history of thorns

Key facts:
  • At one time, all existing bitcoins can be spent from any wallet.

  • The Bitcoin contract agreed to resolve the failures that had been created.

Bitcoin is undoubtedly the most secure network in the world, which has not been hacked, offline or down for one second since its launch in 2009.

However, the history of its development is far from perfect, Without that, it doesn’t work or that caused serious problems to its users.

The research firm as well as the BitMex exchange has published a detailed report on the soft and hard forks (soft forks y solid prongsin English) that passed through the Bitcoin software.

Forking: In computing, it is a different version of software created from the original. For cryptocurrencies, it is an alternative version of the blockchain to the current version. They can arise maliciously if a miner gets too much computing power, accidentally if a system error occurs, or intentionally if a protocol modification is made. However, for a blockchain fork to continue to exist, it must be supported by a sufficient number of users.

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As it is known in the Bitcoiner ecosystem, The forks can be of the soft fork type or hard fork. Soft fork is defined by BitMex as a modification of consensus rules where some previous blocks can be considered invalid, but nodes do not need to be updated to remain part of the same chain or blockchain.

On the other hand, a hard fork is defined as an update where some blocks may become invalid, but where nodes need to be updated to continue the chain.

The Hidden History of Bitcoin Forks

the total, BitMex calculates 21 forks (soft and hard) in the history of Bitcoinsome are intentional, some are accidental; Some of them are driven by users to improve Bitcoin and others that posed risks that were soon fixed.

One of the oldest, and most dangerous, occurred on July 28, 2010, in version 0.3.5 of the Bitcoin Core software, where there was a command called “OP_RETURN” It allowed any user to spend any bitcoin available on the network.

Removing this command or script had no other negative consequences. Then, on July 31 and August 1, 2010, other software updates were released that fixed some persistent bugs.

At the end of this story, on August 15, 2010, The user was able to spend 184.5 billion Bitcoin (BTC) in a single transactionand thus contravenes the emissions cap for this cryptocurrency, which is 21 million units.

The hard fork divides the Bitcoin transaction history into two parts. Configuration by CriptoNoticias. Source: wikipedia.org / cryptonaut.fr / oxinoxi / stock.adobe.com.

At that time, the chain was forked at block height 74368 and some nodes were left on the “bad chain”, It is claimed that as many as 51 blocks have been mined. 5 hours after this incident, Bitmex reports that version 0.3.10 of Bitcoin Core has been released, disabling some features that caused this unusual issue.

After that moment, several similar situations occurred, including another split that also stemmed from a conflict between two versions of Bitcoin, after the update. This resulted in the same cost in every chain created on March 11, 2013. However, miners agreed to continue mining only one of the Bitcoin versions.

Expand your horizons and capabilities on Bitcoin

On December 14, 2015, at block 388,380, a new functionality was introduced for the first time in the history of Bitcoin, identified by a proposal to improve Bitcoin or Bitcoin improvement suggestion No. 65 (BIP-65), which summarizes the lock time check command, which It allows you to block spending bitcoins until a certain time in the future.

After that, some minor updates were made, up to one of the most important ones: SegWit, or separate witness (separate witnesses). This made it possible to free up memory space in transaction blocks, and also led to the creation of the so-called Blocksize War, which gave rise to hard forks marketed as Bitcoin Cash and Bitcoin Satoshi’s Vision (BSV).

In particular , SegWit made it possible to implement red lightninga Layer 2 Bitcoin solution that has grown exponentially in terms of liquidity, capacity and payment volume to date, as we mentioned.

Recent History of Bitcoin Forks

The latest Bitcoin update, called Taproot, is fully planned. As on previous occasions, CriptoNoticias was in the front line to follow up, explaining to our audience the benefits it brought and what the activation process was.

Taproot was activated on November 14, 2021 and introduced some commands that allow users to make their transactions more private and lighter for the network. also, This update added Schnorr cipher signaturesa new method that enhances the security of users by allowing them to create stronger and lighter signatures.

Recently, controversy has arisen in the Bitcoin ecosystem over the proposed BIP-119 or OP_CTV, which added advanced features to Bitcoin such as the ability to automate transactions and create vaults between multiple users.

This controversy reached its climax since the end of April and the beginning of May 2022, but its activation was finally rejected by the majority of developers for technical and political reasons. However, the proposal is still under discussion and development and it is not excluded that it may happen in the future and become part of Bitcoin.

 

 

 

 

 

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