Expansibility and interchangeability and the center of the three big obstacles that must be overcome 2017 bitcoin

Expansibility and interchangeability and the center of the three big obstacles that must be overcome 2017 bitcoin

Bitcoin attitude into the bull market in 2017 gate, its price was about $1200, but the beauty is so short, after refresh the record, bitcoin quickly plunged nearly 30%, fell below $900. As of press time, bitcoin rebound, currently hovering around $900. In order to make bitcoin can use, use and prices to keep rising, it must overcome the following obstacles: centralization, interchangeability and scalability.

Center and scalability

Bitcoin mining structure is highly centralized and scalability problem has become the community to solve the problems, these problems are more stringent than ever. When bitcoin prices rise, there will be more new users to join the bitcoin ecosystem, the number of people who use bitcoin every day will be more.

In simple terms, if the bitcoin network cannot improve the throughput by trading to deal with the increasingly frequent flow, bitcoin will be difficult to keep long-term users. Bitcoin scalability problem must be solved not only, and must be resolved quickly and safely.

As for the problem of bitcoin center, F2Pool, BitFury, ant pool and BW.com occupy the whole network is almost 56%. The miners are too concentrated, some of which are unlikely to question, now the possibility of a substantial increase, such as repeated payment transactions, and review the blockchain notorious repute of the 51% attacks.

However, at present there is no evidence that these problems have occurred. Lightning network protocol developer Rosdy – Russell (RustyRussell) issued a “2017: what makes me worried about bitcoin / excited? “Article:

“Most of the economic system will exist the phenomena of economies of scale, which will lead to the center, but bitcoin is no exception. With the block size increases, the situation would be even worse if you block mining speed is too slow, you may fall behind the other miners. If you can not timely access to other miners blocks, then you will be more likely to produce obsolete blocks, the so-called “orphan”, and the production of the block frequency is “solitary block rate”, when the lone piece rate of more than 1%, then you basically unprofitable.”

Interchangeable

The transaction privacy is an increasingly popular topic, especially for interchangeability. Bitcoin is interchangeable between all coins are the same, there is no difference. This problem is very special, if not resolved quickly, it will allow users to stay away from bitcoin, but there are a lot of privacy as the center of the currency is to replace the encrypted bitcoin position, the most notable is the world of coins, coins and Monroe Zcash.

Russell also said,

“Interchangeable bitcoin is currently very bad. Now there are many services can be used to track bitcoin sources and ownership. Because bitcoin transaction is completely transparent, it also means that these tracking services have the right to do so, they will reject those so-called “tainted” bitcoin.”

Solution

Although the problem really bothers bitcoin, but things have changed. BitcoinUnlimited has been a contender, solve many bitcoin scalability problem and libsecp256k1 isolation, witness (SegWit) and Schnorr signature solutions can be obtained with the consensus to realize the integration of the miners.

Other solutions include Tumblebit, lightning network and Mimblewimble are able to alleviate the dilemma facing the bitcoin. Tumblebit is committed to an agreement as to improve privacy, while the other two solutions is committed to promoting the chain transaction solutions.

ValueShuffle is also a noteworthy solution. This technique seeks to improve privacy and interchangeability, not only provides an efficient hybrid bitcoin, but also the use of transactions by private Blockstream, used to hide each transaction amount, while still allowing the node to verify bitcoin whether the match between sending and receiving.

SPECTRE protocol and Solidus MIT can also be used to solve problems of bitcoin. By giving up the block chain, instead using a DAG structure, SPECTRE agreement seeking to improve the block create rate to several blocks per second, while improving the block to confirm the time. On the other hand, Solidus can solve the problem of “selfish mining and trading slowly. “Selfish mining” refers to a deliberate manufacturing a solitary block rate (miner or mine pool probability, so as to block outdated) has more advantages than the other miners.

If all of these solutions can be implemented, then bitcoin roadmap in 2017 will be very productive, bitcoin will also get an overall improvement, let this get usability of the hitherto unknown encryption currency.

If you want to know more bitcoin related, with “money said” WeChat (micro signal: bishishuo), note: BtcTrade. Before entering the official exchange group.

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