The BCH upgrade is imminent, and 30% of the anonymous mining is a large percentage of computing power. The intention is unknown.
If the blockchain industry is written as a story, the Bitcoin world is like the Westeros continent. The long summer and the winter are alternating. The magic of the god of light and the god of the cold is changing, just as Bitcoin's prosperity and decay alternate. repeat.
BCH (Bitcoin Cash) is about to be upgraded on Wednesday, and a large number of anonymous computing powers appearing on the BCH network have caught the attention of everyone. Anonymous computing power began on April 21, 2019. Up to now, 629 blocks have been dug up, with a total of 7,865.7 BCHs. The Coinbase information has changed from "boomboomboom" to "Satoshi Nakamoto". These anonymous computing power is about 754P, which accounts for 32% of the BCH network.
No one knows where these calculations come from.
From the BCH calculation chart below, we can see that the anonymous calculation force (the gray part in the figure) is accompanied by the whole process of BCH development, and the proportion varies greatly at different stages.
In fact, there are anonymous computing powers in the BTC/BCH/BSV network (as shown in the figure below), however, the proportion of anonymous computing power in BCH is usually higher than the other two.
There are many purposes for concealing computing power, such as privacy, and do not want to openly dig BCH. This kind of computing power is often difficult to say whether it is friendly or hostile, but one thing is certain. The computing power is profit-seeking. There is cost in mining, and no one will do long-term loss trading.
Therefore, the anonymous calculation of the power to switch to BCH mining, it is possible to chase higher returns. According to the May 12 data, BCH's revenue is 2.02 yuan / TH, higher than BTC's 1.88 yuan / TH (data source: BTC. com).
On the other hand, anonymous computing power may also be based on past trends, and there are expectations for BCH this upgrade, so it is not known to join in advance.
Corresponding to computing power anonymity, the BCH upgrade is clear . On May 15th and November 15th of each year, it is the fixed upgrade date of BCH. That is to say, BCH has completed 3 upgrades so far, and will be ushered in the 4th upgrade.
01 BCH's upgrade stories
On August 1, 2017, BCH performed a hard fork in the bitcoin (BTC) block height of 478,558, and deleted the segregated witness. It hopes to solve the problem of block congestion and high fee in the bitcoin system by means of chain expansion.
At that time, the birth of BCH sensationalized the entire industry. In the subsequent bull market, it also occupied the second place in the market value, which triggered a series of forks that followed. Since then, the BCH has been upgraded three times with a hard fork:
The first upgrade took place in November 2017 to address the blockade caused by the Emergency Difficulty Adjustment (EDA). Under the Emergency Difficulty Adjustment (EDA) mechanism, if the first 6 blocks of the current block have a block time greater than 12 hours, the PoW difficulty is automatically reduced by 20%.
EDA solved the problem of BCH out of the box at the time, and at the same time spawned a large number of machine gun pools using EDA to calculate the benefits between BTC and BCH. At that time, the profit-seeking power was withdrawn from the BTC, which once caused the BTC network to become congested. At the same time, the BCH was too fast due to the time of the block, and the future would be halved ahead of the BTC.
The second secondary upgrade was in May 2018, when BCH expanded the main chain to 32M, adding or re-activating the Bitcoin script opcode (op code).
After this upgrade, BCH was born with a Token solution such as wormhole protocol, SLP, and Keoken.
The third-level upgrade caused an uproar, and Aberdeen Cong (CSW) insisted on expanding the block to 128M, and made different opinions on the upgrade rules.
On November 15, 2018, when there were two hours and forty minutes from the BCH hard fork, the SV power represented by Aberdeen (CSW) once reached more than 75% of the BCH network computing power, but in real At the moment of the fork, Bitcoin.com's airborne 4E calculation brought this "major" war to the other direction.
In the third upgrade, BSV started another stove.
02 What will the upcoming fourth upgrade bring?
Although the battle of power is over, the resurgence crisis and the aftermath of the computing power still let BCH's currency price fall into the historical freezing point. However, in addition to the market, “the community is still doing things”, CTOR helped BCH solve the block propagation bottleneck, followed by Compact Block, Xthin Block, Graphene and Xthinner projects. Some progress. The coin-based tool CashShuffle was officially launched, and more versions of the node client came out one after another.
On May 15, 2019, the BCH network is about to usher in the fourth protocol upgrade, when the median time of the last 11 blocks (MTP-11) is greater than or equal to the UNIX timestamp 1557921600 (ie May 15, 2019 Beijing time) At 20:00), BCH will perform an upgrade of the network consensus rules in accordance with this specification. Starting from the next block, changes to these consensus rules will take effect:
- Enable Schnorr signatures;
- Allow SegWit to recover;
Currently, both BCH and BTC use the Elliptic Curve Digital Signature Algorithm (ECDSA) to verify transactions. One input requires a signature, and one signature is approximately 80 bytes. Multiple inputs generate more miners' fees.
The Schnorr signature was presented by the German mathematician and cryptographer Claus Schnorr. Compared with ECDSA, it has the advantage of multi-signature aggregation, which improves the efficiency of multi-signing transactions, saves stored broadband resources, and is more private and has no scalability problems.
It is said that in the early days of creating Bitcoin, Schnorr's signature was a better choice for Nakamoto, but in order to avoid patent risks, he had to retreat.
Recovering this rule from SegWit makes it easy to misunderstand that BCH will add a quarantine witness, but it is actually allowed to retrieve the BCH that was sent to the quarantine witness address by mistake.
The dispute over segregation witnesses dates back to the birth of BCH. In December 2015, BitcoinCore released the SegWit solution, which temporarily mitigated the main chain congestion problem by separating the signature script from the basic structure of the block. Due to the controversy of this program in terms of capacity expansion, it was opposed by some development teams and miners. BCH did not support the isolation test at the beginning of its birth, which is one of the differences between BCH and BTC.
In addition to the improvements in the agreement, the “family power” of the BCH community has undergone subtle changes : the share of BitcoinABC and BitcoinUnlimited has become close, and the new nodes BCHD and Flowee have gradually entered the BCH enthusiasts. Vision.
On April 24th, BU officially released the 188.8.131.52 version of the node client and updated the BCH upgrade on May 15. In addition to increasing Schnorr signatures and SegWit recovery, the BU version has updated a number of optimizations and improvements related to graphene technology.
ABC and BU have a deep relationship, which can be traced back to the expansion. After BitcoinClassic and BitcoinXT lost in the battle with BitcoinCore's expansion, BitcoinUnlimited became the new leader of the expansion team and was supported by the miners group. But in the end, the BU was defeated, the solution of the infinite block was too aggressive, and the development capability was limited. The major vulnerabilities caused 70% of the BU nodes to be attacked, and the infinite expansion solution ended in failure. The failure of the BU program has spurred the rise of Bitcoin ABC, the chief developer Amaury Séchet has worked for Facebook and he is also a member of BitcoinUnlimited.
The Bitcoin ABC program saved the expansion team at the last minute and made the result of the four-year expansion in 2017. After that, BitcoinUnlimited, BitcoinClassic, and BitcoinXT participated in the BCH protocol development work, and BU became the second largest node in the BCH network after ABC.
03 This upgrade, how do BCH holders respond?
After several upgrades of the BCH, the potential for computing power has been prepared: DAA will suppress the fluctuation of the computing power of the BCH network, and the block will be banned after ten confirmed blocks; after the upgrade on May 15, the old version The BCH network also automatically adds replay protection. When the 0.19 version is activated, the "Automatic Replay Protection" feature added in the 0.18 version avoids the dangerous "toxic candy" created by maliciously digging the old chain, and users do not need to worry about the security of their assets.
To put it simply, this upgrade will not generate new coins. The BCH held by the user is normally kept. It is not necessary to deal with this upgrade.
In these upgrade stories, anonymous computing power has never been absent. It may not matter where they come from. For a public chain ecology, computing power is objectively a participant in BCH development.
The long winter is about to pass, people have already smelled the midsummer atmosphere, the story of Westeros is about to end, the story of cryptocurrency is still going on, and the future is still full of variables.
Original: Wang Hongli
Disclaimer: This article contributes to the author, the article has been deleted, the content does not represent the vernacular blockchain position, and does not constitute any investment advice or advice.