A hard fork is something that happens when some of the nodes on the network follow a new set of rules that are in some way incompatible with the existing set of rules. It occurs upon mining the first block that is valid under the new rules, but invalid under the old.
The software following new rules is deployed and in place before the fork occurs, but ...
Emergent consensus is a protocol upgrade proposal championed by the Bitcoin Unlimited developers. The idea is for each node to broadcast its acceptable block size and to thusly establish a feedback mechanism by which the miners can determine the size of blocks to create. In parallel, rules governing block size would be largely lifted ...
How does ASICBoost work
ASICBoost relies on finding multiple block headers that match in the last sixteen bytes. As SHA-256 takes 64 byte chunks of input, this allows to reuse parts of the calculation for the second chunk.
The last sixteen bytes of the block header are composed of the
last four bytes of the Merkle root of the transactions
The commit implementing the fix was issued Mar 14, 2017, 3:16 PM GMT. A Github release was made at 7:39 PM GMT. It was announced on Reddit at 7:59 PM GMT. The vulnerability was discovered sometime before the git commit, but it's unclear how long before.
According to nodecounter, things were fine at about 6 PM GMT, when there were 776 nodes. That rapidly ...
Some Core developers work for Blockstream. Some people say they want small blocks so that you will be forced to use Blockstream products (sidechains) to use bitcoin.
Some say Bitmain uses ASICboost for a 20% benefit on their mining operations - a huge advantage in the mining world of thin margins. Some say they don't want segwit because it would hinder ...
In contrast, Bitcoin Core Developers are considering limiting to smaller blocks (300KB).
First of all, for these kinds of changes, Bitcoin Core only merges things with very wide consensus. There was a proposal for 300kB blocks by one individual developer, which I think everyone considers to be very controversial.
Furthermore, these kinds of changes are not ...
What will happen to our existing BTC? Can we still use those? Will those be of no use?
At this point it seems likely to me that the BTC chain will survive a hard forking attempt by BTU. Really, except for an impressive hash rate it seems to have almost no other support.
Will the price of BTC rise or fall?
Both. Probably not at the same time. Who knows ...
If a hard fork activation of Bitcoin Unlimited were to occur, both the resulting chains share a common blockchain-history:
BTC : ← 6 ← 7
1 ← 2 ← 3 ← 4 ← 5 <split>
BTU : ← 6 ← 7
All the coins that were in your possession before the split now exist on both chains. Once you have moved them to separate addresses ...
If the two projects both persist, they would be freely traded one for the other. A fixed price could only be established if someone with unlimited funds guaranteed an exchange rate, which naturally can't happen because there is a limited number of tokens.
If the hardfork occurs you will have whatever Bitcoin you had on both these chain-tips.
Note, that to ...
In Bitcoin to understand who can make or break the rules you have to understand how they are enforced.
Bitcoin is decentralized, so there is no company that has veto power over anything. It is the people that run a full node that actually enforce the rules in Bitcoin.
When I say people, I also mean companies that run an exchange, companies that provide ...
No, nodes and miners are separate entities performing different functions in the network.
The miners create the blockchain, which requires specialized hardware that performs hashing. The hardware is acquired through a significant investment.
Nodes are relay points in the network that verify, maintain and distribute the blockchain. They require (by ...
I agree with you, that from a marketing standpoint, the different names used by the various implementations of the Bitcoin Cash fork are confusing.
First, let's understand what a fork is. The rules about what constitutes a valid block, to be added to a blockchain, are set in the program code which miners follow. They compete to be the next to validate a ...
Bitcoin ABC and Bitcoin unlimited are nodes of the main fork of bitcoin cash.
Bitcoin Cash XBC is a "Adjustable Block Size" implementation of the
original Bitcoin client, allowing up to 8mb block size. Forked from
Bitcoin-ABC and compatible with the Bitcoin Cash blockchain only. All
credit for previous engineering work goes to Satoshi Nakamoto, The
Your database is out of sync with your blockchain.
Restart with -reindex-chainstate to make it rebuild the database. This may take several hours or more, depending on the speed of your machine and storage.