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uasf bitcoin

UASF Bitcoin: a Crypto Guide for Beginners and not

Yesterday we published the image below on Facebook, related to UASF Bitcoin we support. But what does it mean?

uasf bitcoin

What is UASF Bitcoin?

UASF is an abbreviation that stands for User Activated Soft Fork.

It’s a mechanism for the activation of a soft fork that might occur on a specified time enforced by full nodes, a concept that is also called “economic majority”.

In the past years, a UASF was successfully developed to activate the P2SH soft fork (BIP16).

Instead, currently, the UASF is combined with the so-called SegWit activation in the BIP148 proposal you can read here: github.com/bitcoin/bips/blob/master/bip-0148.mediawiki.

What is a MASF?

MASF means Miner Activated Soft Fork. It’s a system by which miners can trigger the activation of a soft fork when a majority decides to execute an upgrade. This allows a faster activation of the soft fork, leaving full nodes to upgrade when they decide to do it.

This mechanism is a tradeoff because it puts trust in the hash power,  enforcing the new rules. Conversely, it can cause invalid chains. This was the case with BIP66.

What is BIP148?

BIP148 is a UASF designed to run the current SegWit MASF deployment in order to activate it in all the existing SegWit capable node software (80% + at this time).

From August 1st, 2017, miners have to signal their readiness for SegWit creating blocks with the version bit 1.

What is Segwit?

SegWit is an upgrade to the bitcoin blockchain that might be able to solve the so-called block size debate, by increasing the capacity of each block of the digital currency chain in order to allow more transactions in less time and with fewer fees to be executed and registered on the blockchain itself.

Right now, Bitcoin supports up to 2000 transactions per block in 10 minutes, but SegWit will be able to double this capacity up to 4000 transactions.

Read this infographic to know more about SegWit.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin meetup

Bitcoin Meetup in Rome with Riccardo Casatta and more

bitcoin meetup

On July 10th, a new Bitcoin meetup will be organized in Rome thanks to the Blockchain Education Network Italia. 

This bitcoin meetup aims at spreading the word about the blockchain and being a meeting place for all the enthusiasts of the distributed ledger and digital currencies.

The evening will host different meetings with two major experts in the industry:

After their speeches, there will be a pitch with a few startups that work in the industry and free networking with pizza and beer for free.

The event is free, but in order to have access you need to register yourself on Eventbrite here:
https://www.eventbrite.it/e/biglietti-blockchainedu-meetup-roma-35736918084

Click here to read more about this bitcoin meetup: https://www.meetup.com/Bitcoin-Generation-Roma/events/241266421/

This event is sponsored by HolyTransaction.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin all time high

Bitcoin all time high: more than $2000

While I’m writing this article the bitcoin all time high reached a value of $2,019 for the first time in its history.

By reaching a value of more than $2,000, bitcoin’s price grown of about 100% this year and nearly 125% since the annual low of $891.51 bitcoin hit back in March.

Experts agreed that bitcoin’s price recent growth could lead to reaching significant attention from the media and maybe also major financial media outlet would cover bitcoin.

Google Trends data showed that the search for “bitcoin” have still not reached its all-time high they set back in December 2013, but it is getting closer (right now it has a score of 85/100).

That said, the reasons that drove the bitcoin all time high are difficult to identify.

Growing interest by investors

Surely, one reason is the increase in interest from investors and traders, as reported by the major exchange platforms.

Another factor that helped bitcoin to reach its current all-time high is the growing influence of Japan, a country where the technology is now regulated: from April 1st, in fact, bitcoin became a legal method of payment.

The Japanese yen is the single largest currency being exchanged for bitcoin, accounting for more than 45% of the money flow into bitcoin at the time of the report, according to CryptoCompare data.

The Japanese yen is the greatest currency being exchanged for bitcoin: currently, almost 45% of the money flow into bitcoin.

After the yen, there is US dollar that makes up 30% of the money flowing into bitcoin.

Block size debate

Bitcoin price grew in spite of the current block size debate, an issue related to the transaction capacity and the blockchain speed to validate a transaction.

Bitcoin developers are talking about this issue in order to address it and there are a few proposals such as the so-called SegWit or Segregated Witness that would increase blocks capacity.

 

Read here why you should hold Bitcoin and how.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

A new proposal for the Bitcoin block size debate: UASF

Amid the Bitcoin block size debate, an anomymous developer recently talked about a project related to a new solution called UASF or user-activated soft fork.

Many in the community are skeptical about this proposal, but there are enough circumstantial evidences to back it up, and a new movement is growing in the hopes of pushing through the change that miners are now being accused of blocking.

Usually, miners are tasked with pushing through a similar fix. But some in the bitcoin community are calling for a different (and older) method of making a change to bitcoin based on support of the known “economic majority”, instead of miner support.

Coinkite founder Rodolfo Novak, an advocate for this new born movement, explained that it aims at correcting perceived inequities that used to dominate the scaling debate.

“Miners trying to centralize bitcoin is an unacceptable thing. It goes against what bitcoin is supposed to be. This UASF is really like saying, ‘No, we control bitcoin, not you.'”

However, UASF-related support seems to be increasing.

Even if the code is not safe yet, a few users are now supporting it with their nodes.

Node support for this change has grown to 4.8%, or by about six times.

“On a technical level, signaling it that way does absolutely nothing, it does however help the case on a social level and prevents users from running an outdated version of the code when enforcing starts,” developer Damian Mee commented.

Due to UASF system, it might be necessary to have an explicit support from the “economic majority,” or exchanges, wallets, and other bitcoin players.

This support is so far at about 6% since the BIP was put out on March 12th.

However, a sizable percentage of bitcoin nodes are running Bitcoin Core, and SegWit, which Mee thinks is a good indicator that the so-called “economic majority” supports SegWit, and the UASF version.

The code is backwards-compatible, so the 80% of nodes that are now ready for SegWit.

That said, we have to tell that the code implementation hasn’t already fully tested or reviewed.

The original activation for SegWit was put at October 1st, 2017, but recently it was moved to August 1st.

Updates: UASF proposal has been changed. Click here to read more about it.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin block size

Bitcoin block size: UASF updates its proposal

A controversial Bitcoin block size proposal has been upgraded.

UASF, in fact, is a new idea proposed by a pseudonymous contributor called Shaolingfry.

She/he wants to solve the bitcoin block size debate with a user activated soft fork (UASF), a possible method arount the actual deadlock over the Segregated Witness (Segwit) solution.

Right now, the need for a majority consensus in order to make a decision means  that any mining pool with enough hashing power has the veto power over any proposal; this might be the reason why SegWit is tardy to arrive.

Conversely, UASF wants to bypass the veto power and put the decision only into the hands of bitcoin’s users.

After a first general UASF proposal, Shaolinfry suggested a change – BIP148 – in order to moving the power out of the miners’ decision and give it to the “economic majority”.

Gregory Maxwell and other bitcoin developers refused this proposal because it could undermine the bitcoin blockchain stability.

“We should use the least disruptive mechanisms available and the BIP148 proposal does not meet that test,” he wrote

For this reason, Shaolinfry announced he/she is working on a redraft of the proposal to address some of the concerns suggested by Maxwell and other developers.

Shaolinfry published an announcement post saying that the reason for this changes is related to technical criticisms of how UASF would upgrade the network.

“BIP 148 is certainly not what a normal UASF would or should look like. While support for BIP 148 is surprisingly high, there are definitely important players who support UASF in general but do not like BIP148 approach.”

This revised proposal suggests the use of BIP8, but this concerns how soft forks are implemented.

Segwit and BIP8

Right now, if the 95% hashrate support for the Segregated Witness option is not reached by November 15th, the proposal will be discarded by default.

Anyway, the technical changes made in a proposal (BIP8) would be automatically locked in at the end of the time period, even if they could be adopted sooner.

Shaolinfry’s idea is that after the November 15th, a UASF SegWit proposal will be edited according to the BIP8 changes.

This means that the bitcoin community would have 1 year to prepare the upgrading of a UASF, removing the possible destabilizing effect of a short-term.

“I believe this approach would satisfy the more measured approach expected for bitcoin and does not have the issues Maxwell brought up about BIP148.”

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Bitcoin Price today Breaches $750

The Bitcoin price today keeps growing up over the value of $750.

This is the sixth time that bitcoin price breaches $750 since mid-November, as revealed by the CoinDesk USD Bitcoin Price Index.

Bitcoin was subject to much volatility during a low trading volume, as CoinMarketCap data showed that during the session, the 24-hour trading volume was roughly $90 million.

This was a lower trading activity compared to last month, when it reached $174 million on November 3rd and $173 million on November 17th.

The digital currency price passed the $750 value several times during November.

The Bitcoin price first breached $750 on 17th November, maintaining this level for a short time, then moving back to a lower value even under $ 700.

Also, it is important to remember that the bitcoin price today exceeded $750 and it did the same many times recently, but it never breached $755 during the last few weeks.

In India the bitcoin price exploded and last week it reached almost $1000 as the country tried to exchange value via Zebpay and Unocoin.

According to Coindesk, the bitcoin price today also reached a growing value of Eur 724, and

2016 has been a great year for Bitcoin. For example, scalability innovations like Segregated Witness have been introduced to the Bitcoin community, many positive Blockchain tests have taken place and many new markets have turned to Bitcoin as a new method of payment.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin segwit

Infographic: What is Segregated Witness?

Open your free digital wallet here to store your cryptocurrencies in a safe place.

jorge