of their blocks, with nodes and miners limiting the size of blocks they accept, up to 16 megabytes. Despite some lingering interest, bitcoin unlimited has largely failed to gain acceptance. Put simply, SegWit aims to reduce the size of each bitcoin transaction, thereby allowing more transactions to take place at once.
SegWit was technically a soft fork. However, it may have helped to prompt hard forks after it was originally proposed. Bitcoin Cash In response to SegWit, some bitcoin developers and users decided to initiate a hard fork in order to avoid the protocol updates it brought about. Bitcoin Cash was the result of this hard fork.
It split off from the main blockchain in August , when Bitcoin Cash wallets rejected bitcoin transactions and blocks. Bitcoin Cash remains the most successful hard fork of the primary cryptocurrency. As of June , it is the eleventh-largest digital currency by market cap , owing in part to the backing of many prominent figures in the cryptocurrency community and many popular exchanges.
Bitcoin Cash allows blocks of eight megabytes and did not adopt the SegWit protocol. Bitcoin Gold Bitcoin Gold was a hard fork that followed shortly after bitcoin cash, in October It cannot be guaranteed the transaction will appear on other chains. On the other hand, it cannot be guaranteed it will not appear on other chains, either. Be careful! Because Bitcoin Cash developers have not implemented protection against replay attacks, we will not provide a claiming tool for safe coin-splitting between chains.
If a different chain emerges, you will automatically have coins available on all chains after the hard fork not replay-protected. If a different chain than Bitcoin ABC becomes dominant, we will evaluate switching from the current chain to the dominant chain. This does not affect the safety of your coins. If you do not transact around the time of the fork and after it, you will have access to your coins in every scenario.
Thank you for your understanding. For up-to-date information, please follow our Twitter feed: Trezor Security advisory If you decide to move your bitcoin cash before or during the days after the fork, please opt for a safe and tested wallet.
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