Antpool bitcoin unlimited
- How to money launder with bitcoin
- 2 Окт, 2012
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Such concentration will essentially result in centralization which is opposite to the idea of decentralization which is core to bitcoin. Related reading, see: What Is Bitcoin Unlimited? Jihan Wu has been aggressively pushing a hard fork and adoption of Bitcoin Unlimited but hasn't gathered enough support yet. The alternate solution to the problem, called SegWit or Segregated Witness, which doesn't require a hard fork is equally debated and no consensus has emerged.
This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. These are: i. Maximum generation MG size only for miners : a local blocksize limit, which will not be exceeded by a miner producing a block; ii. Excessive blocksize EB : this is the size of a block that a node and miner will accept; and iii.
Acceptance Depth AD : this is the number of confirmations a block requires before a node accepts it, even if it is larger than EB. Critics of this claimed that everyone setting their own rules means the network would not converge. This proposal diverges from the core consensus feature of Bitcoin: that miners build on the most work valid chain. Not only does it diverge from this, it introduces the AD concept, where miners could first try to build on a shorter valid chain, however if they lose a race, they could then jump ahead several blocks to a longer, now suddenly valid chain.
Bitcoin Unlimited had no activation methodology like XT or Classic; it was just assumed to somehow become the new Bitcoin when miners upgraded. Therefore, it was considered by many as a more extreme proposal than its predecessors. Speaking at the event and on the promotional tour was Roger Ver, a keen promoter of Bitcoin Unlimited; Jake Smith; several employees of Bitcoin. The opening speaker was Roger Ver and Chinese translation was made available.
He spoke very clearly and persuasively, making the following points: He was the first person to invest in Bitcoin startups; From , when Bitcoin was launched, until , the blocks were not full and transactions were cheap. Bitcoin Core has a deliberate strategy of full blocks, which is a major economic change; The low transaction fees had made Bitcoin successful up until this point; The intention was always to increase the blocksize limit and this was explicitly stated by everybody, but now new people have come along and are preventing this; There is widespread censorship on Reddit and proposals to increase the blocksize limit cannot be discussed.
I had seen Roger make many of these points before. The relentlessness and repetitiveness with which Roger could repeat these messages again and again, all over the world, was remarkable. Roger appeared to have a very high degree of conviction and he was clearly very effective and convincing in his messages. Roger was a ruthless and prolific campaigner for the large block camp.
Roger ended his speech by saying that miners and users should switch from Bitcoin Core to Bitcoin Unlimited. However, he never went into any details about the new mechanisms which existed in Bitcoin Unlimited. A few days later, there was a similarly structured Bitcoin Unlimited event in Hong Kong.
I remember thinking how much of a shame it was that Roger was focusing all his energy on this internal conflict, rather than promoting the space to outsiders and new merchants as he had in the past. The next speaker in Shenzhen was Jerry Chan. Jerry spoke about the idea of emergent consensus EC , which is the idea that the rules of the system are emergent and not imposed in a top-down way by the developers.
EC was a system designed to address the concern that if miners and nodes set their own rules, they would all diverge onto different chains. Under this model, he explained, miners are free to set the blocksize limit themselves and, due to the EC system, they would all converge on one chain. Jerry gave various examples of this process from nature: Things will self organise.
You see this is nature. Birds, does anyone teach a bird how to follow the one in front? They can literally fall asleep while flying hundreds of kilometers and they still wont crash. Core will make you believe that bad shit will happen if you let miners or people decide things. Under emergent consensus a block limit will naturally emerge. Of course, the characterisation from Jerry that the current Bitcoin rules were imposed from above by Bitcoin Core, was a misrepresentation of how small blockers saw the system.
In the small block world, the rules were determined by the nodes that users already run. These rules are very sticky and changing them requires widespread agreement across the community. As for the view that, in nature, many systems appeared to converge or have structure, without such planning or agreement on the rules, it was not clear how relevant this was to Bitcoin.
At this point, Bitcoin was already very successful; the network had been operating reasonably smoothly for seven years, overcoming any issues. This appeared to have generated a degree of complacency in the community, with people having an overly optimistic view of the robustness of the system. When questioned about some of the potential weaknesses in Bitcoin Unlimited, its supporters often said that Bitcoin was antifragile and that it would always work.
The argument that Bitcoin Unlimited was robust because Bitcoin was so strong, that it was almost impossible to do anything wrong or bad to Bitcoin, seemed incredibly weak to me. The reasoning here was to prevent a node from being stuck AD blocks behind the tip, after a blocksize increase when a string of larger blocks was produced.
An inadvertent, ironic and perverse consequence of this is that a further blocksize limit increase within 24 hours could cause clients with a lower blocksize limit EB to follow the larger block chain, and for clients with a larger limit to stay on a smaller block chain. It appeared as if Bitcoin Unlimited had been poorly constructed and the scenarios had not been thought through.
This indicated just how desperate the large block camp had become by this point. Since EB was essentially a consensus rule, and the EB parameter miners chose were included in their blocks, attackers could see the distribution of EB values in the network. This could allow a hostile miner to choose the median EB value, for example, to split the chain and mining hashrate into two arbitrarily-sized groups. This appeared to be a critical weakness. When questioned about this, Bitcoin Unlimited supporters would typically argue that miners are not stupid and they would not let this happen.
They also sometimes asserted that, in order to prevent this, miners and users would all converge on the same EB value. However, if miners and users all converge on the same EB value in order to prevent a split, this seemed to be reasonably similar to the security model advocated by small blockers, of convergence on one set of rules. In order to increase the blocksize limit in Bitcoin Unlimited, there would need to be a transition of EB settings to a larger value and then this vulnerability would then open up.
Bitcoin Unlimited also made other changes to the software, not directly linked to the blocksize limit. Bitcoin Unlimited developers had built a technology to propagate blocks faster, called xThin, in contrast to a similar system in Bitcoin Core called compact blocks. There were other ideas in the pipeline too, such as parallel block validation and flexible transactions.
Flexible transactions were a new transaction format, similar to SegWit, which was also said to fix transaction malleability. The plan was to ban old-style transactions completely i. This was, ironically, a far more aggressive version of SegWit, which Bitcoin Unlimited developers opposed. SegWit essentially kept the old 1 MB limit for old transactions and added more blockspace for new transactions. It therefore appeared that many of these features and proposals were not driven by technical expediency at all.
Instead, it was about culture, ego and a desire to be involved in Bitcoin. Most of the large blockers by this point simply hated the small blockers and Bitcoin Core developers. They hated the perception they had that the small block group controlled Bitcoin, and they wanted to be part of Bitcoin.
Due to this desire to be more involved, Bitcoin Unlimited expanded its remit beyond simply a blocksize limit increase and covered a variety of areas. After the blocksize war was over, some in the Bitcoin Unlimited community eventually conceded these errors. We also wanted BU to stop trying to implement their own version of weak blocks for the time being.
The critical issue was increasing block size and forking away from Core with as few distractions as possible. Another member of the community commented: EC has been a massive mistake in hindsight. Amazingly, despite all of these potential security weaknesses, Bitcoin Unlimited had support from across the large blocker camp, from Brian Armstrong at Coinbase, to Gavin, Jihan Wu and Roger Ver.
None of these individuals seemed particularly interested in the nuances and the new parameters involved. They just wanted larger blocks. TOP, while node adoption appeared to be on the rise as well. The first pool to support it was ViaBTC, a mining pool which had taken investment from Bitmain and appeared to be largely under the control of Jihan Wu. The BTC.
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In a recent report from CCN, BU reached around 40 percent in support over a hour period earlier this week, which is currently its highest ever. We will only know by the time we get there. Roger Ver , an early Bitcoin supporter and advocate of BU, is said to have attracted around three percent of global miners, convincing them to back Bitcoin Unlimited. According to Bloomberg, Ver needs to get 60 to 70 percent of miners on board to activate BU, with Ver claiming that he is nearly halfway to achieving the goal.
What is Bitcoin Unlimited? BU is a software upgrade to blockchain. During the early days of blockchain, developers had imposed a cap on how much data the technology could process. Coinbase, Bitpay, Blockchain. Critics of Bitcoin Unlimited Yet, there are critics of the new software too. The purpose of this tiny flag is to tell the world on the choice of their client software and it's called versionbit.
The votes can only be cast by Bitcoin miners and only if they have successful block that has been mine. At the point when enough pieces are mined and motioned with the same versionbit, the new customer programming can be securely redesigned by those diggers with little dread of the system part into two diverse Bitcoins.
In any case, if the mineworkers endeavor to move up to another, contrary form of Bitcoin before enough diggers are flagging a similar adaptation, Bitcoin could part into at least two diverse Bitcoins, similar to Ethereum's blockchain part the previous summer. Such a move could demolish speculator trust in Bitcoin , a destiny that a great many people need to keep away from.
Why Today? On this regard, Bitcoin community started to have perception that this is just strategy in response with the newly calls on UASF or User Activated Soft Pork which will be in theory to transfer those power of the next Bitcoin version of signaling away from miners of Bitcoin in the hands of the operators of nodes. Wu opposed the idea and tweeted his reaction soon after the thought was proposed. Trades ought to be watchful", Wu tweeted.
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