Bitcoin hardfork stopped. What's next?
All Bitcoin community with some fear was waiting for hard forks during this month. The goal of hardfork is to take advantage of the new Segwit2x protocol in the updated Bitcoin infrastructure. This protocol allows you to get rid of a number of existing problems, for example, to increase network performance. Now it is limited to a number of rules for the Bitcoin blockchain.
Suddenly, the authors of the draft hard fork abandoned their intentions, deciding not to conduct it to increase the block size. The main reason is that not all representatives of the blockchain sector consider it necessary to conduct hard forks exactly as the Segwit2x developers have planned. This difference of opinion affected the fact that even those market players who supported the fork, welcomed its cancellation. These include Xapo, Bitmain, Bloq, Blockchain, Shapeshift, and several other organizations.
Mike Belsh, one of the managers of the Segwit2x project, wrote the following: “Unfortunately, it is clear that this time we did not reach agreement on the size of the block. If we had hardfork, it would divide the community and hinder the development of Bitcoin, which was never the goal of Segwit2x. ”
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"We are big fans of the idea of ​​increasing the block size, as it will greatly affect the commissions that customers pay, but we want to see that these actions were coordinated with all members of the Bitcoin community and approved by a majority of votes," wrote the Coins.ph founder and leader Ron jose
At the same time, the developers of Segwit2x and those market players who support the protocol stated that they are still hoping to increase the block size to 2 MB in the future. Perhaps later this initiative will receive more support from investors and hard forks will happen. In any case, the Segwit2x developers have stated that the process of creating alternative software will continue.
The reaction of Bitcoin to the news of the abolition of hard forks followed immediately: the cost of the token reached new heights, rising to $ 8,000. This should not be surprising, since the expectation of the upcoming Segwit2x-hardfork was recently the main factor of pressure on the course. This week is no exception. Now we got a new growth factor - the abolition of hard forks. However, after a sharp jump in the course of the cost of Bitcoin fell to its previous mark. Then growth began again, albeit slower than before.
Analysts believe that there is a good chance of achieving a bitcoin exchange rate of $ 10,000 soon. Over the next few weeks, the cancellation of hard forks will remain a strong driver of growth. Well, the Bitcoin ecosystem has a good chance for a calm and confident development without stress factors like hard forks.
Yes, the November hardfork is canceled, but Bitcoin needs to change. Maybe not now, but in the future. There are more and more users of the system, and the infrastructure needs to be scaled so that both new and old users of the system can use Bitcoin without any problems. But such work is impossible without a serious modification of the infrastructure.
“We must either give people more blocks, or lead people to bigger blocks,” developer Peter Reisun jokes.
The community will discuss this issue in the near future, for example, at Scaling Bitcoin - a two-day technical conference to be held at Stanford University this weekend. We all know that the bitcoin blockchain needs to be upgraded. The main question is how? In addition to increasing the block size, Bitcoin should become more reliable. This means enhancing the security of transactions.
One possible solution is Lightning . This is a decentralized network that uses the functionality of smart contracts - something that Bitcoin lacks. This solution allows you to make payments, easy to scale infrastructure, reduces the cost of transactions and adds a number of other utilities. But even Lightning is not enough, because Bitcoin, in the first place, needs an increase in block size. This position is shared by the Aviv Zohar of the Hebrew University in Jerusalem.
Also, many supporters of Bitcoin believe that the main thing now is the community. If it can unite after the “scandal” with Segwit2x, then all current problems of the blockchain infrastructure will be solved.
“Let's accept failure with Segwit2x as a useful lesson: the Bitcoin community is strong, and consensus is needed to make decisions on how to change it,” writes Bitcoin developer Matt Corallo.
Now is the time for change, but these changes should be more rational and “smooth” than they were before.
Usually 1-2 weeks before hardforkom extremely critical for all participants cryptorink. Almost all important operations stop, because there is a possibility of various technical problems, such as when the money was written off from the account, but did not come to the addressee’s wallet. Therefore, hardfork for those who conduct an ICO is hell.
But now he is stopped, and there is no more danger. As mentioned above, the abolition of hard forks is a good driver for the growth of Bitcoin value. But in the short term this is the last event of this kind, so we have to use it wisely.
We in the Hamster Marketplace will do our best to conduct ICO as efficiently as possible. There are no obstacles ahead, and we are waiting for the start date of the ICO, which will help us realize all our plans. We believe that the value of Bitcoin will slowly grow in the near future and our ICO is a good chance for investors. Good luck!
Suddenly, the authors of the draft hard fork abandoned their intentions, deciding not to conduct it to increase the block size. The main reason is that not all representatives of the blockchain sector consider it necessary to conduct hard forks exactly as the Segwit2x developers have planned. This difference of opinion affected the fact that even those market players who supported the fork, welcomed its cancellation. These include Xapo, Bitmain, Bloq, Blockchain, Shapeshift, and several other organizations.
Mike Belsh, one of the managers of the Segwit2x project, wrote the following: “Unfortunately, it is clear that this time we did not reach agreement on the size of the block. If we had hardfork, it would divide the community and hinder the development of Bitcoin, which was never the goal of Segwit2x. ”
')
"We are big fans of the idea of ​​increasing the block size, as it will greatly affect the commissions that customers pay, but we want to see that these actions were coordinated with all members of the Bitcoin community and approved by a majority of votes," wrote the Coins.ph founder and leader Ron jose
At the same time, the developers of Segwit2x and those market players who support the protocol stated that they are still hoping to increase the block size to 2 MB in the future. Perhaps later this initiative will receive more support from investors and hard forks will happen. In any case, the Segwit2x developers have stated that the process of creating alternative software will continue.
The reaction of Bitcoin to the news of the abolition of hard forks followed immediately: the cost of the token reached new heights, rising to $ 8,000. This should not be surprising, since the expectation of the upcoming Segwit2x-hardfork was recently the main factor of pressure on the course. This week is no exception. Now we got a new growth factor - the abolition of hard forks. However, after a sharp jump in the course of the cost of Bitcoin fell to its previous mark. Then growth began again, albeit slower than before.
Analysts believe that there is a good chance of achieving a bitcoin exchange rate of $ 10,000 soon. Over the next few weeks, the cancellation of hard forks will remain a strong driver of growth. Well, the Bitcoin ecosystem has a good chance for a calm and confident development without stress factors like hard forks.
What can be expected in the near future?
Yes, the November hardfork is canceled, but Bitcoin needs to change. Maybe not now, but in the future. There are more and more users of the system, and the infrastructure needs to be scaled so that both new and old users of the system can use Bitcoin without any problems. But such work is impossible without a serious modification of the infrastructure.
“We must either give people more blocks, or lead people to bigger blocks,” developer Peter Reisun jokes.
The community will discuss this issue in the near future, for example, at Scaling Bitcoin - a two-day technical conference to be held at Stanford University this weekend. We all know that the bitcoin blockchain needs to be upgraded. The main question is how? In addition to increasing the block size, Bitcoin should become more reliable. This means enhancing the security of transactions.
One possible solution is Lightning . This is a decentralized network that uses the functionality of smart contracts - something that Bitcoin lacks. This solution allows you to make payments, easy to scale infrastructure, reduces the cost of transactions and adds a number of other utilities. But even Lightning is not enough, because Bitcoin, in the first place, needs an increase in block size. This position is shared by the Aviv Zohar of the Hebrew University in Jerusalem.
Also, many supporters of Bitcoin believe that the main thing now is the community. If it can unite after the “scandal” with Segwit2x, then all current problems of the blockchain infrastructure will be solved.
“Let's accept failure with Segwit2x as a useful lesson: the Bitcoin community is strong, and consensus is needed to make decisions on how to change it,” writes Bitcoin developer Matt Corallo.
Now is the time for change, but these changes should be more rational and “smooth” than they were before.
What does this mean for the Hamster Marketplace?
Usually 1-2 weeks before hardforkom extremely critical for all participants cryptorink. Almost all important operations stop, because there is a possibility of various technical problems, such as when the money was written off from the account, but did not come to the addressee’s wallet. Therefore, hardfork for those who conduct an ICO is hell.
But now he is stopped, and there is no more danger. As mentioned above, the abolition of hard forks is a good driver for the growth of Bitcoin value. But in the short term this is the last event of this kind, so we have to use it wisely.
We in the Hamster Marketplace will do our best to conduct ICO as efficiently as possible. There are no obstacles ahead, and we are waiting for the start date of the ICO, which will help us realize all our plans. We believe that the value of Bitcoin will slowly grow in the near future and our ICO is a good chance for investors. Good luck!
Source: https://habr.com/ru/post/339736/
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