Bitcoin Forum
December 11, 2017, 12:52:26 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Anyone to explain the fork issue in simple terms to me?  (Read 424 times)
bleym2012
Jr. Member
*
Offline Offline

Activity: 30


View Profile
July 12, 2017, 02:32:52 AM
 #1

I need basic non technical explanation of the bitcoin fork. Any help?
1512953546
Hero Member
*
Offline Offline

Posts: 1512953546

View Profile Personal Message (Offline)

Ignore
1512953546
Reply with quote  #2

1512953546
Report to moderator
1512953546
Hero Member
*
Offline Offline

Posts: 1512953546

View Profile Personal Message (Offline)

Ignore
1512953546
Reply with quote  #2

1512953546
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1512953546
Hero Member
*
Offline Offline

Posts: 1512953546

View Profile Personal Message (Offline)

Ignore
1512953546
Reply with quote  #2

1512953546
Report to moderator
1512953546
Hero Member
*
Offline Offline

Posts: 1512953546

View Profile Personal Message (Offline)

Ignore
1512953546
Reply with quote  #2

1512953546
Report to moderator
|Bitkoin|
Full Member
***
Offline Offline

Activity: 173


View Profile
July 12, 2017, 02:35:44 AM
 #2

I need basic non technical explanation of the bitcoin fork. Any help?

Source: http://www.investopedia.com/terms/s/segwit-segregated-witness.asp

DEFINITION of 'SegWit (Segregated Witness)'
SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain.

Segregate means to separate, and Witnesses are the transaction signatures. Hence, Segregated Witness in short, means to separate transaction signatures.

The concept of SegWit was formulated by Dr. Pieter Wuille.

BREAKING DOWN 'SegWit (Segregated Witness)'
The bitcoin blockchain consists of multiple systems distributed across a peer-to-peer network. These systems are called nodes and serve as the administrators of Bitcoin transactions. All transactions made in Bitcoin are duplicated across these nodes, making it virtually impossible to hack into and corrupt a transaction.

The transaction data that is shared across the multiple nodes consists of two components – inputs and outputs. There could be one or multiple inputs and outputs involved in a transaction. The output is the public address of the recipient. The input is the public address of the sender. The sender needs the recipient’s public address in order to send funds to him or her. The majority of space in a transaction consists of a signature, a part of the input, which verifies that the sender has the required funds to make a payment. So in effect, a Bitcoin moves from inputs to outputs for each transaction transmitted. Once each of the nodes have verified the transaction as valid, the transaction is included in a block which is added to the chain or the general ledger for public access.

The problem that the Bitcoin platform is facing is that as more and more transactions are being conducted, more blocks have to be added to the chain. Blocks are generated every 10 minutes and are constrained to a maximum size of 1 megabyte (MB). Due to this constraint, only a certain number of transactions can be added to a block. The weight of the transactions, represented by the blocks, is weighing down the network and causing delays in processing and verifying transactions, in some cases, taking hours to confirm a transaction as valid. Imagine all Bitcoin transactions that have been carried out since the inception of Bitcoin in 2009 sitting on the blockchain and still piling up. Long term, the system would not be sustainable if a radical change is not made.

Dr. Pieter Wuille suggests that to solve this problem, the digital signature needs to be segregated from the transactions data. This process is known as Segregated Witness or SegWit. Digital signature accounts for 65% of the space in a given transaction. SegWit attempts to ignore the data attached to a signature by stripping off the signature from within the input and moving it to a structure towards the end of a transaction. This would increase the 1 MB limit for block sizes to a little under 4 MB. In addition to slightly increasing the capacity size of blocks, SegWit also solves the problem where a receiver could intercept and modify the sender’s transaction ID in a bid to get more coins from the sender. Since the digital signature would be detached from the input, the unscrupulous party would have no way of changing the transaction ID without also nullifying the digital signature.

As of May 2017, SegWit is yet to be put in effect. 95% of the Bitcoin community have to agree to this new process and switch to the new Bitcore Core client for at least two weeks, before SegWit can be successfully activated. So far, only an estimated 30% have signed up for it.
bleym2012
Jr. Member
*
Offline Offline

Activity: 30


View Profile
July 12, 2017, 02:46:04 AM
 #3

I need basic non technical explanation of the bitcoin fork. Any help?

Source: http://www.investopedia.com/terms/s/segwit-segregated-witness.asp

DEFINITION of 'SegWit (Segregated Witness)'
SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain.

Segregate means to separate, and Witnesses are the transaction signatures. Hence, Segregated Witness in short, means to separate transaction signatures.

The concept of SegWit was formulated by Dr. Pieter Wuille.

BREAKING DOWN 'SegWit (Segregated Witness)'
The bitcoin blockchain consists of multiple systems distributed across a peer-to-peer network. These systems are called nodes and serve as the administrators of Bitcoin transactions. All transactions made in Bitcoin are duplicated across these nodes, making it virtually impossible to hack into and corrupt a transaction.

The transaction data that is shared across the multiple nodes consists of two components – inputs and outputs. There could be one or multiple inputs and outputs involved in a transaction. The output is the public address of the recipient. The input is the public address of the sender. The sender needs the recipient’s public address in order to send funds to him or her. The majority of space in a transaction consists of a signature, a part of the input, which verifies that the sender has the required funds to make a payment. So in effect, a Bitcoin moves from inputs to outputs for each transaction transmitted. Once each of the nodes have verified the transaction as valid, the transaction is included in a block which is added to the chain or the general ledger for public access.

The problem that the Bitcoin platform is facing is that as more and more transactions are being conducted, more blocks have to be added to the chain. Blocks are generated every 10 minutes and are constrained to a maximum size of 1 megabyte (MB). Due to this constraint, only a certain number of transactions can be added to a block. The weight of the transactions, represented by the blocks, is weighing down the network and causing delays in processing and verifying transactions, in some cases, taking hours to confirm a transaction as valid. Imagine all Bitcoin transactions that have been carried out since the inception of Bitcoin in 2009 sitting on the blockchain and still piling up. Long term, the system would not be sustainable if a radical change is not made.

Dr. Pieter Wuille suggests that to solve this problem, the digital signature needs to be segregated from the transactions data. This process is known as Segregated Witness or SegWit. Digital signature accounts for 65% of the space in a given transaction. SegWit attempts to ignore the data attached to a signature by stripping off the signature from within the input and moving it to a structure towards the end of a transaction. This would increase the 1 MB limit for block sizes to a little under 4 MB. In addition to slightly increasing the capacity size of blocks, SegWit also solves the problem where a receiver could intercept and modify the sender’s transaction ID in a bid to get more coins from the sender. Since the digital signature would be detached from the input, the unscrupulous party would have no way of changing the transaction ID without also nullifying the digital signature.

As of May 2017, SegWit is yet to be put in effect. 95% of the Bitcoin community have to agree to this new process and switch to the new Bitcore Core client for at least two weeks, before SegWit can be successfully activated. So far, only an estimated 30% have signed up for it.

Thank you mate
skyline247
Hero Member
*****
Offline Offline

Activity: 490

★Jetwin.com★


View Profile
July 12, 2017, 02:59:56 AM
 #4

I need basic non technical explanation of the bitcoin fork. Any help?

Source: http://www.investopedia.com/terms/s/segwit-segregated-witness.asp

DEFINITION of 'SegWit (Segregated Witness)'
SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain.

Segregate means to separate, and Witnesses are the transaction signatures. Hence, Segregated Witness in short, means to separate transaction signatures.

The concept of SegWit was formulated by Dr. Pieter Wuille.

BREAKING DOWN 'SegWit (Segregated Witness)'
The bitcoin blockchain consists of multiple systems distributed across a peer-to-peer network. These systems are called nodes and serve as the administrators of Bitcoin transactions. All transactions made in Bitcoin are duplicated across these nodes, making it virtually impossible to hack into and corrupt a transaction.

The transaction data that is shared across the multiple nodes consists of two components – inputs and outputs. There could be one or multiple inputs and outputs involved in a transaction. The output is the public address of the recipient. The input is the public address of the sender. The sender needs the recipient’s public address in order to send funds to him or her. The majority of space in a transaction consists of a signature, a part of the input, which verifies that the sender has the required funds to make a payment. So in effect, a Bitcoin moves from inputs to outputs for each transaction transmitted. Once each of the nodes have verified the transaction as valid, the transaction is included in a block which is added to the chain or the general ledger for public access.

The problem that the Bitcoin platform is facing is that as more and more transactions are being conducted, more blocks have to be added to the chain. Blocks are generated every 10 minutes and are constrained to a maximum size of 1 megabyte (MB). Due to this constraint, only a certain number of transactions can be added to a block. The weight of the transactions, represented by the blocks, is weighing down the network and causing delays in processing and verifying transactions, in some cases, taking hours to confirm a transaction as valid. Imagine all Bitcoin transactions that have been carried out since the inception of Bitcoin in 2009 sitting on the blockchain and still piling up. Long term, the system would not be sustainable if a radical change is not made.

Dr. Pieter Wuille suggests that to solve this problem, the digital signature needs to be segregated from the transactions data. This process is known as Segregated Witness or SegWit. Digital signature accounts for 65% of the space in a given transaction. SegWit attempts to ignore the data attached to a signature by stripping off the signature from within the input and moving it to a structure towards the end of a transaction. This would increase the 1 MB limit for block sizes to a little under 4 MB. In addition to slightly increasing the capacity size of blocks, SegWit also solves the problem where a receiver could intercept and modify the sender’s transaction ID in a bid to get more coins from the sender. Since the digital signature would be detached from the input, the unscrupulous party would have no way of changing the transaction ID without also nullifying the digital signature.

As of May 2017, SegWit is yet to be put in effect. 95% of the Bitcoin community have to agree to this new process and switch to the new Bitcore Core client for at least two weeks, before SegWit can be successfully activated. So far, only an estimated 30% have signed up for it.

Thank you mate

There is another option that is being debated, which is called BIP148 which aims to increase the blocksize so that more transactions can fit inside every block. The thing is, this would only be a temporary solution as when more people start using Bitcoin, we would need to increase the blocksize again and again until it became futile. The reason SegWit is more popular at the moment (over 80% support) is due to the fact that it is a longer-term solution which is what is needed at the moment. BIP148 is like putting a Bandaid on an open wound. Sure, it might work temporarily, but eventually you will need to get it treated by a doctor otherwise it will just get infected anyway and the Bandaid (BIP148) will be useless.


▄▄▄████████▄▄▄
▄▄███▀▀▀ ▄  ▄ ▀▀▀███▄▄
▄██▀▀ ▄▄████  ████▄▄ ▀▀██▄
▄██▀ ▄███████    ███████▄ ▀██▄
██▀ ▄████████▀    ▀████████▄ ▀██
██▀ ██████████      ██████████ ▀██
██▀ ██████████        ██████████ ▀██
▄██                                ██▄
██ ▄                              ▄ ██
██ ███▄                        ▄███ ██
██ ██████▄                  ▄██████ ██
██ ▀████████              ████████▀ ██
▀██ ███████                ███████ ██▀
██▄ █████▀                ▀█████ ▄██
██▄ ████        ▄▄        ████ ▄██
██▄ ▀█      ▄▄████▄▄      █▀ ▄██
██▄    ▄▄██████████▄▄    ▄██▀
▀██▄▄ ▀▀██████████▀▀ ▄▄██▀
▀▀███▄▄▄ ▀▀▀▀ ▄▄▄███▀▀
▀▀▀████████▀▀▀
 

    [    ]
pooya87
Legendary
*
Offline Offline

Activity: 1120


Buy bitcoin they said... who listened?


View Profile
July 12, 2017, 03:44:51 AM
 #5

~
There is another option that is being debated, which is called BIP148 which aims to increase the blocksize so that more transactions can fit inside every block. The thing is, this would only be a temporary solution as when more people start using Bitcoin, we would need to increase the blocksize again and again until it became futile. The reason SegWit is more popular at the moment (over 80% support) is due to the fact that it is a longer-term solution which is what is needed at the moment. BIP148 is like putting a Bandaid on an open wound. Sure, it might work temporarily, but eventually you will need to get it treated by a doctor otherwise it will just get infected anyway and the Bandaid (BIP148) will be useless.

BIP148 is not a solution to increase block size, it is a User Activated Soft Fork which is set up to activate SegWit on a given date (August 1) because it wasn't activated with the hashrate support, this is more like forcing miners to activate it or be rejected if they don't.
i believe you are confusing the SegWit2x and the 2MB hard fork with BIP148

shamzblueworld
Hero Member
*****
Offline Offline

Activity: 532



View Profile WWW
July 12, 2017, 03:51:58 AM
 #6

So what are we expecting to happen this August 1? Everyone is so either excited or paled when talking about upcoming August 1 and it is showing on bitcoin value too, what do you guys think may happen?

.

███████████████████████
███████████████████████████
█████████████████████████████
██████████████████████████████
██████████████████████████████
██████████████
███████████████
██████████████
███████████████
██████████████
███████████████
██████████████
███████████████
██████████████
███████████████
██████████████
███████████████
██████████████
███████████████
██████████████
███████████████
██████████████
███████████████
██████████████
███████████████
██████████████
█████████████
██████████████
██████████████
██████████████
██████████████
██████████████
███████████████
██████████████
███████████████
██████████████
███████████████
█████████
███████████████
████████
████████████████████
█████████
██████████████████
██████████████████████████████
██████████████████████████████
██████████████████████████████
█████████████████████████████
███████████████████████████
███████████████████████












ebliever
Legendary
*
Offline Offline

Activity: 1386


View Profile
July 12, 2017, 04:18:09 AM
 #7

So what are we expecting to happen this August 1? Everyone is so either excited or paled when talking about upcoming August 1 and it is showing on bitcoin value too, what do you guys think may happen?

This may help you out as August 1 is just one date you should be watching:

https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/

Luke 12:15-21

Ephesians 2:8-9
qiwoman2
Legendary
*
Offline Offline

Activity: 1302



View Profile WWW
July 12, 2017, 04:34:48 AM
 #8

I want to know if there is a hard fork, does that mean say if I have 1 bitcoin in my bitcoin wallet, will I make a 2nd bitcoin on the other fork for free? Or will I just be landing on one of the forks? I am always confused about this.  Smiley

    ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄   
   ████████████████████████████████  
     ▀██████████████████████████▀    
        ▀████████████████████▀       
          ████████████████▀         
            █████████████           
            ▀████████████▀           
             ▀██████████▀            
              ██████████             
               ████████              
               ▀██████▀              
                ██████               
                  ▀                  
.
.trade.io.
██████
██████
███
███
███
███
███
███
███
███
███
██████
██████

▄██████████████████▄
███       ▀███████
███       █████████
███       █████████
███       █████████
███              ██
███   ▄▄▄▄▄▄▄▄   ███
███   ▄▄▄▄▄▄▄▄   ███
███              ███
███▄▄▄▄▄▄▄▄▄▄▄▄▄▄███
██████████████████▀

▄██████████████████▄
███████████▀ ███████
█████████▀   ███████
███████▀     ██▀ ███
███ ▀▀       █▄▄████
███          █▀▀▀▀██
███ ▄▄       ███████
██████▄     █▄ ▀███
█████████▄   ███▄███
███████████▄ ███████
▀██████████████████▀

▄██████████████████▄
████████████████████
███████████████▀▀ ██
█████████▀▀     ███
████▀▀     ▄█▀   ███
███▄    ▄██      ███
█████████▀      ▄██
█████████▄     ████
█████████████▄ ▄████
████████████████████
▀██████████████████▀
██████
██████
   ███
   ███
   ███
   ███
   ███
   ███
   ███
   ███
   ███
██████
██████
.
.Join the Trading Revolution.
hajimasan
Hero Member
*****
Offline Offline

Activity: 588


★Nitrogensports.eu★


View Profile
July 12, 2017, 04:35:06 AM
 #9

I need basic non technical explanation of the bitcoin fork. Any help?
Yeah , Here I can explain you  in much simple ways .
Suppose here we have only one track to run a train ( btc ) but if we want run two trains than it is usual that we can't because at one track only one can run , so it would be more better to split the track into two , so that two trains ( btc and BTU new coin ) can run with the single foundation track .
I hope you understand with my this example .
Now another thing will come with this that is the improvement , The size of the block of the blockchain network will be increase so that unlimited numbers of the people can transfer Thier Bitcoin with low fee .
In this way in simple form we can say that the network and technology of the Bitcoin is going to upgrade , so that it can be use by the whole world without stopping the network and without facing any problems with fast speed .


           █████████████████     ████████
          █████████████████     ████████
         █████████████████     ████████
        █████████████████     ████████
       ████████              ████████
      ████████              ████████
     ████████     ███████  ████████     ████████
    ████████     █████████████████     ████████
   ████████     █████████████████     ████████
  ████████     █████████████████     ████████
 ████████     █████████████████     ████████
████████     ████████  ███████     ████████
            ████████              ████████
           ████████              ████████
          ████████     █████████████████
         ████████     █████████████████
        ████████     █████████████████
       ████████     █████████████████
▄▄
██
██
██
██
██
██
██
██
██
██     
██
██
▬▬ THE LARGEST & MOST TRUSTED ▬▬
      BITCOIN SPORTSBOOK     
   ▄▄
██
██
██
██
██
██
██
██
██
██     
██
██
             ▄▄▄▄▀▀▀▀▄
     ▄▄▄▄▀▀▀▀        ▀▄▄▄▄           
▄▀▀▀▀                 █   ▀▀▀▀▀▀▀▄▄
█                    ▀▄          █
 █   ▀▌     ██▄        █          █               
 ▀▄        ▐████▄       █        █
  █        ███████▄     ▀▄       █
   █      ▐████▄█████████████████████▄
   ▀▄     ███████▀                  ▀██
    █      ▀█████    ▄▄        ▄▄    ██
     █       ▀███   ████      ████   ██
     ▀▄        ██    ▀▀        ▀▀    ██
      █        ██        ▄██▄        ██
       █       ██        ▀██▀        ██
       ▀▄      ██    ▄▄        ▄▄    ██
        █      ██   ████      ████   ██
         █▄▄▄▄▀██    ▀▀        ▀▀    ██
               ██▄                  ▄██
                ▀████████████████████▀




  CASINO  ●  DICE  ●  POKER   
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
   24 hour Customer Support   

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
pooya87
Legendary
*
Offline Offline

Activity: 1120


Buy bitcoin they said... who listened?


View Profile
July 12, 2017, 04:44:50 AM
 #10

I want to know if there is a hard fork, does that mean say if I have 1 bitcoin in my bitcoin wallet, will I make a 2nd bitcoin on the other fork for free? Or will I just be landing on one of the forks? I am always confused about this.  Smiley

this topic in the beginners and help section which was written by theymos may help with your confusion (i think it should be stickied in that board at least): https://bitcointalk.org/index.php?topic=2012799.0

feel free to say thank you there to bump it ^.^

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!