Business 1 year ago

CoinGeek

First Bitcoin Cash Block Has Been Mined, As Blockchain Split Takes Hold

The first block on the Bitcoin Cash blockchain has been mined, cementing the split in the bitcoin blockchain as official.

The block was created at around 2.14pm ET on Tuesday, following a series of challenges along the way, finally and formally bringing the alternative version of blockchain into existence.

The move has now created an alternative technical roadmap from the bitcoin standard, giving effect to the Miner Activated Hard Fork (MAHF). It comes as the August 1 deadline for resolving the bitcoin scaling debate passed, which also saw BIP 148 adopted, with the soft fork largely symbolic.

The first block was created by miners ViaBTC, as confirmed by the firm on social media and verified by block exploration data from BlockDozer. The discovery came within six hours of official attempts at blockchain separation, which occurred on block 478,558.

The Bitcoin Cash block contains details of nearly 7,000 transactions, and comes at a block size of over 1.9MB – notable as almost double the maximum block size on the original bitcoin blockchain.

The controversy over bitcoin scaling arose as a direct result of capped block sizes, which artificially limited the size of blocks to 1MB.

As network volumes increased, transaction times and costs rose exponentially, prompting the drive from within the community to devise a new model for the blockchain.

While it was originally hoped that consensus would be possible, the split in the blockchain arising from Bitcoin Cash now means there are two competing versions of bitcoin.

The Bitcoin Cash implementation factors in a number of new parameters, most notably the 8MB block size, which proponents say is more than sufficient to tackle the current scaling issues.

Notably, it doesn’t rely on SegWit, or Segregated Witness, which pases transaction information externally to the blockchain.

It remains to be seen whether Bitcoin Cash will gain widespread support, and whether the split in the blockchain will undermine bitcoin, or enhance the asset class.

For the time being, traders and analysts are projecting continued volatility in bitcoin markets, as this landmark week in blockchain history continues to play out.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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比特币现金——价值提议 – CRYPTOTIMES.MOBI

[…] 比特币在2017年8月分裂为两条链,这是因为比特币最初的路线图被劫持,且存在着实现最初愿景的经济压力。这种经济压力不但催生了比特币以比特币现金(BCH)的形式脱胎换骨,而且也引发了多种加密货币(统称为“代币”)的价值陡增。比特币拥挤的区块链“助长”了很多代币的市值,这是难以辩驳的事实。诚然,比特币区块“变满”(从而限制比特币使用)和代币交易效用(和市值)增长这两者的时间关联性也是不可忽视的。 […]

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比特币现金——价值提议 | Bitcoin price media

[…] 比特币在2017年8月分裂为两条链,这是因为比特币最初的路线图被劫持,且存在着实现最初愿景的经济压力。这种经济压力不但催生了比特币以比特币现金(BCH)的形式脱胎换骨,而且也引发了多种加密货币(统称为“代币”)的价值陡增。比特币拥挤的区块链“助长”了很多代币的市值,这是难以辩驳的事实。诚然,比特币区块“变满”(从而限制比特币使用)和代币交易效用(和市值)增长这两者的时间关联性也是不可忽视的。 […]

Your comment is awaiting moderation.

Bitcoin BCH – The value proposition – Crypto Trading

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Bitcoin BCH – The value proposition - BusinessTelegraph

[…] Bitcoin split into two chains in August of 2017, it did so because the original roadmap for Bitcoin was hijacked, and there existed an economic […]

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Bitcoin BCH – The value proposition – Crypto News

[…] Bitcoin split into two chains in August of 2017, it did so because the original roadmap for Bitcoin was hijacked, and there existed an economic […]

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Bitcoin BCH – The value proposition – Cryptocurrencies

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Bitcoin BCH – The value proposition – Masternodes

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Bitcoin BCH – The value proposition – Crypto Mining

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Bitcoin BCH – The value propositionBitcoin BCH – The value proposition - Altcoin Today

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Bitcoin BCH – The value proposition – CRYPTOTIMES.MOBI

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Bitcoin BCH – The value proposition | Bitcoin price media

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Digital cash is the ‘killer feature’ in Satoshi white paper, says Bitcoin ABC’s Amaury Sechet

[…] August 2017 hard fork, there was “very strong disagreement in the community,” and Sechet believed “digital […]

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