What is the name of digital currency bifurcation
As of September 2019, the central bank's digital currency has not been issued
the development history of the central bank's digital currency is as follows
in 2014, the Central Bank of China set up a special research team to conct in-depth research on the framework of digital currency issuance and business operation, key technologies of digital currency, issuance and circulation environment, and legal issues faced
in January 2017, the central bank officially established the digital currency Research Institute in Shenzhen
in September 2018, the Institute of digital currency built a trade finance blockchain platform
On July 8, 2019, at the launching ceremony of the digital finance open research program and the first academic seminar, Wang Xin, director of the Research Bureau of the people's Bank of China, disclosed that the State Council has officially approved the research and development of the central bank's digital currency, and the central bank is engaged in corresponding work in organizing market institutionson August 2, 2019, the central bank said at the second half of 2019 work video conference that it would speed up the research and development of legal digital currency
on August 10, 2019, Mu Changchun, deputy director of the payment and Settlement Department of the central bank, said at the Yichun forum of 40 people of China finance that "the central bank's digital currency can be said to be ready"
on August 18, 2019, the CPC Central Committee and the State Council issued their opinions on supporting Shenzhen to build a leading demonstration zone of socialism with Chinese characteristics, which mentioned supporting innovative applications such as digital currency research in Shenzhen
on August 21, 2019, the official micro blog of the people's Bank of China released two articles on digital currency. One is fan Yifei, vice president of the people's Bank of China, who was published in January 2018, talking about some considerations of digital currency of the people's Bank of China. The other is mu Changchun, deputy director of the Department of payment and settlement, who delivered a speech in Yichun on August 10
extended data:
practical significance
the digitalization of central bank's currency helps to optimize the central bank's monetary payment function, improve the central bank's monetary status and the effectiveness of monetary policy. The central bank's digital currency can become an interest bearing asset to meet the holder's reserve demand for safe assets, and can also become the lower limit of bank deposit interest rate
can also become a new monetary policy tool. At the same time, the central bank can affect the bank's deposit and loan interest rate by adjusting the central bank's digital currency interest rate, and help break the zero interest rate lower limit
operation system
fan Yifei, vice governor of the people's Bank of China, said in the article that the digital currency of the people's Bank of China should adopt a two-tier operation system. This model does not change the relationship between creditor's rights and debt of currency in circulation, does not change the existing money supply system and al account structure, does not constitute a competition for commercial banks' deposit currency, and does not increase commercial banks' dependence on the interbank lending market
will not affect the lending ability of commercial banks, and will not lead to the phenomenon of "financial disintermediation". At the same time, because it does not affect the existing monetary policy transmission mechanism, it will not strengthen the pro cyclical effect under the pressure environment, and it can improve the convenience and security of payment, and it also has the credit advantage of central bank endorsement
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 bifurcationsoft 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
In the discussion of blockchain, bitcoin and other digital currencies, we often hear the word "bifurcation". So what is bifurcation? What is the effect of bifurcation
blockchain
before talking about bifurcation, popularize a little knowledge of blockchain, so as to help us understand what bifurcation is more easily (if you don't have any concept of blockchain, please read my previous articles, which are all popular words to help you understand what blockchain is)
blockchain, as the name suggests, is a chain composed of blocks. Of course, this kind of chain is just a figurative metaphor. To put it bluntly, data blocks are connected orderly. In bitcoin, the transaction records of bitcoin are stored in the block. The size of the block and the space occupied by the transaction records determine how many transactions can be stored in a block. These transaction records are packaged into blocks, and then the blocks are connected one by one to form a blockchain
We know that bitcoin software, like other software, needs to be updated and modified regularly in order to make it better. So a new version will appear, but not everyone will download the new version, so one miner will run the old version, and some will run the new version. If the old and new versions are not compatible, the blockchain will bifurcate. Because there may be differences between the version blocks and the old version blocks, they cannot be connected to the same blockchain, so there will be two or even more chains, which is called bifurcation
soft forking
soft forking refers to that 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, resulting in temporary forking. This kind of bifurcation will be graally repaired with the upgrading of nodes
hard fork
hard fork refers to the permanent divergence of the blockchain. 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 hard fork occurs. Therefore, in the field of digital currency, hard bifurcation often leads to the emergence of new currencies. For example, the hard bifurcation of Ethereum led to the emergence of eth
What is bifurcation? What is bitcoin bifurcationbitcoin is the originator of digital currency and the most valuable virtual currency. Because blackmail virus only takes bitcoin, it has entered the public view. The soaring price of bitcoin in 2017 has attracted a large number of investors to enter the digital money market. Because the number is small, it is only 21 million, which has a strong deflationary attribute
of course, I am extremely optimistic about the future of bitcoin. Of course, many people are not optimistic about digital currency. Here, it is most pertinent to quote Krugman's view:
"at least for now, buying bitcoin is still a good investment. But that doesn't mean the experiment was successful. The original intention of establishing a monetary system is not to make those who hold money rich, but to make transactions convenient and benefit the whole economy. And none of these bitcoins came to us. "
reborn currency
a protocol currency issued by reborn, which is the base currency of reborn network. It can circulate in the whole reborn network, with a total amount of 100 billion, and graally decreases with the increase of transactions. Reborn currency is the only common currency in ripple system, which is different from other currencies in ripple system, Ripple labs (formerly known as opencoin) is the operating company of ripple coin
unlike bitcoin, reborn is a kind of transaction protocol, which is called smart contract in technical terms. It supports people to pay in any currency, and does not need a central data exchange center, so the transaction confirmation time of ripple is only 35 seconds, while that of bitcoin is 10-40 minutes
Ethereum
Ethereum is the name of currency used in Ethereum, which is used for payment calculation in Ethereum virtual machine. Ethereum is a blockchain that can be used to deploy decentralized applications. It is an open source computer platform and blockchain platform. At the end of 2013, it was founded by vitalik buterin, a Russian programmer
there is a key difference between the blockchain technologies used by Ethereum and bitcoin. Ethereum's data processing speed is faster than that of bitcoin, because once agreed, Ethereum's system will automatically apply to the terms and conditions in the contract
unlike bitcoin, the value of Ethereum depends on whether the applications on the platform of Ethereum are prosperous or not, just like the price of oil will rise with more machines using oil
bitcoin cash
bitcoin cash is a branch of bitcoin. In order to solve the problem of long transaction time of bitcoin, at 20:20 on August 1, 2017, a small number of mining machines began to use 8m block to start mining, and the transaction confirmation speed was thousands of times faster than that of bitcoin using 1m block
strictly speaking, however, there are different opinions on whether this is a new branch of bitcoin or another kind of "counterfeit currency". But now the offer of bitcoin cash is nearly 20000 yuan, so it's not too much to use it as a kind of "Shanzhai coin" to divide bitcoin traffic
IDA coin, ADA in English, is a proct of Cardano project. The total amount of Aida is 4.5 billion yuan, and 3 billion yuan will participate in the subscription. Among them, 2.5 billion ADA will be used for platform subscription, 500 million for the financial support of the development company's operating company, and 1.5 billion ADA coins will continue to be issued in the form of block awards
Cardano is a project started in 2015 to change the way cryptocurrency is designed and developed. This project is aimed at technical reformers, technical improvements to bitcoin and existing platforms. If bitcoin, Ethereum and other projects have many other shortcomings, Cardano can solve them<
lightcoin
a currency based on bitcoin protocol, but it does not require very high computing power, and it can also be mined by ordinary computer. Lightcoin's algorithm comes from the algorithm designed by Dr Colin Percival for tarsnap secure online backup service (backup for Linux and other open source operating systems)
for a long time, there has been a voice that "lightcoin will replace bitcoin", which is impossible. In the future, there will probably be a variety of cryptography currencies in the world, but any kind of counterfeit currency can not replace the mainstream position of bitcoin, no matter how excellent its algorithm is compared with bitcoin<
stellar currency
stellar currency, a digital currency project initiated by Jed McCaleb, the former founder of ripple, is used to build a decentralized gateway between digital currency and legal tender. It will be provided to users in the form of free distribution, and its supply online is 100 billion, of which 95% of the amount of star coin is used for free distribution
star is a diversified team. The board members include Keith rabois, former COO of square, Patrick collison, CEO of stripe, Jackson Palmer, co-founder of dogcoin, and naval Ravikant, co-founder of angellist, who will be the consultant of the project< New economy movement, or NEM, was founded on January 19, 2014. The founder is a mysterious person in bitcointalk.org forum called utopianfuture. The original intention of utopian future was to build a second-generation digital currency NXT. He then realized that NXT's distribution model was unreasonable, so he devoted himself to NEM with egalitarian distribution
as a kind of cryptocurrency, new coin does not need much computing resources to maintain the operation of nodes. The proof of importance (POI) engine of NEM reces the threshold of computing resources to participate in non-traditional blockchain<
dascoin
formerly known as black coin, is a kind of counterfeit currency of bitcoin, which focuses on anonymous function. There are many innovations, such as master node network, fast payment, mixed currency anonymous technology, proposals can vote, and developers have fixed budget support. The core consists of a unique incentive P2P network. Miners are rewarded for maintaining blockchain security; The main node holders are rewarded for verifying transactions, storing data and providing a variety of services
the feature of anonymity meets the needs of some investors for absolute privacy. Although bitcoin is also widely used in money laundering and other illegal transactions e to its anonymity, it is only "pseudo anonymity", and the transaction of bitcoin can still be traced back to the traders themselves.
BCC does not meet the definition of bitcoin network bifurcation. BTC and BCC are two completely different chains in two days. As like as two peas, the whole network as like as two peas, which can not be synchronized in one chain, has two pieces of block chain network with identical bitcoins. Two networks have a large number of miners digging, and transactions on two different networks can not be synchronized. This leads to two even the same difficulty of two parallel chains, which is called forking.
BCC has also been identified by bitcoin international Roundtable forum as a competitive currency that replicates bitcoin blockchain and modifies some codes. Therefore, it is a wrong interpretation that BCC is the network fork of bitcoin.