The ins and outs and future of the 2017 Bitcoin fork (Part 1)

Community Governance Challenges 

In August 2022, 5 years have passed since 2017. The market has also experienced two bull-bear transitions. In the 2017 bull market, Bitcoin rose from $150 to $20,000, and in the 2021 bull market, Bitcoin rose from $3,200 to $68,000. The hot spot in 2017 is forks and ICOs. The hot spot in 2021 is DEFI, NFT.

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As a participant in the Bitcoin fork war in 2017, in five years, we can see the main course of the development of Bitcoin, and at the same time, the current review can also minimize the disturbance to the market.

1. The source of the Bitcoin fork.

In the process of Bitcoin’s development, due to the prosperity of the community, the number of users has increased. On-chain data usage is increasingly huge. Since 2014, the community has gradually worried about the future, that Bitcoin’s blockchain transaction capacity cannot support the growth of users. So began the discussion of expansion. The community has hosted a number of public expansion meetings, as well as a closed-door meeting between developers and the Chinese community. I have participated in the following conferences on site: scaling bitcoin: hongkong, milan, tokyo, silicon valley. Hong Kong developers and miners scaling conference, and closed-door conference of developers and Chinese community in Silicon Valley at the end of July 2016.

As an in-person participant in multiple conferences, the main contradictions I have observed focus on:

1. Whether the developer team of Bitcoin is a close-knit organization.

2. As a private company, Blockstream, the overlap between the identity of the private founder and the identity of the Bitcoin developer, will technically adopt a route that is beneficial to Blockstream.

3. The choice of expansion technology route: Segwit, large block, Mimbelwimble (the technology was immature at that time.

When the closed-door meeting in July 2016 ended, my prediction for 2017 was: The unification of community and computing power will be a huge challenge in the bull market, and a civil war in Bitcoin is inevitable. On August 3, 2016, on the way to New York, I posted the following Weibo:

Silicon Valley, China Community and Developers Conference concluded. Go to New York at night. Bitcoin as a decentralized value system. There are two major challenges in the future: maintaining the decentralization of computing power and building community consensus.

2. Fork details of BitcoinGold (BTG).

As a firm supporter of Bitcoin’s decentralized core architecture, I support the small block + SEGWIT route and soft fork design proposed by CORE developers. Therefore, the route selection of BTG is as follows:

Decentralized governance, 4/6 multi-signature. I personally own one. Members come from all over the world, and no choice is entirely from the Chinese community.

1. BTG will not start without a fork initiated by a third party;

2. BTG is the test chain of Bitcoin in the production environment. Bitcoin has a non-production test chain.

3. BTG chooses the general computing hardware of the computer as the mining hardware.

4. BTG does not raise funds, does not participate in secondary market transactions, and does not make remarks that affect prices.

With the launch of the BCH project at Bitmain’s Chengdu Mining Conference in May 2017, the BTG project was officially announced in 2017. The selected technical route is: 1M+Segwit, gpu mining, two-way dynamic difficulty adjustment, address format different from Bitcoin, replay attack protection. Try to explore the possibility of returning to general-purpose computing hardware mining for the Bitcoin community to hedge against the risk of some ASIC miners attacking Bitcoin.

With Bitfinex and other exchanges using pre-fork to open trading pairs. BTG started the market performance as follows.

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BTG started trading at more than 100 US dollars. With the development of the Bitcoin bull market, the main network was activated, and the price of the currency reached its peak due to the positive stimulation of the opening of transactions on the same day in the three major exchanges in South Korea: more than 1,000 US dollars, ranking fifth in the world. Then there is the bottom of $5, and in the 2021 bull market, it will reach $200.

As for the price performance, frankly, as a founder, I am not satisfied with the price of BTG today. If you must give a score, it can only be the 60 points that have just passed.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-ins-and-outs-and-future-of-the-2017-bitcoin-fork-part-1/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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