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Why Bitcoin needs to be hard forked (why Bitcoin is big cake)

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Why Bitcoin needs to be hard forked (why Bitcoin is big cake)

Why Bitcoin needs to be hard forked Editor’s note: This article is from William Chatter (ID: William1913), written by William Chen, and reprinted by the Daily Planet with authorization Why does Bitcoin have to be hard forked? The birth of Bitcoin is to solve the problem of “block time”, rather than just a new version that appears to solve the problem. It is not a one-way upgrade but a smaller update brought into the network, thereby changing the original Bitcoin mechanism and consensus In the past decade, with the development of technology, applications, and increasing awareness of blockchain technology, we have seen that blockchain technology is becoming more mature, which has led developers to conduct in-depth research on blockchain technology and propose some new solutions to achieve this goal. However, some of the new features in these schemes have not been well reflected, such as in the Bitcoin protocol layer, where more functions can be extended to other chains or even completely decentralized networks; Another method is to introduce more features to achieve better performance than traditional PoW based mining methods, so that existing software does not need to be redesigned. So the main reasons why this approach has received so much attention and participation are as follows:

1. Improving transaction processing speed

2. Reducing costs

3. Adding validation algorithms to ensure higher security

4. Optimizing block size

5. Improving user experience

6. Reducing gas fees

7. Allowing miners to decide how to use their own computing power

8 Increase difficulty adjustment rules

9, allow everyone to add different Scripting language

11, improve configurable computing units

12, improve block space limits

13, increase hash rate

14, increase Proof of work mechanism

15, improve memory pool efficiency

16, reduce transient losses

17, increase mining machine operating costs

18, reduce hardware energy consumption

19, reduce the workload of ASIC chips

20 Accelerate the Bitcoin mining process

21, improve the full node block production capacity

Why Bitcoin has a big cake

According to the Bitcoin market, today the Bitcoin cake has risen from $11700 to around $11800 before falling back. On the daily chart, Bitcoin closed positive yesterday and remained stable above $11500, with prices rebounding after breaking through previous highs; In the four hour level chart, the Bollinger Bands began to level and showed signs of continuing to rise. At present, it has fallen below the support level of the BOLL off track, but its downward posture has gradually weakened with the rebound in the morning and the small amount of buying power below; The attached indicator MACD runs through a zero axis golden cross on the fast and slow lines, and the dead cross diverges downwards below the zero axis, indicating a strong bullish sentiment; Overall, the reason behind Bitcoin’s surge is that it has been in a strong upward trend since May this year.

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