Bitcoin witness officially activated isolation

Bitcoin witness officially activated isolation


In August 23rd, U.S. Eastern time at 10:00 in the evening of late, Block481822 has now finally witnessed isolation activation in the bitcoin network.

Isolated witness is an idea of software developer PeterWuille in the 2015 Hongkong scale seminar introduction. The agreement aims to redefine the witness input from the transaction hash, which will theoretically help ductility and create more space for the block size. First of all, the concept of the bitcoin community praise, but some people hope that the block size will increase. The community and developers to increase the block size, began a civil war. In addition, this means that the Segwit protocol is sitting on the shelf for a long period of time, because some of the miners will not approve upgrades, including unless the block size increases.

Get things done

After more than a year and a half of the debate and roundtable discussions failed again this year held a “New York agreement” of the meeting, and promote the further development of the situation. “Agreement” said Segwit will be most mining activation, followed by 2MB of hard disk. This has led by researchers and developers Jeff Gasik by early bitcoin Segwit2x (New York consensus) was born of the working group. Segwit2x (New York consensus) development team and most of the miners in August 8th in 479707 under the framework of trying to lock the isolation of witness. Since August 23rd, mining pool processing 481822 blocks, and the network officially launched the isolation of witness. Two days ago, Segwit2x developer JeffGarzik on activation of Segwit in the network are excited, said:

“No Segwit2x moves through the deadlock will not happen to finish things.”

Isolated witness on August 23rd in the U.S. Eastern time at 10:00 in the evening in late 481822 starting blocks.

The second part to continue the discussion and dissemination of compromise on the Segwit2x

Now, Segwit has been activated. Users will wait to see whether the protocol have really done in the developers claim that bitcoin online testing work. People will wait to see whether to increase transaction throughput, and the cost is cheaper in the next few weeks. Today, Segwit activated JeffGarzik has been updated on the next step of “community”, including the 2MB hard disk.

“At the time of this writing, we continue to have more than 90% miners agreed to promote Segwit2x. Segwit2x was officially locked, plans are working, “said Garzik. “In this quiet period, it is easy to forget the Segwit2x, because it is too many things will happen.”

But we need everyone to spread what we are doing, and why it’s important: long-term upgrade mechanism we are using Bitcoin to upgrade Bitcoin, enhance the scalability of Bitcoin, and take a unified way to keep Bitcoin network, without chain splitting. Please continue to tell the world how important Segwit2x is to Bitcoin, and to help launch more Segwit2x nodes. In addition to this announcement, the Segwit2x working group decided to use the GavinAndresen option to replay protection code base. Many bitcoin want to know how to deal with the problem, there will be a replay of a form of protection now. Isolated witness now has lived, many people are very excited, but the next season Segwit2x plans for the future remains uncertain. Prior to this, some bitcoins will celebrate today’s milepost, because it took a long time to start the Segwit protocol.

John MaiKeFei wants to expand bitcoin mining business has raised $2 million 400 thousand

John MaiKeFei wants to expand bitcoin mining business has raised $2 million 400 thousand

Bitcoin mining and network security company MGTCapital has raised $2 million 400 thousand, issued by a company called UAHCVenturesLLC convertible bonds as 10% to MGT capital financing. According to the statement, the money will be used to expand MGT in the northwestern United States bitcoin mining business. Northwest Hydroelectric Power attracted more than enough miners went to bitcoin mining.

Bitcoin mining is an energy intensive industry, the new deal will be continuously added to the block chain, newly created bitcoin as for bitcoin mining to create a block of reward. When bitcoin mining created value is higher than the cost of electricity and other resources, bitcoin mining will obtain the corresponding profit.


The company’s leadership team including John McAfee? (JohnMcAfee) in the last century at the end of 80s, he created the name of the antivirus software company. In 2010, Intel’s $7 billion 600 million acquisition of the company.

In addition to bitcoin mining, MGT also developed the Ethernet and Ethernet Fang classic, in addition to network security products, including a better protect the privacy of the mobile phone.

Previously, McAfee issued a statement to the media pointed out: bitcoin mining prospects. In a May interview, he told Bloomberg: “we will profit by the end of the year.” Recently, he also refuted the bitcoin market frothy argument.

One minute to know exactly what is bitcoin bifurcation

One minute to know exactly what is bitcoin bifurcation

If the recent pay close attention to bitcoin, may be noted on the “fork” the topic is very popular.

Unlike the blockchain, bifurcation is different participants in determining the event occurs when the general rules.

Basically, the blockchain bifurcation is split into two paths, either on the network transaction history, either the new rules make the transaction set.

So the blockchain must choose one of two.

However, the bifurcation type are very many, and the scientific research on the bifurcation of the very new. Now we know that some bifurcation can be solved, but the other extreme differences caused by the bifurcation of the community will make a permanent split network, resulting in two block chain and two kinds of independent monetary history.

The type of bifurcation and potential risks, the reason is not clear understanding of activation.

In order to elaborate, we summarized the operation principle of different bifurcation.

Basic knowledge

Start before the classification, it is necessary to know bitcoin has been ordered to bifurcation.

Bifurcation is a by-product of distributed consensus, as long as two miners found almost at the same time block occurs bifurcation. When added to the subsequent blocks of one block, this uncertainty will disappear; the chain of the longest, another block is network “isolated” or “abandoned”.

When developers want to modify the decision whether to set up the software transaction rules, can also be voluntary for the network bifurcation.

When a block contains invalid transaction, the block will be found in this block network ignored, miners will lose the reward block. Usually just want to dig to effectively block the miners, and adding the long chain.

The following are some common characteristics and bifurcation.

Hard fork

Hard bifurcation is a software upgrade, the new rules will not be compatible with the old software into the network. You can extend it as a rule (the block size is 2MB, and the new rules are not 1MB will need hard bifurcation).

After the bifurcation, continue to run the old version of the software of the node will find new deal is invalid. Therefore, in order to switch to a new chain to dig the effective blocks, all network nodes must be upgraded to the new rules.

When there is a political deadlock, the community some insist that the old rules, there will be a problem. The old chain hash rate and network resources will become be inopportune or inappropriate. It is important that the old chain data and rules is still considered to have value, the miners certainly hope to continue to dig, the developers also hope to continue to support it.

TheDAO bifurcation analysis is the best hard case to show the differences of community rules. Now we have two different software block chain ETC and ETH, different concepts and have their own money.

Soft bifurcation

Soft bifurcation is to strengthen the rules. Therefore, the new rules may deny the 1MB block, and 500K block. Soft bifurcation is backward compatible.

No node will continue to upgrade the new deal as effective. However, not to upgrade the nodes to dig out blocks will be upgraded to node. So soft is most in need of network bifurcation.

If the soft forked won a few hash function support, may become the shortest chain, then be encouraged. Or it can be hard to separate the same bifurcation run separately.

Soft bifurcation is a common method to upgrade bitcoin, because it makes the network risk division is considered to be low. The past success include soft forked BIP66 software upgrade (involving signature verification) and P2SH (modified bitcoin address format).

The user activates the soft branch

The user activates the soft branch (UASF) is a controversial idea, explore how to add a hash chain block network provider does not directly support the escalation of force.

The concept of UASF is sufficient to support wait no longer mine pool, but by the exchange, wallet service providers and enterprise operation nodes decide whether to activate the software (bifurcation bitcoin all nodes are still responsible for the verification of blocks, including non mining nodes).

Most of the exchange must be before the revision plan to write new code to publicly support. After the new software will be installed in the hope of joining node bifurcation in soft.

This method causes the hash function force than soft bifurcation need longer time to prepare. The fact that people need at least a year to write good code, and give people time to prepare.

And if there is no new activation of most miners, they will use their large hash function to let network splitting force.

At present this idea is just theory, and there is no implementation.

China’s mining industry downturn allows cryptocurrency miner to move to Quebec, Canada

nBuzz comments: Cryptocurrency Mining is an energy-intensive process that consumes too much equipment at high temperatures, and the instability of the cryptocurrency market also requires a stable political climate to minimize risk. Therefore, in the regulation of tuyere encryption currency mining enterprises began to low electricity, low temperature, the political stability of the transfer of Quebec, Canada. Many of them are among the top mining companies in the world, and the demand of these customers already accounts for a large proportion.n
nTranslation: Annie_Xun
Quebec originally wanted to attract technology giants, but it attracted bitcoin miners.n
David Vincent, director of business development for at least electricity company Hydro Quebec, described the province’s campaign in 2016 to attract Facebook, Amazon and Microsoft to wait until local data centers are set up.n
The content is simple: the province offers a large amount of sustainable low-cost electricity, as well as cold weather and a stable political environment.n
Although Hydro Quebec has benefited greatly from traditional data center operations, it soon became apparent that these same attributes are also attractive for crypto-currency mining operations.n
Vincent said Quebec’s attractiveness to commercial-scale bitcoin miners has soared from six months ago, amid rising cryptocurrency and other legal uncertainties in other countries.n
For Hydro Quebec, 35 cryptocurrencies mining agencies are already consulting how to get into the local power grid. Electricity consumption by these companies now accounts for 70% of Hydro Quebec’s total power generation.n
Vincent told reporters:n
n”I am in high demand and do not need marketing at all, and a new company joins almost every day.”n
nThe testimony of other power companies shows that Hydro Quebec sees only the tip of the iceberg.n
Austin Hill, former chief executive of Blockstream, said: “Québec is in a state of flux based on the equipment purchases, real estate and electricity transactions I have seen.” Austin currently invests in quarrying in Québec.n
Cheap abundant power resourcesn
Encrypted currency mining is an energy-intensive process of adding new transactions to the blockchain and typically requires specialized hardware (ASIC or GPU) to solve complex math problems. Mining operations are looking for a cold environment because they require a lot of power and mining equipment generates a lot of heat.n
But the cold climate is not the only attraction in Quebec. After World War II, the government actively constructed dams in the northern area, enough to attract those who have occupied the climatic advantages of mining agencies.n
And because of the government’s move, Quebec became one of the world’s largest hydropower producers. Hydro Electric, with a capacity of 37,000 MW, has long-term savings that allow commercial customers the lowest electricity bills in North America.n
Hydro Quebec charges 2.48 cents / kW · h from the data center and 3.94 cents / kW · h from Bitcoin mining, Vincent said. The latter charge is slightly higher because the mining business generates less employment and is more economically stimulative than the low. Hydro Quebec figures show that these rates are generally five times 50% lower than in the same level in North America.n
Vincent said the consistent long-term pricing and the assurance that short-term rates will not soar are the key value propositions for cryptocurrency operators.n
“We usually managed to keep inflation low and have not changed since 1963.”n
Although some believe mined money mining will reduce environmental quality, it has become a trend for these mining companies to seek competitiveness through greater energy efficiency and resource optimization.n
Hill, of Brudder Ventures in Montreal, said, “In some hotter regions, the life of existing ASIC equipment is typically reduced to six to nine months because of the cost of cooling to go above equipment costs.”n
n”A simpler way to do this is to run at high temperatures and buy new ones, which is a huge waste.” It’s helpful to move to a low-temperature area like Quebec.n
Political stabilityn
Another driving force behind Quebec’s accidental bidding as a cryptocurrency mining center is that miners need a stable political environment and can be more confident in laying out capital and business plans four or five years ahead of schedule.n
Although some of the organizations interested in Hydro Quebec are from North America, a large number of mining companies come from other countries, notably China. Because here the encryption currency mining to encrypt the currency of the overall situation is not very good.n
Vincent said last fall’s move by the Chinese government made Quebec heat up.n
n”They did not say the same, but the fact is that the increase in demand is basically in line with the time when there was a problem with the judiciary in the past. We can think of it as being relevant.”n
nThese problems, as well as the ongoing news of banning mining and kidnapping of officials in Venezuela and other countries, have given mining institutions more emphasis on operating in areas with minimal risk.n
Very good questionn
Although Hydro Quebec is still trying to fully seize such customers, but he is willing to warmly welcome them, because of the huge demand, not to mention that they are 24/7 operation.n
To show the scale of mining operations, Vincent compares it to other Hydro Quebec customers.n
n”The smallest business customer Montreal canadiens field hockey requires 5MG of electricity, a typical data center needs 30 ~ 60MG. In contrast,” the world’s top three or five mining institutions are almost always in contact with us, they The current demand is about 200 ~ 300MG. This is very huge. “n
nBut for industries like the cryptocurrency, where there is so much volatility, nothing is immutable. To hedge it, Hydro Quebec will require miners to bear the upfront costs of connecting to the grid and, third-largest enough to provide credit, to offset any potential losses.n
n”Our question is: Is this going to last for at least the current strength?”n
nBut the biggest problem with Hydro Quebec is that as soon as they enter, they find the suitable buildings and areas to set up mines as quickly as possible and recruit staff to meet all the requirements of such potential customers. “n
n”Miners feel they are losing money every day, so they demand a large building with a large network, and it will be tomorrow.”n
“We have power capacity, but we are not accustomed to such a huge demand, which is a good question.”n

Resistance to mining monopoly? The paper says that the concerns about the centralization of the countertop are too exaggerated

nnnIn a new research paper written by Nicola Dimitri, a professor of economics at the University of Siena, concludes that Bitcoin may naturally resist mining monopoly. And there are some concerns about whether miners have too much power in the industry, and this conclusion is just enough to ease this trend. The paper explains in depth how miners do not have to leave the system because other miners can get more profit by cutting costs. At the same time the paper also introduced some game theory to encourage miners, and confirmed that these problems do not necessarily affect the user negatively.n
nnTranslation: Clovern
nA new research paper by Nicola Dimitri, a professor of economics at the University of Siena, claims that Bitcoin may naturally resist mining monopoly.n
nThe paper argues at a higher level that the internal structure of the mining activity seems to have prevented the formation of monopolies, and this finding is just enough to alleviate some of the concerns of the industry today about whether miners have too much power.n
nThis paper, published exclusively in the journal Ledger, which reports on block-chain research, explains in depth how miners do not have to leave the system because other miners can get more profit by cutting costs.n
nAccording to Ledger co-founder and co-executive editor Peter Rizun said that this conclusion for the encrypted money community is very important.n
nRizun is also a substitute for Bitcoin Unlimited’s chief scientist, who told CoinDesk in an e-mail:n
nn”The mentality of many communities today is that ‘all miners are basically the same profits according to Hach, otherwise the miners who make money will continue to grow until he controls almost all of the hash.'”n
nnThe possibility of concentration of mining capacity is particularly worrying for developers.n
nRizun said that, first of all, it was alleged that at least one of the mines had used a more efficient mining approach (called ASICBoost) to increase profits, while others thought it might force some miners to leave the field. Secondly, many people think that the slower block spread will make the larger miners benefit, small companies will once again be squeezed, he continued to show.n
nHowever, he argues that the paper adds more gameplay color to motivate miners and confirms that these problems do not necessarily negatively affect the user.n
nHow much control?n
nHowever, not only the developers are worried about this.n
nThe entire encrypted money community tends to worry about how much control the miners have, or theoretically, how much control can be made under certain conditions, which shows that there is some distrust between the team, which is in the nearest Bitcoin expansion debate is particularly evident.n
nFor example, some users worry that miners will have a big impact on technology decisions.n
nRizun highlighted the point in a post published by Medium in March, and many readers read that miners might force users to move from Bitcoin to Bitcoin Unlimited.n
nAs expected, this post raises controversy and gets the bitmate code contributor Meni Rosenfield’s comment says:n
nn”It is a shame and standing on the opposite of all things represented by Bitcoin.”n
nAs a highly controversial figure, developers may find that Rizun’s interpretation of this study is wrong. Even the author of the paper, Dimitri, also points out that it is too early to make extensive assumptions now.n
nHe wrote in the paper:n
nn”It seems simple that the model omit a lot of elements, which can be investigated in future research.”n
nnDimitri then acknowledges that other variables, especially those that have been controversial in the debate over Bitcoin, may change the results.n
nHe concluded that:n
nn”Including the current debate on the size of the block and concern, which may affect the main conclusions of the paper, at least in relation to the number of potential active miners is so.n

Bitcoin Cash creates the first block, the sign bit currency is officially bifurcated

nnnOn August 1, miners created the first block on Bitcoin Cash, a new Bitcoin block. The size of the block is nearly twice the original version of the coin block, theoretically can increase the network capacity, improve processing speed. This marks the official split of Bitcoin. At present, BCH has been on the stock exchange, the price is $ 219.n
nnTranslated by: Inan
nMiners to create a new version of the coin block chain of the efforts to achieve a breakthrough.n
nAlthough the miners met obstacles on the morning of August 1, they created a block on a new block chain called Bitcoin Cash at about 2:14 pm on the same day. This means that miners are out of the main Bitcoin network, in the development of a new technology line.n
nData provider BlockDozer developed the Bitcoin Cash block explorer to show that the block was mined by the mining company ViaBTC. ViaBTC later confirmed the news on Twitter and the WeChat.n
nIn short, after digging blocks 478,558 nearly six hours later, the miners tried to start separating the bitcoin.n
nThe network data show that the Bitcoin Cash block contains 6985 transactions with a block size of 1.915 MB – almost twice the size of the original chain. Given that Bitcoin Cash is designed to increase network capacity by providing block chains with larger blocks, this data is very interesting.n
nAccording to CoinMarketCap, Bitcoin Cash is trading at $ 219 on Kraken on the digital currency exchange. BTC / BCH transactions in Kraken after the launch, the transaction volume has exceeded 300 million.n

IC3 plans to develop “submarine delivery” to eliminate ICO fraud

nnnWe have heard more or less of some ICO participants complaining about the unfair sale of coins, although the transaction is not successful may be caused by a network or system problems, but may also be related to the power of the miners to deal with the first deal The Even if the problem is not yet serious, but according to research, it may affect a large number of users in the future. In order to prevent this from happening, the well-known Bitcoan Research Organization IC3 plans to develop a solution called “Submarine Sent” and try to draw more attention to this issue.n
nnTranslated by: Inan
nWhen the ICO began, it looked forward to its success in the digital currency enthusiasts are patiently waiting to buy tokens.n
nOnce it started, he would spread the deal in the network, but did not pass. He tried again and again, still did not respond.n
nOther users on Reddit are angry. They are very sorry. Why are their transactions ignored? Because the project is still under the control of corruption?n
nNew research shows that the biggest threat to fair coins sales may be miners.n
nMiners are responsible for arranging transactions into each block, and they seem to have found themselves in a favorable position in the ICO, enabling them to profit from the loss of the user.n
nDefine the problemn
nThis practice is called “preemptive” and occurs when the mine detects a large deal that buys new tokens. At this time they will not deal with the transaction in a regular way, but will cut off the channel.n
nIn a high demand ICO, a trade order may mean a successful bid at a retail price and then a price increase. This is because the market demand is still there is time to sell, and miners can be in the secondary market to resell the tokens at high prices.n
nThis is a clever way, but it is difficult to implement.n
nEverything must be just right, ICO can not be sold out in a single block, nor can it be as long as people do not interested or can not sell the tokens that have too long to buy time. The ideal situation is: in 20 to 30 blocks sold out.n
nMore than that, the pool not only to re-arrange the transaction in order to find their next block in the transaction, but also to win the block game to verify the block. If they can not do this, verify the block of the pool will see the reorganization of the transaction, found fraud.n
nThere is a risk in this way, but there is evidence or speculation that this has happened.n
nIn June this year, China’s F2Pool was created to create an address through the “Status ICO” to buy tokens, and these addresses are mine is released by a block in all the addresses.n
nDeceptive transactionn
nNo matter how many people think so, but some of the ICO unfair view has aroused the interest of researchers, “Cornell University Digital Currency and Contract Plan” (IC3) proposed a potential solution.n
nThe well-known block-chain research organization outlined the ICO preemptive solution known as the “submarine sends” in a blog post published on Aug. 28.n
nICD researcher Phil Daian and Lorenz Breidenbach, Ari Juels and Florian Tramer co-authored the paper, although this solution is highly technical, but he made a more popular interpretation of the process: the submarine sent a fuzzy transaction to a new address, Making them look like other normal ether square deals.n
nSince the miner can not see the amount of the shipment, the contract being used, and the address of the recipient, they will place the order in the block and lock it out, only to be able to disclose the details of the transaction.n
nDaian told CoinDesk:n
nn”Suppose you want to buy half of the coin in the exchange with a half of the coin, and some miners before you submitted a deal, they will be cheaper to buy Taitong currency, you have to buy at a higher price, The miner then sells it and earns it. “n
nnThis is particularly serious in ICO where the sales token is set, because, according to Daian, after the ICO, “due to the limited number, the token will immediately start trading at a higher price.”n
nHe referred to the 0x ICO, saying that despite the fact that it did not seem to be the first to trade, the price of the popular tokens reached five times the initial price in the secondary market after ICO’s end.n
nDaian, like most people in the community, has little interest in the miners who are preemptive, but in the digital money world, abuse of rights is difficult to prove.n
nDaian said:n
nn”There are some examples of seemingly preoccupied miners, but it is hard to prove anything in this system that does not have a real identity.”n
nFind dangerous moleculesn
nVulcanize Inc. is a consulting and security auditor for a centric application, and its IT consultant and chief executive officer, Rick Dudley, commented on Daian’s comments that the miners would use their positions for profit.n
nFor example, he describes how to detect some of the preemptive transactions that may occur in ICO by observing “memory pools” (areas where unrecognized transactions are waiting to be added to the block). Dudley said he observed that the deal that should go into the next block was caught by some of the transactions that appeared out of thin air.n
nAlthough the pool can be a reasonable buck (may be a system vulnerability), but Dudley said that if this phenomenon continues to occur, then it clearly indicates the first deal.n
nIn the case of F2Pool, it is speculated that the pool developed software, not to rescheduled, but to reject transactions that were not on its “whitelist”, accept only transactions from specific addresses (addresses it had created) Then
nAccording to Daian, users can see these block chains and trends, especially since most F2Pool dug blocks are almost empty.n
nDaian also said it was much easier to develop software to remove the whitelist than to develop a reordering software.n
nHe said:n
nn”To do this requires a lot of technical knowledge, most miners are not programmers.”n
nnIt takes time and money to create such things because the volume of transactions is still relatively small and its return is not worth the burden of miners.n
nDaian added:n
n”If you want to quantify this problem, I can only say that the proportion of ICO affected is not very high.”n
nThe future is more serious?n
nAlthough the miners have not yet become a serious problem, but many people suspect that this is only a matter of time.n
n”The amount of trading in the network is not enough to make people urgently needed to develop a solution, but that’s really a threat,” Dudley said.n
nWhy does this kind of attack need to be focused on whether it is an urgent issue that affects a large number of users.n
nIn fact, the ability of miners (and other attackers) to manipulate the system also marks the immaturity of the market, although many people touted it as a way to subvert the venture capital industry. People are interested in finding a solution before the market matures.n
nBreidenbach, another author of the article, agrees, saying, “It is important that this will happen in the future as the volume increases.”n
nIC3 has written code to deal with preemptive transactions, although it is still experimental and not yet ready to be released to the public.n
nAs to why the researchers decided to outline their solution now, Breidenbach said:n
nn”From a research point of view, we have found this problem and want to propose a solution before it becomes serious.”n

Russia or prohibit the use of personal residential electricity, heat for bit currency mining

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nnnRaiders commented: According to Russian media reports, Russia is considering prohibiting the use of bit in the individual residential mining. And last week, Cointelegraph also reported that the country’s two major power giants are discussing miners in 70 locations using the remaining capacity for bitmember mining options. Ilya Massukh, president of the Informational Democracy Fund, said any mining activity in the country could not be efficient for the Russian economy.n
nnTranslation: Clovern
nRussia is considering banning the mining of Bitcoin in individual homes, although power companies are negotiating to give miners remaining capacity.n
nAccording to today’s Russian Today and local news agency RIA Novosti, the Informational Democracy Fund will suggest that the private network address should not be involved in the pool at the upcoming Internet Development Working Group meeting.n
nRIA quoted the president of the fund Ilya Massukh said:n
nn”Any [activity related to mining] carried out in the country is wasting electricity.”n
n”This may not be efficient for the Russian economy.”n
nnWhile Russia continues to defend against conflicting attitudes towards encrypted currency and block chain regulations. Last week, Cointelegraph reported that the country’s two major power giants were discussing miners’ options for using the remaining capacity for bitmember mining at 70 locations.n
nAt the same time, an organization co-founded by the Russian Internet investigators is trying to raise $ 100 million to fund a large-scale mining project, which claims its goal is to compete with China for market share, while China’s electricity costs are higher.n
nThe so – called riskn
nMassukh also refers to the so-called security risks involved in private Bitcoin mining, including the conventional “ventilation system that can not reduce the heat generated by the necessary equipment.”n
nHis remarks were exactly the same as the different types of security issues expressed by Vice Minister of Finance Alexey Moiseev, who last month proposed to ban the sale of encrypted money to all “non-eligible” ordinary people.n