Hard forked English words in bitcoin

1.

Q: What is bitcoin bifurcation and why

A: the reason why bitcoin bifurcates is that the underlying technology of bitcoin is blockchain. Some people begin to think that bitcoin's block capacity is too small and there are always congestion. So they ask for bitcoin's upgrade and expansion. Some people think that bitcoin's function is too single and its future development is not optimistic, So these people ask bitcoin to have the function of building DAPP (decentralized application), and some support it, while others oppose it. This kind of divergence can be understood as the bifurcation of bitcoin

Q: the classification of bitcoin bifurcation

A: there are two kinds of bifurcations of bitcoin, one is soft bifurcations, the other is hard bifurcations, so what is soft bifurcations

Q: the formation principle of soft bifurcation

A: soft fork refers to optimizing and modifying bugs in the original bitcoin network to improve the capacity of the block, such as 2m, 4m or 8m, 16m. The segwit lightning network is the mainstream solution, which is equivalent to a traffic jam on the main road, and the development team will build an auxiliary road to help the main road to divert congestion

this is a mild solution, which can make the original bitcoin network compatible with the network after soft bifurcation, and the main transaction of bitcoin is still on the main chain

Q: disadvantages of soft bifurcation

A: of course, there are disadvantages of soft bifurcation, that is, it can only solve the temporary congestion problem, and after the implementation of soft bifurcation, it can only keep the network unobstructed for a few years. In the future, it needs continuous expansion, which has an impact on the stability of the system

Q: what is hard bifurcation and its formation principle

A: another solution is hard fork, which means to upgrade the bitcoin system again, change the height of the block completely in the form of code, and take bitcoin unlimited as the mainstream solution. Generally speaking, it is equivalent to a traffic jam on the main road. We directly abandon this road and find a place to build a three-dimensional transportation hub on the ground and underground. All new cars use this transportation system, which changes the block size of the bitcoin network and optimizes the processing speed of the network

Q: what are the disadvantages of hard bifurcation

A: but hard bifurcations also have disadvantages, that is, they are not compatible with the original bitcoin system, which requires all people in the bitcoin network to support hard bifurcations. If some people do not support hard bifurcations, there will be two versions of bitcoin network, which will proce two bitcoins. The blockchains of the two bitcoins form a competitive relationship, This kind of internal friction will lead to greater price volatility and uncertainty of bitcoin's future situation

Q: a classic case of bitcoin bifurcation

A: Eth and etc are typical cases of hard bifurcation. The Dao project is a crowdfunding project initiated by slock.it, a blockchain Internet of things company. It was officially released in May 2016. As of June of that year, the Dao project has raised more than $160 million. It wasn't long before the Dao project was targeted by hackers. Because of the huge loopholes in the smart contract, the Dao project was transferred to ether coin with a market value of 50 million US dollars

in order to recover the assets of many investors and stop the panic, vitalik buterin, the founder of Ethereum, finally proposed the idea of hard bifurcation, and finally completed the hard bifurcation in block 1920000 of Ethereum through a majority vote of the community, rolling back all the Ethereum coins occupied by hackers

even though Ethereum hard bifurcates into two chains, some people who believe in the tamper proof property of blockchain still stay on the original chain of Ethereum classic. Today, Ethereum (ETH) and Ethereum classic (etc) are ranked in the top 20 in the global cryptocurrency market value, which is one of the reasons why they are regarded as classic cases in the field of hard bifurcations

Q: the difference and influence between soft bifurcation and hard bifurcation

A: for users, soft forking will not proce new bitcoin currency. They only need to understand the transaction mode and K-line characteristics of bitcoin. They only need a mainstream wallet of bitcoin

hard bifurcation will generate new currencies, and there may be more than one new currency. Once the core code of bitcoin is modified and the core code of bitcoin is reconstructed, there may be a second time for the first time, and btc1 and btc23456789 may all happen. Users will be confused. Which kind of coin would be better for me to trade? What kind of bitcoin do I use to pay for a large circulation range? In short, users with dyschooia will crash. Moreover, users need to download wallets of different hard bifurcated systems, which brings complex operation to save and pay bitcoin

however, correspondingly, the user's right to choose has also increased. You can choose the bitcoin code developed by the development team you like and trust. When the bifurcations of bitcoin are not clear, when the soft bifurcations start to activate and the computing power starts to vote, the best way for users to deal with it is to wait and see. Don't recharge and extract bitcoin in the process of bifurcation

in addition, soft fork will change the settlement mode of bitcoin all nodes, and some small settlement will be confirmed by the third party node, namely settlement channel. The settlement channel may incur part of the service charge. Similar to the role and business model of UnionPay

what is bitcoin bifurcation? The difference and influence of soft bifurcation and hard bifurcation

2.

The capacity of a block in bitcoin is 1m (megabytes). A transaction is between 250 and 500 bytes

according to this algorithm, a block contains about 4194.3 transactions

the confirmation time of a block in bitcoin is 10 minutes, so the seven transactions that a block can process per second may sometimes be less than seven

What are the consequences

The bifurcations of

bitcoin are divided into hard bifurcations and soft bifurcations

hard fork means that when the block format or transaction format of bitcoin changes, the UN upgraded nodes refuse to verify the blocks proced by the upgraded nodes

the upgraded nodes can verify the blocks proced by the non upgraded nodes, and they continue the chain they think is correct, so they are divided into two chains

What is soft bifurcation

soft bifurcation means that when the data structure of bitcoin transaction changes,

UN upgraded nodes can verify the blocks proced by upgraded nodes,

and upgraded nodes can also verify the blocks proced by UN upgraded nodes

3. First you need to understand what bifurcation is. Theoretically, any miner can disperse bitcoin. Since BCH bifurcates successfully, it bifurcates BCD, BCD, BTG, fbtc, LBTC, BCX, SBTC, b2x and so on. There is a furcation boom. It's not hard to split bitcoin. A lot of people often cheat under the guise of bitcoin. It can be said that the bifurcations of bitcoin are complete only in the community of BC H. To put it to the extreme, most of the forks go back to zero. Don't believe too much in the news of circle B. The most important thing here is deception. I hope I can help you.

4. Forking is different from ordinary upgrading. Ordinary upgrading does not affect agreement consensus before and after upgrading, and generally does not need the participation of community consensus or computing consensus. According to the modification of the protocol, bifurcation can be divided into soft bifurcation and hard bifurcation

existing definition:

[lightning definition] hard fork refers to that when the bitcoin block format or transaction format (this is the widely spread "consensus" (should be part of the agreement consensus)) changes, the UN upgraded node refuses to verify the blocks proced by the upgraded node, but the upgraded node can verify the blocks proced by the UN upgraded node, Then we continue the chain that we think is right, so we divide it into two chains< A permanent divergence in the block chain, commonly occurs when non upgraded nodes can't validate blocks created by upgraded nodes that follow new consensus rules, The UN upgraded node can verify the blocks proced by the upgraded node, and the upgraded node can also verify the blocks proced by the UN upgraded node<

a temporary fork in the block chain which commonly occurs when miners using non upgraded nodes vialate a new consensus rule their nodes don't know about.

I don't think we can say which definition is right or wrong. The specific definition can be summed up according to the differences between the two that have been widely agreed in the community, and it doesn't need authority to specify

hard fork: without forward compatibility, the previous version will be unusable and need to be upgraded

soft fork: it has good compatibility, at least some functions of previous versions are available, and can not be upgraded

hard branching: at the level of blockchain, there will be two branching chains, one old chain and one new chain

soft bifurcation: there are no forked chains at the level of blockchain, but only the blocks that make up the chain, including new blocks and old blocks

hard forking: it is necessary to agree with the forking upgrade at a certain time point, and those who do not agree will enter the old chain

soft bifurcation: for quite a long time, it is allowed to continue to use the original version to generate old blocks and coexist with new blocks without upgrading

5. The hard bifurcations of bitcoin in November are segwit2x, which makes bitcoin expand to 2MB. BCC is a new type of blockchain asset proced by a hard bifurcation of bitcoin. It is a decentralized digital currency supported by a large community of supporters. BCC removes segwit, cancels the limitation of 1m block size, supports 8m block size at most, and adheres to the expansion route on the chain. The purpose is to better realize the "point-to-point encrypted e-cash system" described in Nakamoto's white paper.

6.

Blockchain blockchain is a new application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism and cryptocurrency algorithm. Is a shared distributed ledger in which transactions are permanently recorded through additional blocks

2, block - block

in the bitcoin network, data will be permanently recorded in the form of files, which we call blocks. A block is a set of records for some or all of the latest bitcoin transactions and is not recorded by other previous blocks

3. Node -- a of the ledger operated by the participants of the blockchain network

Decentralization is a phenomenon or structure, which can only appear or exist in a system with many nodes or in a group with many indivials. The influence between nodes will form nonlinear causality through the network

5. Consensus mechanism

consensus mechanism is to complete the verification and confirmation of the transaction in a very short time through the voting of special nodes; For a transaction, if several nodes with unrelated interests can reach a consensus, we can think that the whole network can also reach a consensus

6. POW -- proof of work refers to how much money you get depends on the amount of work you contribute to mining. The better the performance of the computer, the more money you will be given

In POS mode, your "mining" income is directly proportional to your currency age, and has nothing to do with the computing performance of the computer

8. Smart contract

smart contract is a kind of computer protocol which aims to spread, verify or execute the contract in an information way. Smart contracts allow trusted transactions without a third party, which are traceable and irreversible

9, time stamp

time stamp refers to the string or encoding information used to identify the recorded time and date. The international standard is ISO 8601

Turing completion refers to the ability of a machine to perform calculations that any other programmable computer can perform

DAPP decentralized application is an open source application that runs automatically, stores its data on the blockchain, motivates it in the form of cryptocurrency token, and operates with protocols showing valuable proof

Dao, a decentralized autonomous organization, can be regarded as a company that operates without any human intervention and gives all forms of control to a set of unbreakable business rules

13. Privatekey - private key

a private key is a string of data that allows you to access a token in a specific wallet. As cryptocurrency, they are hidden except for the owner of the address

14. Publickey -- public key

is paired with private key. The public key can calculate the address of the currency, so it can be used as a certificate to own the address of the currency

15, miner

try to create a block and add it to the computing device or software on the blockchain. In a blockchain network, when a new effective block is created, the system will automatically give the block creator (miner) a certain number of tokens as a reward

16. The mine pool is a fully automatic mining platform, which enables mining machines to contribute their computing power to mine together to create blocks, obtain block rewards, and distribute profits according to the proportion of computing power contribution (that is, mining machines access the mine pool - provide computing power - obtain income)

17, public chain

fully open blockchain, refers to anyone can read, anyone can send transactions and transactions can be effectively confirmed, people all over the world can participate in system maintenance, anyone can read and write data through transactions or mining

18. Private chain

write permission is only for the blockchain of a certain organization or a specific few objects. Read permission can be open to the outside world or restricted to any extent

19, alliance chain

consensus mechanism is a blockchain jointly controlled by several designated institutions

20, side chain

wedged side chains technology, which will realize the transfer of bitcoin and other digital assets between multiple blockchains, which means that users can access the new cryptocurrency system when they use their existing assets

21, cross chain technology

cross chain technology can be understood as a bridge connecting the blockchains, and its main application is to realize atom transaction, asset conversion, information exchange within the blockchain, or solve Oracle problems among the blockchains

22. The hard fork

blockchain has permanent divergence. After the release of the new consensus rules, some nodes that have not been upgraded cannot verify the blocks proced by the upgraded nodes, and usually the hard fork will occur

23, soft forking

when the new consensus rules are released, nodes that have not been upgraded will proce illegal blocks because they do not know the new consensus rules, which will lead to temporary forking

24, hash -- hash value

generally translated as "hash", but also directly transliterated as "hash". In short, it is a function that compresses messages of any length to a message digest of a fixed length

25, main chain

the word "main chain" comes from the main network (, relative to the test network), that is, the officially online and independent blockchain network

for those who don't know the "jargon" in the currency circle, let's learn it as soon as possible:

1. What is legal currency

legal currency is legal tender, which is issued by the state and the government. It is only guaranteed by the government credit, such as RMB, US dollar and so on

2. What is a token

token, usually translated into token. Token is one of the important concepts in blockchain. Its more well-known name is "token". However, in the view of professional "chain circle" people, its more accurate translation is "token", which represents a proof of rights and interests on the blockchain, rather than currency

There are three elements of

token

one is digital proof of rights and interests, which must be in the form of digital certificate of rights and interests, representing a right, an inherent and intrinsic value

The second is cryptocurrency, whose authenticity, tamper proof and privacy protection are guaranteed by cryptocurrency

Third, it can flow in a network, so it can be verified anytime and anywhere

3. What is warehouse building

the establishment of a position in a currency circle is also called opening a position, which refers to a trader's new purchase or sale of a certain amount of digital currency

What is Soha

suoha refers to investing all the principal

What is airdrop

airdrop is a very popular marketing method of cryptocurrency. In order to let potential investors and cryptocurrency enthusiasts get token related information, token teams often air drop tokens

6. What is lockup

position locking generally refers to investors opening a new position opposite to their original position when the market moves in the opposite direction after the sale and purchase contract, which is also called lock, lock order, or even butterfly double flying

What is candy

doughnut candy is a kind of free digital currency issued to users when all kinds of digital currencies are just issued in ICO. It is a kind of momentum and publicity of the project itself by the issuers of virtual currency projects

What is breaking

breaking refers to falling below, and issuing refers to the issuing price of digital currency. Broken currency circle refers to the price of a digital currency falling below the issue price

What is private placement

private placement is a way to invest in cryptocurrency projects, and it is also the best way for cryptocurrency project founders to raise funds for platform operation

What do you think of the K-line diagram

K-line chart is also called candle chart, Japanese line, yin-yang line, bar line, red and black line, etc., commonly referred to as "K-line". It is based on the opening price, the highest price, the lowest price and the closing price of each analysis cycle

What is hedging

General hedging refers to two transactions which are related to the market, opposite in direction, equal in quantity and balanced in profit and loss. In the futures contract market, buy the same number of positions with different directions. When the direction is determined, close out the positions in the opposite direction and keep the positive direction to make profits

What is the position

position is a kind of market agreement, which promises the initial position of the sale and purchase contract, and the buyer is long and in the expected position; The selling contract is short and in the expected position

What are the advantages

good news: refers to the news that the currency gets the attention of the mainstream media, or a breakthrough in the application of a technology, which is concive to stimulating the price rise

14. What is bad news

bad news: news that causes the price of bitcoin to fall, such as technical problems of bitcoin, central bank's crackdown, etc

What is rebound

the phenomenon of currency price rising e to rapid decline in the downward trend. The recovery is less than the decline

What is leverage

leverage trading, as the name suggests, is to use small amount of funds to invest several times the original amount, in order to obtain multiple returns or losses relative to the fluctuations of the investment object