Bitcoin splits in 2

Bitcoin power brokers were unable to come behind a single solution that would have preserved a unified cryptocurrency by Tuesday morning's deadline.
As such, the digital currency has split in two: bitcoin and bitcoin cash.
"There seems to be some technical issues that might be slowing it down, but yes, the fork has happened," Peter Borovykh of Blockchain Global, a blockchain technology company, told Business Insider.
"Bitcoin cash is here."
Eric Voorhees, CEO of ShapeShift, a digital trading company, took to Twitter at around 9:30 a.m. ET to announce the fork this morning.
"Fork has happened," he wrote."Now awaiting first block from bitcoin cash. Regardless of opinions, this is very exciting/fascinating day in cryptoland."
Supporters of the newly formed bitcoin cash (BCC) believe the currency will "breath new life into" the nearly ten-year-old bitcoin by addressing some of the issues that have underpinned the bitcoin (BTC) as of late, such as slow transaction speeds.
To recap, bitcoin power brokers have been squabbling over the rules that should guide the cryptocurrency's blockchain network.
On one side of this civil war, there are the so-called core-developers who are in favor of smaller bitcoin blocks, which make up the network, to protect it against hacks. On the other side, are the miners who want to increase the size of blocks to make the network faster and more scalable.
Until last week, the solution known as Segwit2x, which would increase the size of bitcoin blocks to two megabytes, was slated to become the standard.
Then, bitcoin cash came along. The solution is a fork of the bitcoin system: it's a new software that has all the history of the old platform but bitcoin cash blocks will be eight megabytes.
Bitcoin cash came out of left field, according to Charlie Morris, the chief investment officer of NextBlock Global, an investment firm with digital assets.
"A group of miners who didn't like SegWit2x are opting for this new software that will increase the size of blocks from the current one megabyte to eight," Morris told Business Insider.

Comments

Post a Comment

Popular posts from this blog

It’s The 20th Anniversary Of Fela’s Death And Here Are 10 Things You Should Know About Abami Eda

Fela is an icon Fela Kuti was born Olufela Olusegun Oludotun Ransome-Kuti in Abeokuta, Nigeria. He lived from Oct. 15, 1938, to  Aug. 2, 1997. Also known as Fela Anikulapo Kuti or simply Fela, he was a Nigerian multi-instrumentalist, musician, composer, pioneer of the Afrobeat music genre, human rights activist and political maverick. Fela is one of Nigeria’s most prominent artists, and 20 years after his death, his work still remains relevant. Here are 10 things you should know about him. 1. He first referred to his music as ‘Afrobeats’ in 1969 2. He tried to contest for President in 1979 but his candidature was refused. 3. Fela named his compound ‘Kalakuta republic’. The word ‘Kalakuta’ was derived from a prison cell named Calcutta that Fela inhabited. He declared the Kalakuta Republic independent of the Nigerian Government when he returned from the US in 1970. 4. His political consciousness inspired him to change what he called his “slave name” Ransome and adopt the ...
Read more

Buhari’s Miserable Legacy by Femi Fani Kayode

Image
Former Aviation minister, Chief Femi Fani-Kayode, in a statement on Wednesday titled “Boko Haram back in full force and have hit Adamawa” detailed some of the socio-economic maladies that pervade the Nigerian country at this time. The statement reads, ‘Fulani herdsmen killing innocent people all over the country. ‘Security agencies killing with impunity and committing mass… The post Buhari’s Miserable Legacy by Femi Fani Kayode appeared first on The Herald Nigeria.
Read more