Forking bitcoin xt is
Posted On 08.07.2017
Bitcoin XT vs Core, Blocksize forking bitcoin xt is, the schism that divides us all. The news recently is all abuzz about the Gavin Andresen and Mike Hearn’s fork of Bitcoin called Bitcoin XT.
I have watched the situation develop, and I feel that I must comment on this topic as the amount of FUD coming from both sides of the camps is reaching alarming levels, and frankly I think this is hurting Bitcoin. Priorities of Bitcoin Bitcoin, as a vision conceived by Satoshi Nakamoto is a decentralized cash payment system. For such a system to work, you need a decentralized solution to the Byzantine General’s problem, which is something that I have detailed in the past and is succinctly defined here. The reason Bitcoin is such a brilliant invention, was that it solved the consensus problem in a decentralized way. Bitcoin and thus will be drawn to believe what they say based on their reputation alone.
The block limit debate in a Nutshell So what is the big debate about anyway? I won’t go into the nitty gritty details of how the blockchain is put together, but suffice it to say that the current limit of the size of each block on the blockchain is 1mb. 1000000 bytes actually, but who is counting? And one block is mined about every 10min on average. Not stellar, as payment systems go.
Selfish miners Selfish mining, is one such attack which was clearly explained in Satoshi’s paper as a possible weakness of Bitcoin. In this regard, I can understand why Gavin feels that he must do something drastic to force the issue. So how big is too big? The problem is that nobody knows. Because nobody has finished researching the issue to a satisfactory level yet. What we are really arguing about here That brings me to the crux of matter.
What we have here is an ideological schism in Bitcoin. Most people fail to realize that this is what the block debate is really about. On one hand you have folks who believe Bitcoin should be the new VISA system. What is a Hard Fork, and why is it dangerous? Okay, thank you for bearing with me. If you soaked in all the above you have a pretty good grounding on what the debate is about. Now onto the process by which XT is going about the fork, and why it is irresponsible.