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An implemented Bitcoin softfork that implemented a changed format for transactions.

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Bitcoin Q&A: Checkpointing in the BCHABC chain

What do you think about the use of checkpointing in BCHABC? What kinds of checkpointing are there? Has Bitcoin ever had a re-organization event? NOTE: The chain reorganization event in Bitcoin that I mentioned at 3:03 was actually in March 2013. You can read the post-mortem (BIP-50) here: https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki More about checkpoints: https://bitcoin.stackexchange.com/questions/1797/what-are-checkpoints/1798 https://bitcoin.stackexchange.com/questions/70718/how-does-bitcoin-implement-checkpoint-mechanism-to-finalize-the-blockchain-histo https://bitcoin.stackexchange.com/questions/75733/why-does-bitcoin-no-longer-have-checkpoints https://en.bitcoin.it/wiki/Chain_Reorganization This question is from the December monthly subscriber session, which took place on December 15th 2018. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop RELATED: BCHABC vs. BCHSV hard forks - https://youtu.be/q93sK1CxKNM Consensus Algorithms, Blockchain Technology, and Bitcoin - https://youtu.be/fw3WkySh_Ho Advanced Bitcoin Scripting Part 1: Transactions and Multisig - https://youtu.be/8FeAXjkmDcQ Advanced Bitcoin Scripting Part 2: SegWit, Consensus, and Trustware - https://youtu.be/pQbeBduVQ4I What is Consensus: Rules without Rulers - https://youtu.be/2tqo7PX5Pyc Forkology: A Study of Forks for Newbies - https://youtu.be/rpeceXY1QBM Bitcoin: Where the Laws of Mathematics Prevail - https://youtu.be/HaJ1hvon0E0 The mining process - https://youtu.be/L4Xtau0YMJw Genesis block and coinbase transactions - https://youtu.be/strhfzJ56QE What will Bitcoin Core 1.0 look like? - https://youtu.be/Kh5ASYzt3dU The rules of Bitcoin (part 1) - https://youtu.be/VnQu4uylfOs The rules of Bitcoin (part 2) - https://youtu.be/vtIp0GP4w1E What was SegWit2x? - https://youtu.be/4Sy42Y5oqGo Decentralized power, leaderless governance - https://youtu.be/E5VbDlQTPzU Scaling, trust, and trade-offs - https://youtu.be/vCxmHwqyJWU Why running a node is important - https://youtu.be/oX0Yrv-6jVs Honest nodes and consensus - https://youtu.be/KAhY2ymI-tg Do "crypto-banks" threaten hard money? - https://youtu.be/Ps78g2_3_6o Running nodes and payment channels - https://youtu.be/ndcfBfE_yoY What happens during a fork? - https://youtu.be/XBk8hBJ1xVo Empty blocks, orphan blocks, and valid chains - https://youtu.be/dizF2S63RXY SegWit adoption - https://youtu.be/KCsTVTRk6I4 How do mnemonic seeds work? - https://youtu.be/wWCIQFNf_8g Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin. Follow on Twitter: @aantonop https://twitter.com/aantonop Website: https://antonopoulos.com/ He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. Subscribe to the channel to learn more about Bitcoin & open blockchains; click on the red bell to enable notifications about new videos! MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9 Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/ THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ Translations of THE INTERNET OF MONEY: Spanish, 'Internet del Dinero' (v1) - https://amzn.to/2yoaTTq French, 'L'internet de l'argent' (v1) - https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390 Russian, 'Интернет денег' (v1) - https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg Vietnamese, 'Internet Của Tiền Tệ' (v1) - https://alphabooks.vn/khi-tien-len-mang MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK Music: "Unbounded" by Orfan (https://www.facebook.com/Orfan/) Outro Graphics: Phneep (http://www.phneep.com/) Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
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Bitcoin Fundamentals Were on Full Display During the Rigid Crypto Bear Market of 2018

During 2018, Bitcoin (BTC) experienced a bad year in terms of price performance. Nevertheless, Bitcoin’s fundamentals behaved and performed very well compared to its price. Jameson Lopp, the CTO at CasaHODL has written a complete report regarding Bitcoin’s performance during the last year. He explained that taking into account other metrics rather than the price, Bitcoin performed very well in 2018. This shows that Bitcoin is growing fast, even during bear markets when investors are not as active as during bull markets. For example, the number of Bitcoin ATMs increased 100% just in 2018 and the network hash rate has also grown during the year. The same happened with Segregated Witness (SegWit) and also the Lightning Network (LN). According to Michael Novogratz, a recognized investor and crypto supporter, Bitcoin will continue to be the dominant currency in the market for a long period of time. This is due to the fact that there are some institutional projects being built around the most popular digital currency in the market. Thomas Lee, the head of research at Fundstrat Global Advisors, has always been very positive and bullish about Bitcoin’s price. At the same time, he mentioned that institutional investors allowed Bitcoin to outperform other cryptocurrencies. There are several companies that are very interested in Bitcoin. One of them is the Intercontinental Exchange (ICE), which will soon be launching the so-called Bakkt platform. Bakkt will be offering physical-backed futures contracts with Bitcoin. It is also possible for Bitcoin to see the approval of the first-ever Bitcoin exchange-traded fund (ETF). Moreover, during 2018, altcoins fell even harder than Bitcoin and experienced difficulties within their networks. As the founder of ethhub, Eric Conner, says, several low and mid-cap coins have 51% attacks and exchange delistings. He believes that this will continue to happen during 2019. Low-Mid cap coin death spiral: -Low hash rate due to bear-Cheap 51% PoW attack-Price drop and hash drop-Cheaper 51% PoW attack-Exchange delisting due to loss from double spends-Chain takeover and nowhere to trade I expect to see this story a lot in 2019. — Eric Conner (@econoar) January 10, 2019 A few days ago, Ethereum Classic (ETC), a top 20 digital asset, experienced a 51% attack with double spends that resulted in the loss of several ETC tokens. Although several ICO tokens and altcoins were created during the last year, Bitcoin remained the strongest asset in terms of fundamentals. Developers keep working and it was able to resist a very hard bear market. In the future, Bitcoin seems to remain as the leader in the crypto space.
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Why Bitcoin Fundamentals Thrived Amid 2018 Downturn

It goes without saying that bears weren’t kind to the crypto industry in 2018. The aggregate value of all cryptocurrencies fell like a “falling knife,” as retail investors pulled out of this market en-masse and hype dissipated. Yet, even amid this devastating downturn, which beat this market to hell and back, Bitcoin (BTC) quickly became shelter from the storm. Bitcoin Became A Shelter In 2018’s Storm Not only did BTC outperform its counterparts on the lower rungs of crypto’s lengthy ladder, but the fundamental performance of the asset’s underlying network were also impressive. As reported by NewsBTC previously, a leading industry commentator claimed that 2018 was Bitcoin’s best year yet, contrary to hit pieces pushed by mainstream media outlets. Data from both Armin and Jameson Lopp, two prominent “Bitcoiners,” accentuated this fact. In an extensive report, Lopp, the chief of technology at cryptocurrency solutions provider Casa, explained that “by any metric [other than price], the system is improving and growing.” Among a number of other bullish statistics, the long-time industry participant revealed that the number of BTC-supported ATMs rose by 100% in 2018, while the network’s hashrate doubled. This all came as the cryptocurrency’s community swelled on Reddit, sparking discussion regarding the propagation of scaling protocols, namely SegWit and the Lightning Network. Related Reading: VC Investor: Fundamentals Show Bitcoin and Ethereum Oversold in Bear Market Although Bitcoin’s is undoubtedly performing well, many have been left asking what has allowed the network to outperform its juniors. Institutional Focus On Bitcoin In late-July, fervent crypto investor Mike Novogratz claimed that he expected for BTC’s hegemony over cryptocurrencies to continue over time, specifically due to “cool institutional projects” surrounding the asset. Just one week later, Tom Lee of Fundstrat claimed that “Bitcoin is the best house in a tough neighborhood.” Like Novogratz, Fundstrat’s effective in-house crypto expert noted that (proposed) institutional products have allowed the asset to outperform other crypto assets. While Lee’s comments are months old, his point still stands. At the time of writing, a majority of crypto pushes from financial institutions have been centered around the lead digital asset. Bakkt’s physical-backed futures contracts will begin with BTC, while the exchange-traded fund applications have only pertained to Bitcoin. Many pundits have predicted that this industry trend is likely to continue into the foreseeable future. And while there aren’t institutions actively investing in companies bolstering Bitcoin’s fundamentals, many have claimed that this influx of interest has pushed industry builders to refocus their efforts on BTC. As the age-old adage goes, “follow the money.” Not only are institutions focusing on the leading cryptocurrency, but so are common merchants and average Joes alike. Although Epic Games briefly accepted Monero (XMR) payments for Fortnite-branded merchandise, for the most part, crypto-friendly forward-thinkers have overtly focused their efforts on Bitcoin. Case in point, Paris Tabacs, a French corner store chain, recently began to sell BTC vouchers in-person for Euros, refusing to offer support for other cryptocurrencies. The Collapse Of Crypto Small Caps While an institutional push for BTC has likely allowed the network’s underlying measures to swell, the near-ubiquitous collapse of small caps may have given Bitcoin more room to play, so to speak. Eric Conner, a leading Ethereum proponent, took to his Twitter page to discuss the “death spiral” of low to mid-cap cryptocurrencies. Conner explained that due to 2018’s bear market, some cryptocurrencies have seen hashrates disappear nearly en bloc, creating an environment for a cheap Proof of Work (PoW) attacks. These attacks, which often ravage chains and their surrounding ecosystems, leave assets without liquidity and community support — essentially dying in a bear-market induced state of isolation. Low-Mid cap coin death spiral: -Low hash rate due to bear-Cheap 51% PoW attack-Price drop and hash drop-Cheaper 51% PoW attack-Exchange delisting due to loss from double spends-Chain takeover and nowhere to trade I expect to see this story a lot in 2019. — Eric Conner (@econoar) January 10, 2019 Conner’s comments aren’t theoretical, interestingly enough. Earlier this week, reports arose that Ethereum Classic was hit by a 51% attack, allowing malicious users to double spend ETC tokens. Charlie Lee, the creator of Litecoin, claimed that it cost a mere $4,000 to attack the Ethereum Classic chain for an hour — a “cheap” form of attack, just like Conner said. And since these reports propagated, users have taken to Twitter to claim that Coinbase’s bundle offering has dropped ETC — just as Conner explained in his “death spiral” tweet yet again. But then again, other than PoW insecurities, smaller projects have fallen victim to an array of other shortcomings. Not only have a majority of lesser-known, yet highly-hyped blockchains been unable to deliver on their ambitious promises, but many have been overtly revealed to be scams. This has been reflected in BTC’s market dominance share. Since January 2018, the measure has seen drastic movement, bouncing off an all-time low of 32% to 58% just recently, in a likely testament to Bitcoin’s ascendancy over the projects below it. Analysis done by ByteSize Capital claims that Bitcoin’s resurgence over crypto assets is a byproduct of the asset’s boom and bust cycles. According to NewsBTC’s about Bitcoin’s anti-fragile nature, the independent crypto research consortium claimed that unlike bull rallies, bear markets force investors to take larger stakes in BTC. With some analysts claiming that this bear season could extend beyond previous predictions, Bitcoin may just continue to eat up notable segments of crypto’s cumulative market capitalization. Featured Image from Shutterstock Why Bitcoin Fundamentals Thrived Amid 2018 Downturn was last modified: January 13th, 2019 by Nick ChongThe post Why Bitcoin Fundamentals Thrived Amid 2018 Downturn appeared first on NewsBTC.
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After Impressive Early Growth, SegWit Adoption Seems to Have Dropped Quite Substantially as of Late

According to statistical data available online, Segwit-based BTC transactions witnessed a steady growth of around 35%-40% between August 2017-18. However, over the course of the past 5-6 months, the adoption of this technology seems to have tapered of by a whopping 50% (which is not a good sign to say the least). For those of our readers who may not be aware, Segwit is a soft-fork protocol upgrade that was designed to increase the block capacity of the BTC network (as well as to rectify all of its existing malleability issues). From a technical standpoint, we can see that Segwit transactions employ the use ‘novel signatures’ and ‘redeem scripts’ which do not count towards a block size limit of 1MB. More About Segwit In addition to all of the information that has been presented above, it is also worth noting that Segwit transactions are around 25% smaller in size when compared to legacy transactions. As a result of this, Bitcoin’s native block size does not have to be altered even though its intrinsic capacity is increased quite substantially. What’s Behind This Trend? While no clear reason can be attributed to this drop in adoption, many analysts believe that cost cutting measures implemented by many firms (due to the current bear market) could have played a part in the dropping number of Segwit TXs. To be even more specific, we can that Segwit’s native mempool has been quite empty since the start of February 2018 and that its median fee rate has remained around the $0.20 mark since the beginning of last year. In this regard, it is worth pointing out that the aforementioned fee rates are so low because the demand for sending bitcoin has reduced and that many firms have implemented cost optimization measures such as batching (in recent times). Other Key Pointers Worth Noting As many of our readers may already know, Segwit’s biggest advantage is that it helps in the reduction of native BTC transaction fees. However, since the associated tx costs with crypto assets are already quite low, many users have not really found the need to upgrade their wallets to Segwit. For example, many big name players such as Binance have yet to implement Segwit (despite the firm accounting for a massive chunk of the daily global BTC trade volume). Similarly, even BitMEX, Gemini, and Bittrex do not currently support Segwit. Final Take As mentioned earlier, many large businesses feel that a relatively small decrease in transaction fees does not truly justify the monetary costs required to upgrade their existing wallets to Segwit. Not only that, migrating legacy addresses to Segwit is quite an intricate process that can not only be quite technically challenging but also very time consuming. If that wasn't enough, it should also be pointed out that there are currently many exchanges that support Segwit but are still charging users higher tx fees than those being offered by Binance. Last but not least, a spokesperson for Gemini recently went on record to state that the exchange will soon be providing support for “Segwit, Transaction Batching and Bech32 addresses” by the end of Q1, 2019.
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Bitcoin (BTC) Daily Transaction Volume for On-Chain Blockchain Payments Nears Yearly All-Time Highs

The good thing about the new year has been the lack of any news about crypto prices further spiraling downwards. This lull has given the market the much-needed breathing space, and the digital assets a chance to recover. Thus many commentators were surprised when it was noticed that there has been a steady increase in Bitcoin [BTC] transactions, despite the bear market. Encouraging Signs While bitcoin, like every other crypto, has fallen by 80 percent compared to this time last year, the trades are rivaling that of the same time period, in terms of volume. This is all the more startling as one realizes the price of BTC in early January was hovering around $15000, compared to its price of $3,700 today. This is an encouraging sign clearly demonstrating the markets faith and the publics willingness to adopt the technology. Add to this, it has also been noted that Bitcoin payments have increasingly been made using the Segregated Witness (SegWit) protocol. In fact, today, nearly half of all Bitcoin network transactions are via this protocol. It also frees the network from the shackles of any size limit, ergo, the Bitcoin network now consistently produces blocks over the 1MB limit. An Effective Scalability Solution. After addressing data size concerns, the network has also looked to resolve the issue with scalability. To this end the previous year was littered with milestones for the Lightning Network [LN]. LN is a solution to bitcoins scaling problem and, in the last year alone, has increased its capacity by nearly four folds, reaching over 19,000 channels. Due to this the capacity of the network currently lies at 566.74 BTC. Also, when one factor in the fact that the LN is an off-chain scaling solution, it's only logical to conclude that actual daily transaction figures would be much higher. The network is working on being able to support a million transaction per second; in contrast, the fastest conventional option is Visa, which can do about 40,000. Along with that, the LN also allows minuscule amounts to be transferred. To highlight this fact, last month, Cryptograffiti, an artist, auctioned a piece of work, to the lowest bidder. The winning bid was of 1 milli-satoshi, roughly translating to $0.000000037. This he hopes will one day let people tip others for small social niceties such as letting them in while merging traffic. With continuous behind the scenes improvement, even as prices continue to hold steady, the market seems to be giving the technology enough breathing space to innovate and make a difference.
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OPINION

BCH, we need to talk: what can be the main problem

'Bitcoin Cash may be hard forked in November. Two groups of developers can't agree on its features, releasing their own clients, Bitcoin ABC and Bitcoin SV, incompatible with previous software.' Two coins, two original Satoshi visions. Which one is 'truest'? Will both of them qualify as the vision?

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ESSENTIAL

An overview of the Lightning Network payment protocol provided with an example of its practical application, description of it working proccess as well as its benefits

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Stellar Price Analysis: Grayscale Announces XLM Based Trust; XLM/USD Stuck Within Bearish Structure

Global digital asset management firm, Grayscale, has announced an investment vehicle based around XLM. XLM/USD is moving within the confinements of a bearish pattern structure, subject to a breakout south. XLM/USD has been subject to very narrow and choppy trading, which has been going on for the past eight sessions now. Price action is moving […] The post Stellar Price Analysis: Grayscale Announces XLM Based Trust; XLM/USD Stuck Within Bearish Structure appeared first on Hacked: Hacking Finance.
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Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust

Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust Digital currency investment group Grayscale confirmed it had successfully launched its latest fund, dedicated to Stellar’s Lumens (XLM) token, in a tweet Jan. 17. Grayscale, which now operates nine cryptocurrency funds, timed the move to coincide with a change of image for its products, renaming all its […] Cet article Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust est apparu en premier sur Bitcoin Central.
Bitcoin Central

Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

CoinSpeaker Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project Until now, everybody has been talking about Bitcoin, the most popular and widely used digital currency. However, Bitcoin is unable to process thousands of transactions a second. Researchers from the Massachusetts Institute of Technology (MIT), UC-Berkeley, Stanford University, Carnegie Mellon University, University of Southern California, and the University of Washington have decided to fix such a weakness and develop a crypto asset better than Bitcoin. The researchers are working together as Distributed Technology Research (DTR), a non-profit organization based in Switzerland and backed by hedge fund Pantera Capital. The first initiative of Distributed Technology Research is the Unit-e, a virtual coin that is expected to solve bitcoin’s scalability issues while holding true to a decentralized model and process transactions faster than even Visa or Mastercard. Babak Dastmaltschi, Chairman of the DTR Foundation Council, said: “The blockchain and digital currency markets are at an interesting crossroads, reminiscent of the inflection points reached when industries such as telecom and the internet were coming of age. These are transformative times. We are nearing the point where every person in the world is connected together. Advancements in distributed technologies will enable open networks, avoiding the need for centralized authorities. DTR was formed with the goal of enabling and supporting this revolution, and it is in this vein that we unveil Unit-e.” According to the press release, Unit-e will be able to process 10,000 transactions per second. That’s worlds away from the current average of between 3.3 and 7 transactions per second for Bitcoin and 10 to 30 transactions for Ethereum. Joey Krug, a member of the DTR Foundation Council and Co-Chief Investment Officer at Pantera Capital, believes that a lack of scalability is holding back cryptocurrency mass adoption. He said: “We are on the cusp of something where if this doesn’t scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet.” The project’s ideology is firmly rooted in transparency, with a belief in open-source, decentralized software developed in the public interest with inclusive decision-making. The core team of the project is based in Berlin. To solve the scalability problem, DTR has decided to develop the Unit-e with parameters very close to Bitcoin’s design, but many things will be improved. Gulia Fanti, DTR lead researcher and Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University, commented: “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research. Our approach is to first understand fundamental limits on blockchain performance, then to develop solutions that operate as close to these limits as possible, with results that are provable within a rigorous theoretical framework.” The launch of the Unit-e is planned for the second half of 2019. Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project
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BitPay CEO Says Bitcoin Is Solving Real Problems Around the World

BitPay co-founder and CEO, Stephen Pair, has recently commented that Bitcoin (BTC) is solving several issues around the world. He said that in a press release uploaded a […] The post BitPay CEO Says Bitcoin Is Solving Real Problems Around the World appeared first on UseTheBitcoin.
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