Bitcoin hard fork vs soft fork

To begin with, I need to explain the difference between a hard and soft fork.This essentially creates a fork in the blockchain, one path which follows the new, upgraded blockchain, and one path which continues along the old path.BM: What are your thoughts on implementing a big block sidechain ( federated or Drivechain ) as a way to increase capacity while not affecting system requirements for running a main chain full node.

A Simple Guide to Blockchain Forks -

Essentially, miners on the old platform would be producing an altcoin not recognized by the majority of users and exchanges, making them less useful and in lower demand.Bitcoin Unlimited and. volume through the use of a soft fork. decide to start mining Bitcoin unlimited blocks a hard fork will occur and.

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My understanding follows - I would appreciate if somebody could confirm.

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I hope there remains no confusion over my definitions, especially so in my defining of a UASF.It would allow more freedom for people to pursue their vision of scaling.

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A chain split will occur, where two versions of the blockchain will emerge.And in fact, any of the economic majority that had upgraded now must roll back their clients to the old version, else they would be unable to spend their Bitcoin.

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Because of how the Bitcoin network only follows the longest blockchain, if a majority of hash power follows the soft fork, all nodes will follow the soft fork chain regardless of if they have updated or not, and the UASF is successful.In fact, as we were working with the bcoin team on extension blocks, the topic of Drivechain came up quite a bit.

I know what a hard fork is.

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Soft Forks Are Safer Than Hard Forks. Some changes are in fact impractical to accomplish with a soft fork, but in general the Bitcoin protocol is designed for.I will attempt to answer any questions in the comments in order to further clarify.BIP148 nodes will never acknowledge the legacy chain, so these nodes will not switch to the legacy blockchain regardless of which chain has more hash power.

BitPay has been very much focused on the issues around transaction capacity on the Bitcoin network lately, which eventually led them to support the New York Agreement (also known as SegWit2x ).The biggest stories in bitcoin delivered weekly to your inbox.Here I talk about how to profit from it, and what you must know about it, with a no nonsense approach.Bitpay CEO on Safe Bitcoin Scaling: Soft Fork First, Hard Fork NextOver the past few months, Bitpay co-founder and CEO Stephen Pair has been advocating for a.All BIP148 does, is refuse to accept blocks that do not signal SegWit-ready after August 1st, 2017, either until SegWit activates or until the deadline of November 15th, 2017 hits.

Nobody will want to mine or transact on a chain where the mining reward and transactions can disappear at any moment forever.Generally, after a short period of time, those on the old chain will realize that their version of the blockchain is outdated or irrelevant and quickly upgrade to the latest version.Imagine a company has a dress code, say: every man must wear a suit and tie.Bitcoin, bitcoin cash, bitcoin hard fork, Coinbase, crypto, cryptocurrency, wallet.

The idea is to have the economic majority, businesses and users (not miners) choose whether or not to activate this soft fork within their Bitcoin software client.At the moment we are in favor of SegWit2x because it is the least contentious option for activating SegWit (which will enable layer 2 payments innovation ) while simultaneously alleviating congestion in the short term.It occurred to me at the Bristol Bitcoin meetup the other week that forks are one of the.

Bitpay CEO on Safe Bitcoin Scaling: Soft Fork First, Hard. even in the event of a Bitcoin Unlimited hard fork, the Bitcoin Core development team as well as the.On August 1st, an experimental hard fork of the original Bitcoin software occurred, resulting in two diverging versions of the Bitcoin software and blockchain ledger.Segregated Witness Activates on Bitcoin: This is What to Expect.By the specified date, miners are then given an opportunity to make a choice of their own, based on how much of the economic majority has activated the soft fork.

There are three possible outcomes of the soft fork, although the exact outcome is unknown as the outcome will depend on the actions of the nodes on the network.Buy Bitcoin before any hard fork (BTC vs BTU) I would like to tell you the story from my point of view and then decide if buying Bitcoin. is a soft fork which.In the interview, Pair noted that BitPay understands the concerns around implementing a hard-forking increase to the block size limit, but he also added that SegWit2x is the best option for scaling available right now.A possible outcome to a hard fork is a splitting of the Bitcoin blockchain and also mean that.

Bitpay CEO on Safe Bitcoin Scaling: Soft Fork First, Hard

SegWit2x allows most of the community to remain on the same chain for at least a little while longer.

I am not receiving compensation for it (other than from Seeking Alpha).Bitcoin is going through a tough transition phase, where the community has to decide the direction of the cryptocurrencies.

Bitmain Responds to UASF With Another Bitcoin Hard Fork Announcement. is a response to the upcoming user activated hard soft fork.Bitcoin goes on exactly as it did on July 31st but with all blocks signaling for SegWit and all SegWit-ready nodes will eventually activate SegWit.Forkology: A Study of Forks for Newbies (bitcoin hard forks vs. soft forks) Andreas M.Yesterday afternoon I wrote about how bitcoin exchanges dealt with the Bitcoin Cash hard fork and short sellers,.There are two cardinal rules bitcoin holders should follow to prepare for the bitcoin hard fork and protect their coins.

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Also, the way BIP148 and SegWit are designed, once SegWit is activated, users who are not running BIP148 will still get the benefits of the activation of SegWit.The long, hot summer of 2015 has revealed something surprising about the Bitcoin community: many people have.BM: In a perfect world, would you prefer to activate SegWit now and then take a wait-and-see approach on a hard-forking increase to the block size limit.