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November BCH Upgrade Discussion Heats Up After Bitcoin SV Full Node Announcement

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Blockchain development firm Nchain has announced the company’s plans to launch a new Bitcoin Cash full node client called ‘Bitcoin SV.’ Lead developer Daniel Connolly has published the specifications for re-enabling old opcodes for the November 2018 BCH upgrade. So far the unpublished codebase has seen vocal support from the mining pool Coingeek, but right now some members of the BCH community are concerned that if no other miners switch to Bitcoin SV, the proposed upgrade could cause incompatibilities.

Also read: Fivebucks.com: Meet the Freelancer’s Marketplace Powered by Bitcoin Cash

Will Bitcoin SV’s Proposal be Compatible With Bitcoin ABC?

November BCH Upgrade Discussion Heats Up After Bitcoin SV AnnouncementOn Thursday, August 16 the firm Nchain revealed they are releasing a new BCH full node client that’s claimed to be based on Bitcoin ABC v0.17.2, but with a few different upgrade changes added. Bitcoin SV will include restoring more Satoshi opcodes, removing the opcode per script limit, and raising the block size to 128MB. Further, the leading BCH mining pool Coingeek have stated they will be backing the new client. However, since this announcement, some BCH supporters are concerned about the upgrade coming this November. Issues could occur if groups of miners choose Bitcoin SV’s finalized consensus change proposals, which could be entirely different than the finalized Bitcoin ABC 0.18.0 version. Moreover, depending on the upgrade releases stemming from Bitcoin Unlimited, and other implementations, the Bitcoin SV client could be incompatible with any one of them.

November BCH Upgrade Discussion Heats Up After Bitcoin SV AnnouncementSo far the Bitcoin ABC team hasn’t responded to the latest Nchain announcement, and the ABC client release for testing hasn’t arrived. According to the ABC roadmap, after they announced the client’s upgrade changes the codebase was supposed to be delivered by August 15. Instead, the team published an article on the benefits of canonical transaction ordering with help from articles written by the Bitcoin Cash miner Jonathan Toomim, and Joannes Vermorel’s study on the process. So at the time of writing the latest 0.18.0 Bitcoin ABC version is two days late. Furthermore, if v0.18.0 contains canonical transaction ordering, the enforcement of minimum transaction size, and the activation of OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY, it will not be compatible with SV’s framework for November.

Bitcoin SV’s Lead Developer Publishes Re-Enabling Old Opcode Specs

The Bitcoin SV client’s lead developer, Daniel Connolly, has published a document of specifications concerning the SV clients’ re-enabling old opcodes. The Bitcoin SV version 1.0 document details that in May of 2018 a few disabled opcodes were re-added to the Bitcoin Cash scripting engine, and this November SV will introduce four more opcodes.

“The scope of that change was limited in order to focus developer attention rather than attempting to reintroduce all of the disabled opcodes at once,” explains the Bitcoin SV spec sheet published on August 17.

This specification expands upon that change by reintroducing additional opcodes — The specifications describe the opcodes that will be added in the November 2018 protocol upgrade.

The re-enabled opcodes will include:

  • OP_MUL — Multiplies two numbers
  • OP_RSHIFT — Right shift b by n bits
  • OP_LSHIFT — Left shift b by n bits
  • OP_INVERT — Bitwise NOT

The Ultimate Decision Will Be Made With Hashpower

Essentially the ultimate decision making will be in the hands of the miners if they want to upgrade the block space to 128MB, or follow through with ABC’s plans. At the moment there are many different takes on this situation from a wide variety of BCH supporters. Some agree with Coingeek and Nchain and want to raise the space available in blocks, while others believe there isn’t a need for the increase, because current 32MB blocks are not yet being filled. Discussions concerning the matter have increased exponentially on BCH-centric Slack and Telegram channels, Twitter, and Reddit forums.

A lot of BCH supporters believe that ultimately those who have hash power will have the final say in this debate and miners will choose which client they plan to use. Some BCH proponents are not too concerned with the possibility of incompatible clients just yet, because as far as ABC v0.18.0 and SV 1.0 are concerned, neither client has finalized plans for November’s upgrade. As mentioned above the ABC code is not ready yet and the SV 1.0 codebase plans to launch this September.

November BCH Upgrade Discussion Heats Up After Bitcoin SV Announcement
A lot of BCH supporters believe ultimately it will be the decision of the miners on whether or not they support changes like canonical transaction ordering and OP_CHECKDATASIGVERIFY, or re-enabled opcodes and a 128MB block size increase.

News.Bitcoin.com briefly spoke with Bitcoin XT developer Tom Harding about the recent Nchain announcement and he explained the XT client will follow the majority hashrate.

“XT hasn’t been a driving force behind any of the forking change proposals this time around —  We’ve been focusing on non-consensus 0-conf work,” Harding explains.

Regarding consensus changes, our intention is to support what the majority of hashpower wants to do — We’re also thinking about how best to know what BCH miners actually want.

What do you think about the Bitcoin SV client and the possibility of it being incompatible with Bitcoin ABC’s November upgrade? Which upgrade proposals would you like to see finalized? Let us know your opinion on this subject in the comment section below.  

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Bitcoin Educator Andreas Antonopoulos Gives a Digital Deep Dive on Blockchain Transactions

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One of the ways by which the crypto industry can make significant process is through the education of those who make use of crypto and those who simply observe the industry.

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The number of people who do this is growing and one of the most prominent is Andreas Antonopoulos, who is a bitcoin enthusiast and an author.

He recently uploaded a video in which he touched the process of manual construction of transactions that have multiple inputs in response to a question posed by a user about whether the process will be done by a blockchain or not. Antonopoulos explained that the process is done by a wallet and not a blockchain.“You can conduct the process with a variety of wallets that allow you to construct transactions. With multiple inputs. Electrum wallets and other web-based wallets are good examples of platforms that give you the liberty to control transactions. Just to clarify, the process is done by the wallets and not by the blockchain,” Antonopoulos said.

He also pointed out that the construction wallet is based on an algorithm and if more than one payment is needed due to small amounts the wallet will construct the transactions with payments. This process, he explained, is called coin selection and helps in the movement of various transactions.

Also, he touched on the concept of change on the blockchain and pointed out that bitcoin transaction outputs have two states in which the exist which are spent or unspent and that there is no concept of a half-spent transaction.

While this was very helpful for users, some controversy was caused when Antonopoulospointed out that the scalability problem that bitcoin struggles with will always exist and that solving one issue will inevitably bring up more.

“..and you can’t, in the beginning, solves the problem for the end there is no end and also if you prematurely optimize if you try to solve scale problems for a scale that doesn’t yet exist you shift the problem somewhere else in the case of cryptocurrencies,” he said.

The Need for an Education

While Antonopoulos might have caused some controversy, it cannot be denied that his efforts to educate the public on blockchain and crypto are highly needed, especially seeing as many of the problems faced by users can put down to a lack of education about how blockchain works.

An example of this can be seen in security as a research piece that was published recently pointed out that over 700 crypto wallets were broken into by the researchers merely guessing the passphrases which were usually weak and repetitive phrases.

In such a case, education about how wallets, blockchain, and crypto work could go a long way to prevent such issues, ensuring Industries safer for all.

Source:bitcoinexchangeguide

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Russian Opposition Leader Raises $3 Million in Bitcoin Donations

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Bitcoin has become a significant funding source for one of Russia’s leading political dissidents.

Alexei Navalny, a politician believed by many to be President Vladimir Putin’s main opponent, has attracted more than 591 BTC in donations over the last three years, worth about $3 million at current prices, public blockchain data shows.

The donations became a flashpoint this week when a pro-Putin television network questioned their timing.

Navalny’s investigative center, the Anti-Corruption Foundation (FBK), regularly publishes exposés of government officials, including prime minister Dimitri Medvedev and attorney general Yuri Chaika.

On Monday, an anonymous Telegram channel, “FBK Staffer’s Confession,”  noted that the Navalny organization’s wallet received several large donations a few days before FBK published one such investigation, insinuating it was a paid hit piece. The claim was covered in Russian media, including the pro-Putin Tsargrad TV.

When contacted by Russian news publication Znak, FBK’s chief of staff Leonid Volkov denied any connection between the transactions and its investigations, saying the anonymous blogger “dragged the non-existent facts together in by the head and shoulders.”

Volkov added:

“You can say that each time Encke’s Comet approaches the Earth it coincides with a big war: 1914 (First World War), 1941 (World War II) and 2014 (War on Eastern Ukraine). But its rotation period is three years, and it approached the Earth many times when there were no big wars.”

Funding dissent

The Navalny wallet (3QzYvaRFY6bakFBW4YBRrzmwzTnfZcaA6E, listed on the donations page of his website) received its first bitcoin in December 2016 and since then has seen more than 2,000 transactions, including withdrawals, according to blockchain data.

Most transactions were worth from a fraction of a bitcoin to several bitcoins. From time to time, larger transactions occurred, bringing in up to 20 BTC at once.

Yet Navalny’s political movement, which also accepts donations via bank transfers and PayPal, is not the only dissenting voice in Russia to take cryptocurrency.

Investigative outlets including Zona.Media and The Insider, as well as internet freedom movement Roskomsvoboda, accept donations in bitcoin or ether. However, their wallets have accumulated only small amounts of crypto, no more than 2 BTC each.

 

source:coindesk

 

 

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Bitfury, Swiss Investment Firm Launch Regulated Bitcoin Mining Fund

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Blockchain technology firm Bitfury and Switzerland-based investment firm Final Frontier have jointly launched a regulated bitcoin mining fund.

The fund is targeted at institutional and professional investors to give them “convenient access” to bitcoin mining, Bitfury announced in a blog post Wednesday.

Traditionally, there have been “technological, logistical, financial and execution risk challenges” with access to bitcoin mining, the firm said, adding that the fund aims to address those challenges with an offering that has now been authorized by a European financial watchdog. Which particular regulator was not specified, however.

The fund will invest in turnkey assets consisting of mining sites with some of the “lowest electricity and operating costs globally,” scouted and operated by Bitfury, which specializes in manufacturing cryptocurrency mining infrastructure and also mines itself.

Claiming that the fund has been launched at an “advantageous” time for investors, Final Frontier co-founder, Imraan Moola, said:

“With the bitcoin price down significantly from its all-time high, yet institutional interest growing every day, now may be an opportune time to consider investing in bitcoin mining.”

Bitfury’s executive vice-chairman George Kikvadze said that the fund will help investors “strengthen” their portfolios and bring bitcoin closer to mainstream adoption.

Earlier this year, Bitfury partnered with South Korean R&D firm Commons Foundation to jointly launch a network of bitcoin mining operations in Paraguay.

Bitfury is also reportedly considering an initial public offering (IPO) in Amsterdam, London or Hong Kong, possibly to be held this year. The firm raised $80 million in November, in a round led by venture capital firm Korelya Capital, with Mike Novogratz’s Galaxy Digital, Macquarie Capital and Dentsu Inc. also participating.

 

source:coindesk

 

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