Bitcoin all forks. List of bitcoin forks
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- Brian Edmondson Updated September 28, Bitcoin forks are splits that happen in the transaction chain based on different user opinions about transaction history.
Many of these cryptocurrencies make use of aspects that were already inherent in Satoshi's initial program and concept. Others take the bitcoin model and adapt or attempt to improve upon it. In some cases, bitcoin has spawned variations which are based on the same underlying concept bitcoin all forks program but which are distinct from the original.
When this happens, a new digital currency — the forked version — is created. A fork can occur in any crypto-technology platform, e.
It is through this forking process that various digital currencies with names similar to bitcoin have come to be: bitcoin cashbitcoin gold, and others.
Below, we'll walk through many of the most important forks to the bitcoin blockchain over the past several years. Genesis Block Inshortly after releasing bitcoin, Satoshi mined the first block on the bitcoin blockchain.
The fact that no one person or group can determine when and how bitcoin should be upgraded has similarly made the process of updating the system more complex.
In the years following the Genesis Block, there have been several hard forks. See also: Will Bitcoin Undergo 50 Forks in ? During a hard fork, software implementing bitcoin and its mining procedures is upgraded; once a user upgrades his bitcoin all forks her software, that version rejects all transactions from older software, effectively creating a new branch of the blockchain.
However, those users who retain the old software continue to process transactions, meaning that there is a parallel set of transactions taking place across two different chains.
List of Bitcoin Blockchain and Software Forks
The software was launched by Mike Hearn in late in order to include several new features he had proposed. In order to accomplish this, it proposed increasing the block size from 1 megabyte to 8 megabytes. Bitcoin XT initially saw success, with more than 1, nodes running its software in the late summer of However, by just a few months later, the project lost user interest and was essentially left for dead.
Bitcoin XT is technically still available, but it is generally seen to have fallen out of favor. Bitcoin Classic When bitcoin XT declined, some community members still wanted block sizes to increase.
In response, a group of developers launched Bitcoin Classic in early Unlike XT, which proposed increasing the block size to 8 megabytes, Classic intended to increase it to only 2 megabytes.
List of Bitcoin forks
Like Bitcoin XT, bitcoin classic saw initial interest, with about 2, nodes for several months during The project also still exists today, with some developers strongly supporting Bitcoin Classic. Nonetheless, the larger cryptocurrency community seems to have generally moved on to other options. Bitcoin Unlimited Bitcoin Unlimited remains something of an enigma some two years after its release.
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The project's developers released code but did not specify which type of fork it would require. Bitcoin Unlimited set itself apart by allowing miners to decide on the size of their blocks, with nodes and miners limiting the size of blocks they accept, up to 16 megabytes.
Despite some lingering interest, Bitcoin Unlimited has largely failed to gain acceptance. Put simply, SegWit aims to reduce the size of each bitcoin transaction, thereby allowing more transactions to take place at once. SegWit was technically a soft fork.
You Wont Believe How Many Bitcoin Forks There Are
However, it may have helped to prompt hard forks after it was originally proposed. Bitcoin Cash In response to SegWit, some bitcoin developers and users decided to initiate a hard fork in order to avoid the protocol updates it brought about. Bitcoin cash was the result of this hard fork.
It split off from the main blockchain in Augustwhen bitcoin cash wallets rejected bitcoin transactions and blocks. Bitcoin cash remains the most successful hard fork of the primary cryptocurrency. As of this writing, it is the fourth-largest digital currency by market capowing in part to the backing of many prominent figures in the cryptocurrency community and many popular exchanges.
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Bitcoin cash allows blocks of 8 megabytes and did not adopt the SegWit protocol. The creators of this hard fork aimed to restore the mining functionality with basic graphics processing units GPUas they felt that mining had become too specialized the best strategy for trading options terms of equipment and hardware required.
One unique feature of the Bitcoin gold hard fork was a "post-mine," a process by which the development team minedcoins after the fork bitcoin all forks taken place.
Many of these coins were placed into a special "endowment," and developers have indicated that this endowment will be used to grow and finance the bitcoin gold ecosystem, with a portion of those coins being set aside as payment for developers as well.
Generally, bitcoin gold adheres to many of the basic principles of bitcoin. However, it differs in terms of the proof-of-work algorithm it requires of miners.
SegWit2x When SegWit was implemented in Augustdevelopers planned on a second component to the protocol upgrade. This addition, known as SegWit2xwould trigger a hard fork stipulating a block size of 2 megabytes. SegWit2x was slated to take place as a hard fork in November However, a number of companies and individuals in the bitcoin community that had originally backed the SegWit protocol decided to back out of the hard fork in the second component.
Bitcoin Fork Coin Count
Some of bitcoin all forks backlashes was a result of SegWit2x including opt-in rather than mandatory replay protection; this would have had a major impact on the types of transactions that the new fork would have accepted. In only a few short years, bitcoin has already spawned a large number of forks. While no one can say for sure, it's likely that the cryptocurrency will continue to experience both soft and hard forks into the future as well, continually growing the cryptocurrency community while also making it increasingly complicated.