After the After the anti-Tron faction forked the network to create HIVE — a near-identical copy of Steem that copied over and then confiscated tokens linked to Tron founder Justin Sun — the pro-Tron team retaliated by forking Steem to seize tokens belonging to 64 of the former witnesses — blockchain validators — and stakeholders involved in creating the HIVE splinter group. The tokens were sent to the mysterious wallet known as community but, as CoinDesk reported, were almost immediately sent to Bittrex's platform.
A note on the transaction said the funds had been "stolen by the Steem witnesses," and asked Bittrex to "please return them to their original owners prior to the fork. A former Steem witness told CoinDesk he believes this community member — whoever they may be — had access to an app and were able to cling on to the keys linked to the community wallet. Then used them to send the funds to Bittrex to rescue them. This is a radical change to a network's protocol that makes previously invalid blocks and transactions valid, or vice versa.
A hard fork requires all nodes or users to upgrade to the latest version of the protocol software. Bitcoin Cash is designed to be used as a cheap payment system, much in the way Bitcoin was designed to be originally. Bitcoin Cash was created and is maintained by an active community of developers. These developers still see Bitcoin Cash as a necessary alternative to Bitcoin, because in their view, Bitcoin has become more of an investment instrument than a payment system.
It was designed as a peer-to-peer payment system that removes regulatory authorities and other third parties from financial transactions. Bitcoin Cash Node is the blockchain for Bitcoin Cash, and can be thought of as the virtual machine that runs the network, powering transactions. Understanding Bitcoin Cash Bitcoin Cash was created in when developers disagreed on the route Bitcoin should take to address emerging issues with the blockchain.
Transaction fees, paid to the miners for doing the work as an incentive for more people to become miners, had continued to rise between and Typically, a hard fork takes place when groups of miners and developers can't agree on updates to the software governing a particular digital token.
As a result, one group continues to operate under the same rules, while the other branches off and generates a new blockchain with an updated software setup. In the process, a second digital currency is generated. BCH's creators wanted to increase the size of the blocks within the blockchain so that more transactions could be stored—in theory, more transactions per block would decrease transaction fees.
Other developers did not agree that this was the right approach, so the BCH developers created a fork from the Bitcoin blockchain. Bitcoin's blockchain had scalability issues because it could not handle the increased number of transactions. This was mainly due to the 1MB block size limitation for Bitcoin. Transactions queued up, waiting for confirmation, because blocks could not handle the increase in size for transactions.
Bitcoin Cash itself experienced a few forks along the way. In , it changed name to eCash. Bitcoin Cash proposed to resolve the situation by increasing the size of blocks to between 8 MB and 32 MB, enabling mor transactions to be processed per block. The average number of transactions per block on Bitcoin at the time Bitcoin Cash was proposed was between 1, and 1, Bitcoin Cash also differs from bitcoin in another respect, as it does not incorporate Segregated Witness SegWit , another solution proposed to accommodate more transactions per block.
SegWit retains only information or the metadata relating to a transaction in a block. Typically, all details pertaining to a transaction are stored in a block. Bitcoin Cash also has increased the size of the blocks on the blockchain throughout its history—in , its block size was 8MB. In June , the block size increased again to 32MB.
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