Is there a potentially serious flaw hidden in Bitcoin protocol which may rear its ugly head during the hard fork? It is the topic of a very serious discussion currently happening in the context of upcoming Bitcoin Classic.
Bitcoin Classic is a new proposal to increase the block size limit from the existing 1 MB to 2 MB. This proposal has already gathered a lot of support from the Bitcoin Community. Implementation of Bitcoin Classic involves creating a hard fork on the existing blockchain, leaving all the previous blocks incompatible with the new Bitcoin Classic blocks and the newer Bitcoin Classic compatible software.The process of creating a hard fork and upgrading the network and associated applications sounds like a relatively simple process. After all, we regularly update the operating system and software on phones and computing devices on a regular basis. However, it may not be so simple in the case of Bitcoin. For starters, a smooth transition from the existing Bitcoin Core to Bitcoin Classic has to be ensured. Bitcoin Classic will soon be subjected to stress test and the results will pave for any improvements that needs to be done. On the other hand, now there are concerns about possible double spending during the transition period, which can potentially be misused by some people.The process of creating a hard fork and upgrading the network and associated applications sounds like a relatively simple process. After all, we regularly update the operating system and software on phones and computing devices on a regular basis. However, it may not be so simple in the case of Bitcoin. For starters, a smooth transition from the existing Bitcoin Core to Bitcoin Classic has to be ensured. Bitcoin Classic will soon be subjected to stress test and the results will pave for any improvements that needs to be done. On the other hand, now there are concerns about possible double spending during the transition period, which can potentially be misused by some people.
The process of creating a hard fork and upgrading the network and associated applications sounds like a relatively simple process. After all, we regularly update the operating system and software on phones and computing devices on a regular basis. However, it may not be so simple in the case of Bitcoin. For starters, a smooth transition from the existing Bitcoin Core to Bitcoin Classic has to be ensured. Bitcoin Classic will soon be subjected to stress test and the results will pave for any improvements that needs to be done. On the other hand, now there are concerns about possible double spending during the transition period, which can potentially be misused by some people.
Social forums like Reddit are filled with discussions on such a scenario. However, it is highly unlikely that such a scenario may actually arise during the process of hard-forking from Bitcoin Core to Bitcoin Classic. All the theories being discussed at the moment are based on assumptions that both Bitcoin Core and Bitcoin Classic will continue to operate simultaneously and that the value of Classic Coin – the crypto token associated with Bitcoin Classic at the moment is same as that of Bitcoin.
Some consider the possibility of doubling the crypto tokens by sending it to different protocols during/before the process of forking as a serious flaw that can dilute the value of Bitcoin. But, when the same token in replicated in different forks, these tokens except for the ones on the valid fork will be worthless, thus preventing any dilution. Even if by chance someone is capable of exploiting the circumstance, they will have a very small window and sometimes the confirmation may take more than 10-12 minutes to receive enough confirmations, thus negating the whole advantage. Now that the intentions of few people are already known, there is ample time to find a solution to fix any such issue that might occur. Only time will tell us whether there really is a flaw worth exploiting during the transition or it is just a hypothesis.
Now that the intentions of few people are already known, there is ample time to find a solution to fix any such issue that might occur. Only time will tell us whether there really is a flaw worth exploiting during the transition or it is just a hypothesis.