SBTC super bitcoin

1.

About bitcoin, the news is flying all over the world these two days

specifically, a foundation called BTN foundation announced that it has set up a bitcoin bifurcated development team to launch a new bitcoin bifurcated BTN. Now its official website is online, which is called btn.kim. Two days later, bitgo, another bitcoin development team, announced that it would fork out from bitcoin. Its name is BTF, which literally means "bitcoin faith"

according to Yao yuan, a well-known bitcoin columnist, bitcoin will "have 10 children" in December, and will at least bifurcate out of 10 "children" such as BCX, SBTC and LBTC

as soon as these things happened, the bitcoin market began to fluctuate again, some investors blew up, and all kinds of rumors came out: why so many forks? Is bitcoin out of order

in fact, the bifurcating of bitcoin is far more complicated than what it shows. If we don't explain its historical background clearly, we really can't understand what happened

< b > the origin of bifurcations: the origin of the bifurcations of bitcoin has existed. The so-called bifurcations refer to the accounting differences caused by different underlying protocols. According to Xue Hongyan, director of the Internet financial center of Suning Financial Research Institute, bitcoin is jointly maintained by a number of point-to-point decentralized nodes. The orderly operation of the whole system depends on the consensus of all nodes, that is, there is a set of recognized standards for key issues such as which transactions are acceptable and which nodes have accounting rights. This set of standards is deployed in the underlying protocol of blockchain and implemented automatically

but nodes are operated by people after all, which is the so-called "miner", but everything operated by people will be different. For example, the miners of some nodes go online every day, while the miners of some nodes go online occasionally; Some nodes are in the eastern hemisphere, some nodes are in the Western Hemisphere... In a word, e to various reasons, over time, bitcoin has different underlying protocols in different nodes

if different versions of underlying protocols are running in a node, different standards will appear, which will result in bifurcation. If the nodes can deal with these version differences and finally form a unified standard, the bifurcation will eventually disappear, which is called soft bifurcation. If the difference cannot be eliminated, when some nodes continue to run different versions of the protocol, the bifurcation will continue, which is called hard bifurcation

it's easy to solve the problem of soft bifurcation, that is, if the account book is wrong, just modify it. Hard bifurcations are not easy to solve. No one thinks he is wrong and explains them according to his own standards. In the end, he can only go his own way and keep his own account. At present, bitcoin bifurcation refers to hard bifurcation

< b > the first bifurcations: the first hard bifurcations of bitcoin technology upgrade are purely technical reasons. The settlement performance of bitcoin itself is limited. According to the original technical agreement, bitcoin can only support up to seven settlements per second. This was not a problem in the early days. With the fire of bitcoin, more and more people flocked in, and the settlement became more frequent than ever. At this time, the original technology was not enough

therefore, in the middle of 2017, some miners proposed new technology agreements, but the other miners did not agree with them. Eventually, both sides held one end and ran their own underlying agreements, which was the first bifurcation in the history of bitcoin

However, with the development of bitcoin trading means, speculators graally regard the bifurcation as a means of money collection, which leads to a great change in the nature of the current bifurcation

the principle is that each bifurcation is essentially equivalent to the issue of a new digital currency, which is linked to bitcoin. The target audience is larger than the general ICO, and it is easier to be accepted by ordinary users than issuing a new digital currency directly

because the team that creates this kind of bifurcation takes the lead, it is very easy to control the transaction of the new currency, especially in the early stage, and it only needs a small cost to control the price trend of the whole currency. This leaves a lot of room for speculation. The forked team only needs to make the new currency accepted by the users, and then it can artificially raise the price to a sky high price. After the real users come in, they can sell all the money they hoard, and get high profits out of thin air

on October 25 this year, a domestic team forked out bitcoin gold (BTG). Two days before the forking, Jiang Zhuoer, CEO of leibitchi, denounced the forking as money looping: "Liao Xiang, founder of BTG, had g 200000 BTG coins in advance before the forking, and wanted to convert them into 20000 bitcoins, looping 80 million yuan."

The advantage of bifurcations can be seen, so that the word "bifurcations create value" has become popular in the field of currency speculation. For this reason, a new word "IFO" - first token issue has been derived

He Sheng, a well-known financial blogger, once told the media that most of the so-called IFO may evolve into the operation of collecting money by harvesting leeks. "Many previous ICOS are doing IFO, and ICO needs to write a white paper and go to the stock exchange to gain market recognition, while IFO does not even need to write a white paper."

this also explains why bitcoin is becoming more and more profitable. To put it bluntly, everyone wants Nakamoto

Can

< b > not bifurcate

whether it's Hong shuning of Suning finance, or Mike & Chen, CEO of bitgo, a bitcoin wallet software provider and one of the project leaders of segwit2x; Mike belshe, the instry actually refuses this bifurcation of bitcoin. In fact, real blockchain practitioners have always hated speculation. At present, the leading enterprises in the domestic blockchain instry have clearly expressed their opposition to the overflow of bitcoin bifurcation. For example, when Xunlei launched the first popular blockchain project in China, its CEO Chen Lei said in an interview: "Xunlei opposes all speculative activities using blockchain, so it is definitely against bitcoin for the purpose of speculation and leek cutting arbitrage."

However, to solve this problem, it is not enough to have an attitude alone, but to have specific means. The best way is not to let bitcoin bifurcate

this is difficult to achieve. Bitcoin's own technology is a relatively primitive blockchain technology with limited computing power. It can barely cope with the previous transaction scale. In view of the current situation of bitcoin fire, it is difficult to support. So sooner or later bitcoin will have to solve the problem of its own computing power

but there is no hope at all. With the innovation of blockchain technology, there will always be some new ways. For example, the shared computing proposed by Xunlei can effectively improve the total amount of computing power and rece the cost per unit of computing power without changing the existing hardware facilities. If bitcoin is combined with shared computing, it can effectively solve the problem of bitcoin's computing power limit without new bifurcation

secondly, the bifurcations for the purpose of cutting Chinese chives can be supervised by means of supervision. For example, compared with the real name system of special currency wallet, the real name system of transactions can effectively prevent the risk of Financial Bureau. At present, the real name system has been implemented in some blockchain projects, and has achieved good results. For example, Xunlei's blockchain is the first blockchain application to introce the real name system in China, which basically eliminates the hidden danger of malicious speculation

in a word, there is a way. It depends on whether bitcoin players accept it or not, and there is a process to implement it. It takes time. Therefore, at this stage, it is better for us to stay away from the bifurcations of bitcoin in various names

2. 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.

3. It should be virtual currency, but it belongs to the type of small currency. If it is used for investment, it can make money. However, it is more reliable to invest in mainstream currencies just at the beginning of contact, because mainstream currencies usually last a long time, so the market price is relatively stable. For bitcoin and Ethereum, the key is that if mainstream currencies are used, the institutions behind them are relatively powerful, which can make people feel at ease.

4.

In September 2017, the central bank and other seven departments jointly issued the "notice on preventing the financing risk of token issuance", which defined ICO (initial coin offerings) as unauthorized and illegal public financing, suspected of illegal selling token bills, illegal issuing securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal criminal activities

in 2017, ICO became very popular relying on the concepts of "digital currency", "blockchain" and "smart contract". However, only by publishing a "white paper" through a few people's team, and even some can start financing activities without a white paper, this operation mode has laid great risks for investors, and the outside world has always disputed the legitimacy of ICO. In September last year, the central bank and other seven departments gave a clear definition of ICO and stopped all kinds of token financing activities. Seven departments said in the announcement that token issuance financing is essentially an illegal public financing behavior without approval, and is suspected of illegal sale of token tickets, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal and criminal activities

However, after the ban of ICO, a new way of playing the coin circle, IFO, has sprung up. The so-called IFO refers to the branching currency issuance based on mainstream currencies such as bitcoin and Ethereum. On the basis of the original blockchain of these mainstream currencies, another chain is split according to different rules to generate new digital currency. People who hold mainstream currencies can get new currency after bifurcating in the process of IFO, and IFO has become a new means of virtual currency financing

on August 1, 2017, the birth of BCH marked the first generation of bifurcated coin in the coin circle. The size of bitcoin block is only 1m, and the smaller the block is, the smaller the capacity is, the slower the bitcoin transaction will be. In order to solve the problem of bitcoin block congestion, BCH blockchain successfully separated from the main chain in block 478559, resulting in a new cryptocurrency. The default block size is 8m, which can also realize the dynamic adjustment of block capacity. At the same time, people who used to hold bitcoin can get BCH for free at a ratio of 1:1

since its birth, there have been different opinions about whether BCH is a new branch of bitcoin or another kind of "counterfeit currency". However, after several ups and downs, the price of BCH began to develop steadily. As of 20:30 p.m. on February 26, the price of BCH reached 8058.8cny, and that of BTC was 67558.69cny, according to the data of fire coin

following the success of BCH bifurcation, more and more new virtual currencies have been proced through IFO, such as BTG (bitcoin gold), BCD (bitcoin diamond), SBTC (super bitcoin), etc. Chen Yunfeng believes that according to the explanation of the technical level, part of the forked currency is the upgrading or improvement of the original technology. If it is a forked currency in this sense, it is difficult to say that it has no value. Moreover, when the regulatory level repeatedly prompts the investment risk of virtual currency, the investment value should be judged by the investors themselves

Shi Qingwei, the founder of sharing finance, said that IFO is a new way to play in the past two months, and most projects generated by IFO have no investment value. Some IFO issuers believe that they are not raising funds through ICO, but a fork of mainstream currencies such as bitcoin and Ethereum, which have a large number of users. After users get the forked coins, they usually ask to join the transaction, and then the issuer of IFO will get a huge profit because of the number of forked coins g in advance. He further said that most of the bifurcated currencies proced by IFOS have no investment value and even higher investment risk than ICOS

"pre dig" fork currency or there is a risk of fraud

so, how does IFO make money According to the daily economic news, miners develop bifurcated coins in bitcoin blocks through technical means, and then distribute the developed bifurcated coins to bitcoin holders in proportion, and gain value in the transaction and circulation. Some of them will also be traded and circulated through the digital asset exchange. It is worth noting that most of the forked coins will be "pre g" before they are officially released. The pre g forked coins are equivalent to those obtained free of charge, so the founders of the forked coins can easily make profits. In the market, some people think that IFO in the name of "pre digging" is actually a more naked game of token issuance

on November 15, 2017, the domestic well-known super bitcoin team announced that it will implement the bifurcation at the 498888 height of bitcoin blockchain on December 17, and start the technical test of zero knowledge proof and intelligent contract supporting Turing complete, and expand its block to 8MB. It will also launch the intelligent contract in early March 2018 to increase the scalability of BTC Zero knowledge proof will be launched by the end of May 2018, and dynamic checkpoints will be removed by the end of November 2018 to realize fully decentralized mining. If the split is successful, a new split coin, SBTC, will be proced. The original bitcoin holders will give it away one by one, with a total amount of 21.21 million. Among them, 210 thousand are pre g by the split team foundation, which is mainly used to encourage early developers to invest in ecological construction and foundation operation

Song Qinghui, a famous economist, said that e to the lack of regulatory policies and the extremely low threshold of user participation, IFO itself may be suspected of illegal sale of token bills, illegal issuance of securities, illegal fund-raising and financial fraud. Many new virtual currencies born through IFO have little value, and there may be fraud and fraud, Investors need to pay enough attention

According to Shi Qingwei's analysis, on the one hand, IFO will cause great division in the community; On the other hand, the people who issue IFO are basically some investors, and few of them really do the Ifo project in a down-to-earth way. Because they do not have strong executive power and values, it is difficult to do the Ifo project. To put it bluntly, some IFO projects are short of money, and they will not do it after cash out, and there is no particularly big risk. Just intensify market acquisition and cut leeks. The most typical risk is fraud risk, and the other is the risk of market operation. Some investors have been trapped in the Ifo project

according to Zhang Yexia, senior researcher of Yingcan consulting, first of all, there is no clear definition of IFO financing activities in China's law, and there is a risk of being prohibited; The second is fraud risk. With the rise of the concept of IFO, it is easy to attract criminals to use concepts such as "mainstream currency bifurcation" and "blockchain technology" to attract investors, but in fact there is no so-called token issuance and technology research; The third is the technical risk. At present, the technologies and standards of mainstream currencies, such as bitcoin and Ethereum, are different. There is no same technical standard, and the technical level is also different. Therefore, the hidden dangers of technical security can not be ignored

Chen Yunfeng believes that for the financing behavior in the name of IFO, the investors can only obtain the value-added income through the digital currency trading market without the actual application scenario of the bifurcated currency itself. This form of financing activity has not been clearly defined in law and needs to be regulated by the relevant departments

Hong shuning, chief researcher of the blockchain Laboratory of Suning Financial Research Institute, believes that the risks of IFO are manifested in the following aspects: first, there may be serious loopholes in changing the agreement without careful consideration; Second, the software released in a hurry will inevitably have a lot of bugs; Third, every IFO will divert some miners, causing fluctuations in the trading smoothness of bitcoin; Fourth, e to the low acceptance of bifurcated currency, the price fluctuation may far exceed that of bitcoin, which is unfavorable to investors

At the same time, Hong shuning said that in the real sense, IFO should not pre dig because it goes against the original intention of bitcoin development, fairness and freedom. In fact, like ICO, IFO is a disguised means of financing. Teams that need to make profits in advance should issue their own digital currency, not under the banner of IFO

is illegal