Bitcoin why choose Unlimited expansion?

Bitcoin why choose Unlimited expansion?

In October 10, 2016, it is bitcoin after the third expansion conference in Milan has just ended, I chose the ViaBTC pool version of Bitcoin to BitcoinUnlimited. of the switch from the BitcoinCore, the decision is in the fight to the vast majority of the user’s consent after the pool, I can’t put my will to the user body. Bitcoin block expansion or not is decided by all of the bitcoin miners. But in the expansion of this thing, compared to mine pool administrator in miners have more professional ability, can make better choices. And from past experience, very low enthusiasm of the miners vote. So, I think mine pool administrator should take the responsibility to make their own choices.

ViaBTC vote for the 2MB block size in Coinbase, is still digging 1MB size block, to ensure compatibility with bitcoin backbone. Don’t need to worry about this, because this is just a start, once hard bifurcation successfully implemented, and then upgrade the block size is very easy. I have set up a block version number BIP109 block version number BitcoinUnlimited default is not used, because BitcoinUnlimited does not implement BitcoinClassic BIP109, we don’t want to achieve BIP109. hope that BitcoinUnlimited developers can get rid of the subsequent default version number, to prevent misunderstanding.

After we found the first BitcoinUnlimited block, the bitcoin community caused a great reaction, there is a lot of controversy and speculation, so I feel the need to say what, to clarify some facts, elaborate my view.

Why bitcoin need to block the expansion?

Very simple, if bitcoin does not block expansion, then bitcoin will lead to failure. This is not to say that the encryption of electronic money will fail, there may be a new alternative currency bitcoin status. Bitcoin is in its early development, more and more people begin to use bitcoin. However, due to the 1MB block size temporary restrictions, bitcoin began refused to join the new user, in my opinion, this is a kind of behavior Dutch act. Slowly, bitcoin transaction costs will be high is not acceptable, people will turn to other currency competition. The development of the user’s loss of bitcoin is a fatal blow, this is not speculation, what is happening. On the other hand, there are not enough chain transactions, bitcoin miners get enough trading fees, after some years, bitcoin mining become unprofitable, this will make the safety of the bitcoin system greatly reduced. In any case, this will lead to the failure of bitcoin.

Why is the waste isolation verification?

People say isolation verification can safely let bitcoin expansion to 1.7MB, so we should support the isolation verification, this idea really is blind. The 1.7MB expansion has only slowed bitcoin’s death, there is no fundamental solution to the problem. And even if the isolation verification actually activated, does not mean that all people will immediately verify the transaction isolation, truly achieve the 1.7MB more than 1 years, could not solve the congestion problem of transaction. In addition, the isolation brought huge debt verification technology to the bitcoin community, substantially revised bitcoin transaction format, need all of the bitcoin nodes, ore pool, block browser, wallet, etc. bitcoin exchange application upgrade. This price is far greater than the hard bifurcation, and all of this, only for 1.7MB expansion? Don’t forget, BitcoinCore proposed isolation verification is to prevent bitcoin expansion through the hard way bifurcation. Once isolated verification has been activated, then the Core team will not have hard bifurcation expansion. Bitcoin block size will be locked in the size of the 1MB, inevitably towards death.

Why lightning network expansion is?

First of all, lightning network applications is very limited. Think about why people want to use bitcoin, in order to speed faster transaction confirmation or because bitcoin is a decentralized currency? Bitcoin sacrifice speed and efficiency, has brought to the center of the safety, confirm the slow for bitcoin is not the problem. Secondly, lightning network transactions are not real bitcoin transactions, and there is no essential difference between the internal exchange occurs in the database transaction. The deployment of lightning network for ordinary users is very difficult. If lightning network really successful deployment, become the main form of bitcoin transactions, it will finally form a plurality of central node, users need to send these coins inside the central node, and the existing banking system has the distinction of what nature? Finally, the bitcoin as a settlement network idea is very funny, bitcoin is a digital currency, then the settlement network, once lost bitcoin monetary property, the property immediately collapse settlement. Lightning network is not Nothing is right., can solve part of the problem, can replace part of the bitcoin transactions, but want to lightning network as bitcoin trading channel. The main.

Why choose BitcoinUnlimited?

We are in the block size of this issue, wasted too much time, we need a solution once and for all block size problems. Large or small blocks are not appropriate, it should be left to the market to choose, along with the progress of the bitcoin network technology and dynamic adjustment. The expansion scheme of BitcoinUnlimited block size selection to absenteeism, meet our needs. BitcoinUnlimited allows the miner set block size and accept the block size of their mining, and vote by Coinbase on the size of the blocks. If the node chain length greater than the current chain blocks 4 blocks (default) will automatically switch to the length of the longest chain and ignore the block size, which makes bitcoin block size easy to upgrade again.

Why hard bifurcation is not dangerous?

The biggest danger is that hard bifurcation, there may be two chains. But as far as I know, in the bitcoin expansion of this thing, people have no essential differences, most people hope the expansion, just choose different ways. Two strand Ethernet square should appear essential differences, for people that block chain can be modified? Also, due to the bitcoin difficulty adjustment lag and 10 minutes 1 block set, in the vast majority of support is hard bifurcation case, possibility of two strands is very small. The original chain due to too slow at the speed becomes unavailable, the rational users will choose a new chain, leaving the miners income will be greatly reduced, the rational choice is to switch to the new chain.

How to carry out the hard branch?

For the BitcoinUnlimited, and not a program to automatically set the threshold. In theory, as long as there is a pool like, at any time can start the bifurcation, but this is dangerous and meaningless. The BitcoinUnlimited bifurcation hard on this matter, mine pool need to join together to agree action.

First of all, what are the conditions to start hard branch? I recommend the use of BitcoinClassic is to support the 75% threshold, BitcoinUnlimited is accounted for more than 75% of the time to start hard bifurcation. If the threshold is too high, almost never reach a consensus. 75% is enough to support the safety of hard branch.

Secondly, what time to start hard branch? I suggest, first, leave enough time for at least 1 months, for the bitcoin community to upgrade their nodes ready. Secondly, we should choose after a difficult adjustment immediately to stay in the original chain bifurcation, the calculated force adjustment difficulty becomes extremely difficult, had to abandon the original chain.

Written in the last

The Core and BlockStream of various proposals in Milan bitcoin expansion meeting, is to kill the bitcoin miners and responsibility. In relation to the time of bitcoin miners and the vital interests of users, we need to unite, let bitcoin rebirth.

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