Sorry if this is a newbie question, but I'm wondering, with Bitcoin being fully decentralized, how are changes to bitcoin protocol pushed? For instance, if the bitcoin community releases new version of protocol, or fixes a critical bug, how do they ensure that all miners get the latest version? How to prevent situation when different groups of users use different incompatible versions of bitcoin protocol ?
features & capabilities of the next Bitcoin protocol update?
Folks, are there sites that discuss what features the core developers are planning, timelines, challenges, etc and discussion forums where people can debate priorities and ideas? And is there anything we can do to facilitate the work our core developers are doing? Do they need funds, volunteers, or just more commitment from the growing bitcoin ecosystem? We need to make sure they are running on all cylinders and if there are ways the community can advance their work, let's be sure to reinforce the means to do so.
We're excited to announce Blockstream Satellite 2.0. This major update includes a new transmission protocol, more bandwidth, a larger coverage area, & the much requested ability to sync a Bitcoin node from the genesis block up to the latest block!
A beautiful intricacy of the bitcoin protocol that promotes steady growth.
The bitcoin protocol updates the difficulty of finding a block every 2016 blocks (in other words, every two weeks.) Therefore if today the hash rate doubled, we would be finding blocks every five minutes for a while until the network readjusted itself. Similarly, if the hash rate were cut in half we would be finding blocks on average every 20 minutes. Since hash rate is directly related to the demand of bitcoin, the protocol automatically helps autocorrect any sudden change to demand. For example, if the price of bitcoin were to suddenly plummet, many miners would have to shut down operations. This would cause blocks to be mined extra slowly, reducing the number of new bitcoins available for sale. Likewise, if speculators were to start driving the price of bitcoin up very quickly, new miners would jump into the scene and blocks would be mined extra quickly for a while. This would flood the market with new bitcoins making it more difficult for speculators to keep increasing the price.
AMCU, the first protocol for atomic multi-channel updates and reduced collateral that is compatible with Bitcoin (with performances in line with LN)
https://eprint.iacr.org/2019/583 by Pedro Moreno-Sanchez and matteo_maffei While Payment-channel networks (PCNs) do increase the transaction throughput by processing payments off-chain and using the blockchain only as a dispute arbitrator, they unfortunately require high collateral (i.e., they lock coins for a non-constant time along the payment path) and are restricted to payments in a path from sender to receiver. These issues have severe consequences in practice. The high collateral enables griefing attacks that hamper the throughput and utility of the PCN. Moreover, the limited functionality hinders the applicability of current PCNs in many important application scenarios. Unfortunately, current proposals do not solve either of these issues, or they require Turing-complete language support, which severely limits their applicability. AMCU, the first protocol for atomic multi-channel updates and reduced collateral that is compatible with Bitcoin (and other cryptocurrencies with reduced scripting capabilities). We provide a formal model in the Universal Composability framework and show that AMCU realizes it, thus demonstrating that AMCU achieves atomicity and state privacy. Moreover, the reduced collateral mitigates the consequences of griefing attacks in PCNs while the (multi-payment) atomicity achieved by AMCU opens the door to new applications such as credit rebalancing and crowdfunding that are not possible otherwise. Moreover, our evaluation results demonstrate that AMCU has a performance in line with that of the Lightning Network (the most widely deployed PCN) and thus is ready to be deployed in practice. " AMCU also offers a generic update State protocol that can be used to encode different protocols compatible with Bitcoin, eliminating the requirement for a Turing-complete language. We have shown for instance how to leverage updateState to encode a payment, a rebalancing operation and a crowdfunding operation."
What is off-by-one error in Bitcoin protocol for target updating?
I went through this BTC Stack Exchange answer but it's still not very clear to me. Can someone help me break it down a lil bit? Also, How was it fixed later? What's the re-target calculation formula. Can anyone explain with an example.
On 15 August 2010 over 184 billion bitcoins were generated in a transaction, and sent to two addresses on the network. Within hours, the transaction was spotted and erased from the transaction log after the bug was fixed and the network forked to an updated version of the bitcoin protocol.
It seems to me that it is difficult to update the protocol now that there are so many different people involved and so much invested in the current protocol. How could the bitcoin protocol be updated? Has this ever occurred to date? protocol. share improve this question follow edited Jun 13 '12 at 19:25. Muhd . asked Jun 13 '12 at 18:58. Muhd Muhd. 191 1 1 silver badge 4 4 bronze badges ... Over the weekend, Cover protocol, originally called SAFE, shared its tokenomics with the community that the maximum supply of COVER tokens will be 160,000. The token generation will start on Nov. 20. Whenever a radical change happens to Bitcoin protocol (hard fork) you have to update your wallets. As a holder of a coin you should be involved in the community to know when a fork will occur. So you can be ready to upgrade your wallet software. When it comes to updating wallets all beginners have one question in common and that is: “If I update my wallet will previous wallet balance stay ... Dubbed ‘Protocol 13', the new set of updates includes other modifications as well meant to improve the Stellar user experience. Notably, this vote is expected to take place later in the week. In this new update, a ‘fine-grained control' approach will be enabled such that exchanges will have control over specific digital asset activity. This ... The Bitcoin protocol is specified by the behavior of the reference client, not by this page. In particular, while this page is quite complete in describing the network protocol, it does not attempt to list all of the rules for block or transaction validity. Type names used in this documentation are from the C99 standard.
GOTO 2014 • How the Bitcoin Protocol Actually Works • Jan Møller - Duration: 51:31. GOTO Conferences 13,949 views. 51:31. What is Bitcoin? Bitcoin Explained Simply for Dummies ... Bitcoin’s 2020 potential protocol upgrades and how they relate to Litecoin. LTC developers say that Litecoin could softfork to activate Taproot Schnorr on same timeline as bitcoin. We also ... In this interview, I talk to Andrew Poelstra, the Director of Research at Blockstream. We discuss the upcoming upgrades to the Bitcoin protocol, including Schnorr signatures, Taproot and ... Bitcoin Association Founding President Jimmy Nguyen shares what we need to know about the impending Quasar Protocol Upgrade and what would the update mean to the Bitcoin SV space. Actual implementation of the bitcoin project using bitcoin testnet and tcappfaucet.