Factom chairman said bitcoin earlier bifurcation the sooner we’ll benefit”

Factom chairman said bitcoin earlier bifurcation the sooner we’ll benefit”

With isolation verification (SegWit) release date approaching, the members of the community of BitcoinCore and its expansion program support is rapidly increasing. However, the chairman of the FactomFoundation DavidJohnston think it hard to accommodate more users to the bifurcation of the bitcoin network is very important.

   

BitcoinCore rival BitcoinUnlimited (hard to get one of the bifurcation protocol) since the bitcoin mining pool ViaBTC support, its development momentum. With bitcoin Jesus (RogerVer) and Bitcoin.com highlighted recently in the hash weight distribution, which makes the support BitcoinUnlimited calls in the past few months more and more high.

Johnston positive and Factom Group CEO PeterKirby cooperation, he thinks we should not be afraid of hard branch (hardforks), at the same time as early as performing hard to expand the bifurcation bitcoin block size, then the effect will be better.

The difference between blocks and supporters of Core

Before he began to talk about 3 aspects about the importance and necessity of performing hard bifurcation, he stated that the bitcoin community has two fundamental views of conflict.

“One of the first white paper” the point of the electronic cash system “should be understood as the primary service bitcoin is as a global payment network to do competition in the settlement and visa and WeChat.

Second, the first white paper “the point of the electronic cash system” should be understood as the primary service bitcoin is as a safe storage value and a large number of digital currency clearing global settlement network.”

At present, most of the community members have chosen to support the latter, which is mainly considered to Nakamoto in his first white paper clearly describes the causes of bitcoin.

“Intermediary costs increased transaction costs, limiting the minimum actual transaction size also limits the small transactions daily, in addition to the irreversible service complete irreversible payment will produce more cost.” Bitcoin: “white paper”

Therefore, we may say that Core is the initial vision of Nakamoto So supporters and followers; block supporters of bitcoin enthusiasts, they want to see bitcoin as the dominant platform for a major financial network have the ability to go to the existing competition (such as visa, PayPal).

The theory behind the bifurcation for hard Johnston

Johnston acknowledged that the two sides will not give up their ideas, thus winning and surviving agreement can be considered a market favorite. As with large blocks of supporters of the vision, Johnston explained BitcoinUnlimited BitcoinCore compared with the more attractive, because it has the ability to deal with the smaller transaction cost will be decreased.

    

He explained the Core market competition and cost minimization of resources for node operators in the global currency network encryption (bitcoin) without efficiency at all.

“This new” BitcoinUnlimited: to the center of the payment network “has the following advantages; 1. code to support more transactions, 2. lower transaction costs, can accommodate more small value transactions, 3. dedicated to the support of the mass market,” Johnston said. “Let us allow individual bitcoin users to decide the value of these projects and the future.” He added.

In second and third in Johnston, to further explore the community of hard bifurcation concerns. The members of the community the main suspect hard after bifurcation may lead to economic disaster DAO performing hard after bifurcation to the etheric network hurt fang.

Bitcoin expert AndreasAntonopoulos DAO stressed that hard bifurcation is technically flawless and effective. The code is very good and passed the test. But the main problem is that the community and the network into 2, which led to the creation of a EthereumClassic.

However, Johnston still firmly believe that hard bifurcation can make bitcoin network users accommodated in the expansion, and reduce costs and in attracting more users to benefit greatly.

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