Overview of Bitcoin Forks

Overview of Bitcoin Forks

This is the first of the two-part article on forks. Here we give a short overview of bitcoin forks in chronological order

A fork is a divergence in a blockchain which splits it in two chains. Major changes in protocols are introduced by way of hard forks, while minor improvements are implemented in soft forks.

Bitcoin XT

Bitcoin XT is one of the earliest bitcoin forks initiated by Mike Hearn in December 2014. Originally, Bitcoin XT implemented new features suggested by Hearn in BIP64. Bitcoin XT gained notoriety in 2015 with the proposal of gradually raising the block size limit from 1MB to 8MB, outlined in Gavin Andresen’s BIP101. This change was not received warmly by the community. Today, Bitcoin XT is practically dead.

Bitcoin Classic

Bitcoin Classic was another attempt to address bitcoin scalability issues by raising block size limit. Bitcoin Classic was launched in 2016 proposing a 2MB blocks. While the project did gain some traction, it never really achieved a critical user base and got abandoned.

Bitcoin Unlimited

Bitcoin Unlimited is a bitcoin hard fork which lets miners customize the block size limit, which is 16MB by default. Initially, Bitcoin Unlimited showed ambitions capturing a relatively wide audience. However, the fork lost most of its popularity due to certain bugs that disrupted the network operation.

Segregated Witness

Segregated Witness (SegWit) is a bitcoin soft fork which increases block capacity by reducing the size of the transaction. SegWit was proposed by Bitcoin Core developer Peter Wuille in 2015. SegWit stores transaction signatures in another structure called an extended block, which frees up space for transactions in the mainchain block. Other advantages to SegWit include a fix to transaction malleability, which in turn enables second-layer solutions such as Lightning Network and atomic swaps.

Bitcoin Cash

Bitcoin Cash is a bitcoin hard fork activated in August 2017. The block size limit is Bitcoin Cash is 8MB. Bitcoin Cash quickly gathered support from major influencers, such as Roger Ver and ViaBTC. Bitcoin Cash does not support SegWit. Though Bitcoin Cash is now losing popularity due to exceeding controversy surrounding it, it is still one of the most widely adopted forks.

Bitcoin Gold

Bitcoin Gold is a bitcoin hard fork activated in October 2017. Bitcoin Gold aims to restore the mining functionality with common graphics cards, in place of mining with specialized ASICs, used to mine Bitcoin. Due to multiple attacks successfully executed on the network, Bitcoin Gold is not seeing popularity among crypto-enthusiasts.

SegWit2x

SegWit2x was outlined in the New York Agreement signed by prominent figures in the space. SegWit2x proposed the activation of SegWit and a 2MB block size limit. The community naturally did not approve of the shady reunion, and the project failed.

BTC

3,599 USD
1.17%

BCH

130.08 USD
6.86%

BTG

11.23 USD
0.18%

B2X

4.00 USD
-4.61%

BTX

0.2555 USD
-13.41%

BXT

0.4689 USD
0.00%

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Bitcoin Cash [BCH] escapes the bear as price shoots up by more than 7%

As the cryptocurrency market enters the last week of January, the behavior of tokens have also seen a change as some coins are in the green while others are still bleeding. The sporadic movement has been ongoing for quite some time now, with cryptocurrencies like Bitcoin [BTC], XRP and Bitcoin Cash [BCH] all suffering the same fate, until today. On January 23, Bitcoin Cash saw a resurgence with the prices climbing on the charts. At the time of writing, BCH was rising by 7.06%, with a total market cap of $2.295 billion. The cryptocurrency was trading for $129.85 and had a 24-hour market volume of $276.262 million. The chart showed that over the past 24 hours, Bitcoin Cash had climbed from a bottom of $119.94 to reach a peak of $130.42, before settling at its current price. The Chaikin Money Flow indicator on the chart also points to a significant spike, a sign of the massive amounts of money coming into the market during the price rally. The total trade volume of BCH was majorly split between three exchanges: LBank, Huobi Global and P2PB2B. LBank had a grasp on $22.821 million worth of BCH trade while Huobi Global and P2PB2B saw BCH transactions worth $35.191 million taking place on the platform. Bitcoin Cash has been in the news multiple times over the last few weeks, mainly due to updates and comments from its proponents. Roger Ver, the Chief Executive Officer of Bitcoin.com and one of the most vocal supporters, had recently announced that Bitcoin.com’s wallet will receive its update soon. The news had also rallied users of the wallet, one member even listing out the features needed in the update; spend and replace built right into the wallet, strong privacy thanks to Coinshuffle, and improving the transaction creation, signing, and broadcasting speed. The post Bitcoin Cash [BCH] escapes the bear as price shoots up by more than 7% appeared first on AMBCrypto.
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