1. The background of bitcoin bifurcation
As the ancestor of virtual currency, bitcoin has become a behemoth with a market value of more than 900 billion yuan after nine years of development since it was proposed in 2009. At the same time, it has driven the development of the whole block chain industry.
However, almost every bitcoin trader has encountered these problems in the trading process: the transaction confirmation time is long and the account arrival time is slow;High transaction costs, small transactions are difficult to carry out;The price is too volatile to use bitcoin as a daily payment currency.In this context, bitcoin bifurcation emerged.
What is bifurcation?
Bifurcation is the creation of alternative versions of blockchains that run simultaneously in different parts of the network.In a sense, we can think of it as an update of software code.
In short, if all users are willing to follow the original rules, the rules will never change and the blockchain will never branch.But bifurcation occurs when there is a major disagreement in the user's consensus or when the basic rules governing the protocol need to be changed.
Three, fork coin
The blockchain network is permanently divided into two independent chains, and the new currency generated in these two chains can be called bifurcated currency.
The two split chains share all the trading data before the hard fork.So in theory, users who held the digital currency before it was hard forked could get an equal amount for free.
Iv. The mainstream bitcoin bifurcation currency in the market at present
Bitcash - bch-bitcoincash
Background:
On July 21, 2017, bip91, the bifurcation scheme of bitcoin, has been supported by the entire network computing power. It is unanimously agreed to conduct isolation witness upgrade first and upgrade the block size of the underlying block chain to 2m within 6 months.However, "disruptors" have emerged -- viabtc, the mining pool owned by mining giant bitcoin mainland, has prepared a hard forked system to launch "bitcoin cash" based on the original chain of bitcoin.
On November 2, OKEX, minan and other exchanges successively issued a notice that the charging and lifting of BCH would be suspended on November 15, and BCH hard bifurcation would be supported on November 15.BCH began to pull the evening 2, up nearly 40%.BCH pull up led the active capital to return to the mainstream currency, the early market hot shanzhai unpopular currency fell significantly.
BCH itself is the bifurcated currency of BTC, which is commonly known as bitcoin "crown prince".The small block capacity of BTC itself has affected the speed of transfer during transaction. The community has proposed different solutions: for example, the community has been unable to reach consensus on increasing block capacity and using isolated witness.After master a large number of bit-computing power of wu jihan, jiang zhuoer and other mine bully started the fork.On August 1, 2017, bitcoin block 478,558 was officially bifurcation, the birth of BCH, with the support of big brother, BCH market value has always been in the top five, has a place in the currency circle.
On November 15, coming hard bifurcate, more is the product of BCH community dispute, BCH's largest mineral pool CoinGeek and chain blocks nChain support a currency cash network client new version BitcoinSV (hereinafter referred to as BSV), and said to return to form in BCH COINS of the original agreement, only allowed to do chain capacity upgrade, and large one pace reachs the designated position directly on the 128 m block.BitcoinABC, represented by wu jihan, believes that the underlying protocol can be constantly innovated, and the current 32M block is enough to be used, and it is also enough to expand capacity in the future when needed.
In addition, bitland community believes that BCH needs to keep pace with The Times and integrate more functions like ETH's intelligent contract with Ethernet, so as to solve future market demands, including issuing digital assets.The community represented by the CW, however, believes that it should "firmly" follow the white paper's ideas and support BCH to continue to expand its capacity, and that it should not do more functions like ether square in bitcoin.
Question:
1. The principle of decentralization is violated: with the expansion of each block, the whole bitcash system will expand rapidly, leading to the need for stronger computational support for mining blocks.Skeptics worry that this could result in bitcash mining and trading being monopolized by some large groups, pushing independent miners out of the market.
2. Impact on mining revenue: some people worry that the mining union will stop mining blocks due to reduced labor costs, which will ultimately affect the development of the whole market.
Gold -BTG-BitcoinGold
Background:
Bitcoin gold bifurcated bitcoin block chain as planned after block 491406 (2017-10-24 01:17:35 utc), which is a new digital currency obtained by hard bifurcation of bitcoin block chain.Like bitcoin cash, BTG has added sighash_forked(a hard forked security mechanism).
Question:
1. No named code developer.
The BTG codebase also contains 8,000 private pre-dug blocks (100,000 BTG).Developers may sell their pre-dug BTG on the open market.
3. On May 24, 2018, a malicious miner obtained at least 51% of the computing power of the whole network of bitcoin gold, temporarily controlled the BTG block chain, quickly withdrew the currency after recharging to the exchange, then reversed the block, successfully carried out a double-flower attack, and stole BTG worth more than 18.6 million dollar
Bitcoin: lbtc-lightningbitcoin
Background:
Lightning bitcoin (LBTC) is a block chain based on dpos consensus mechanism formed by lightning team hard bifurcation bitcoin in order to solve the problems of miner centralization and network congestion in bitcoin.LBTC is an important part of bitcoin experiment.
Question:
1. Low technical content
2. GitHub has no development contributor
BitcoinDiamond diamond -BCD-BitcoinDiamond
Background:
Due to segwit2x's failure, bitcoindiamond (bitcoindiamond) was developed by evey and 007 teams overseas.Bitcoin diamonds use new working proof mining algorithms to enable people to mine bitcoins on their home computers.
Question:
The price is unstable, fluctuate greatly, platform spread is big, bring very big trouble to trade.
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