Tag Archives: fork

bitcoin block size

Bitcoin Cash: HolyTransaction shares its position about the fork

Tomorrow is August 1st, the long-awaited date for the Bitcoin-blockchain upgrade. That’s why you are asking us: what’s about HolyTransaction and Bitcoin Cash?

This upgrade, in fact, will cause a hard fork and so the creation of a new chain (and so a new digital currency) called Bitcoin Cash. This will:

  • Increase the block size to 8 MB;
  • Remove SegWit, a code change that might activate on the bitcoin blockchain by the end of August.

HolyTransaction and Bitcoin Cash

So, our users are asking if HolyTransaction will support Bitcoin Cash within the multicurrency wallet.

HolyTransaction, in fact, would like to announce that should UAHF choose to increase the Bitcoin block size on August 1st, our customer platform will not support the new blockchain or coin on that date.

Due to technical complexities, time and quality assurance needed to implement a second bitcoin ruleset and blockchain we will not support it.

We currently consider Bitcoin Cash as another cryptocurrency, though Bitcoin Cash’s transaction history would be the same as bitcoin’s .

HolyTransaction supports UASF

A few days ago, we shared a blog post in support of UASF or User Activated Soft Fork.

It is a system 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.

Click here to read more about UASF.

We know that some users are curious to see what happens with Bitcoin Cash, but we are currently not supporting this altcoin.

 

Let’s see what happen and happy trading!

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

Amelia Tomasicchio
litecoin segwit

Litecoin Segwit has been finally approved

Litecoin Segwit has been finally implemented, so this long-debate to change to change the digital currency network can be said to be closed now.

Originally intended to improve the bitcoin blockchain, Segwit – or Segregated Witness – had to solve the so-called block size debate, but it has been used on the lesser known litecoin chain, with some in the community that believes that it will help to finally have a quick implementation on the bitcoin network too.

Litecoin Segwit: how does it work?

Segregated Witness, in fact, is a new system that will allow litecoin to improve its block size, by modifying how transaction data is stored by the blockchain itself.

The change was first locked-in two weeks ago, when the proposal reached the 75% threshold level.

Then, the community had to wait two more weeks (8,064 blocks) to ensure that the upgrade approval was consistent.

After that, yesterday (on May 10th) the change was officially activated at block 1201536.

What does it mean?

Litecoin users can now start using a new kind of network, and there has been at least one transaction so far.

Anyway, several supporters are thrilled about the new techs that can now be created on the Segwit-supported network.

For example, the Lightning Network could boost litecoin transactions by million times; thanks to Segwit it can now be used to move real money.

Developer Loshan T explained to CoinDesk:

“I think today will be a great day for pushing more awesome tech into Litecoin. With SegWit activated on litecoin’s mainnet, I cannot wait until we deploy confidential transactions, Lightning Networks, MAST and Schnorr signatures.”

Unfortunately, these projects are early stage right now, but developers from the Lightning Labs seem thinking that it is too early to talk about sending money over an experimental network, so they plan to continue to develop the chain.

The future is unwritten

It not so clear where the Segwit activation will lead to or what role Litecoin will have in the next future.

Loshan explained that some in the community are skeptical about litecoin needs of the Lightning Network tech because litecoin blocks are not full yet, but they would like to have trustless cross-chain transactions between bitcoin and litecoin as a potential Lightning use case; and developer believes could be a benefit for both the digital currencies.

Anyway, at the moment, the Litecoin blockchain seems to work properly, without any issue, even after the Segwit activation.

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

Amelia Tomasicchio