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Bitcoin XT is a fork of Bitcoin Core, the reference client for the bitcoin network. In mid-2015, the concept achieved significant attention within the bitcoin community amid a contentious debate among core developers over increasing the block size cap.[1] The current reference implementation for bitcoin contains a computational bottleneck.[2][3] This averages to a daily maximum of around 300,000 transactions.[4]

Bitcoin XT
Bitcoinxt.png
Initial release August 15, 2015
Repository github.com/bitcoinxt/bitcoinxt
Development status Active
Type Cryptocurrency

It was proposed that the block size increase to eight megabytes, and from then onwards to automatically increase it exponentially, doubling every two years. The proposal did not gain the necessary support to go into effect on the Bitcoin network by early 2016, the earliest possible switchover date. Its use has been in steady decline from March 2016 onwards.

Contents

HistoryEdit

On June 10, 2014 Mike Hearn published a Bitcoin Improvement Proposal (BIP 64), calling for the addition of "a small P2P protocol extension that performs UTXO lookups given a set of outpoints."[5] On December 27, 2014 Hearn released version 0.10 of the client, with the BIP 64 changes.[6] It was intended to support queries for his Lighthouse crowdfunding platform project.[citation needed]

On June 22, 2015, Gavin Andresen published BIP 101 calling for an increase in the maximum block size. The changes would activate a fork allowing eight MB blocks (doubling in size every two years) once 75% of a stretch of 1,000 mined blocks is achieved after the beginning of 2016.[7] The new maximum transaction rate under XT would have been 24 transactions per second.[8]

On August 6, 2015 Andresen's BIP101 proposal was merged into the XT codebase.[9] On August 15, 2015 version 0.11A was released to the public.[10][11] Bip 101 was reverted[12] and the 2-MB block size bump of Bitcoin Classic was applied instead.

According bitcoin statistics website coin.dance the software peaked at more than 1,000 nodes in August 2015 before declining to a second peak in January 2016 of around 670 nodes.[13] From March 2016 the program was seen a consistent decline in its user base to less than 30 instances in January 2017.[13]

ReceptionEdit

The August 2015 release of XT received widespread media coverage. The Guardian wrote that "bitcoin is facing civil war".[1] Reason wrote that "Bitcoin XT represents a technical and philosophical divergence."[14] Wired wrote that "Bitcoin XT exposes the extremely social — extremely democratic — underpinnings of the open source idea, an approach that makes open source so much more powerful than technology controlled by any one person or organization."[15] Developer Adam Back was critical of the 75% activation threshold being too low and that some of the changes were insecure.[16]

In the event, the XT hard fork stalled. On 11 January 2016, the earliest possible date for the transition to take effect, only approximately 10% of Bitcoin miners were using the XT protocol to sign blocks, whereas 75% would have been required to make the new protocol the de facto standard.[17] The software lacked the support of some of China's biggest mining pools.[18] The Bitcoin community response to the software has been attributed to the adherence to gradual change based on consensus.[19]

See alsoEdit

ReferencesEdit

  1. ^ a b Alex Hern. "Bitcoin's forked: chief scientist launches alternative proposal for the currency". the Guardian. Retrieved 20 August 2015. 
  2. ^ "Inside the Fight Over Bitcoin’s Future". The New Yorker. Conde Naste. 25 August 2015. Retrieved 7 January 2017. 
  3. ^ Grace Caffyn (August 17, 2015). "Bitcoin 'Forked' in Contentious Bid to Address Scaling Concerns". CoinDesk. Retrieved 20 August 2015. 
  4. ^ Ryan Whitwam (25 August 2015). "Disagreement over Bitcoin’s future threatens to fork the currency". Extreme Tech. Ziff Davis, LLC. Retrieved 7 January 2017. 
  5. ^ "bips/bip-0064.mediawiki at master · bitcoin/bips · GitHub". GitHub. 
  6. ^ https://github.com/bitcoinxt/bitcoinxt/releases/tag/v0.10
  7. ^ "bips/bip-0101.mediawiki at master · bitcoin/bips · GitHub". GitHub. 
  8. ^ Tim Hornyak (21 August 2015). "Bitcoin XT debate overshadowing growth opportunities". PC World. IDG. Retrieved 7 January 2017. 
  9. ^ https://github.com/bitcoinxt/bitcoinxt/commit/946e3ba8c7806a66c2b834d3817ff0c986c0811b
  10. ^ Mike Hearn. "Why is Bitcoin forking? — Faith and future". Medium. 
  11. ^ https://github.com/bitcoinxt/bitcoinxt/releases/tag/v0.11A
  12. ^ https://github.com/bitcoinxt/bitcoinxt/pull/117
  13. ^ a b "Bitcoin XT Nodes Summary". coin.dance. Retrieved 7 January 2017. 
  14. ^ "New Version of Bitcoin Threatens to Split Cryptocurrency Loyalists". Reason magazine. Retrieved 2015-08-25. 
  15. ^ Cade Metz (19 August 2015). "The Bitcoin Schism Shows the Genius of Open Source". WIRED. 
  16. ^ Everett Rosenfeld (20 August 2015). "Bitcoin splits: Will it break, or be better than ever?". CNBC. Retrieved 5 January 2017. 
  17. ^ Scalability Debate Continues As Bitcoin XT Proposal Stalls, CoinDesk, 11 January 2016, accessed 18 May 2016.
  18. ^ Aaron van Wirdum (24 June 2015). "Chinese Mining Pools Call for Consensus; Refuse Switch to Bitcoin XT". The Coin Telegraph. Retrieved 7 January 2017. 
  19. ^ William J. Luther (8 September 2015). "New Bitcoin Development Spurs Unnecessary Fear Of Centralization". Forbes. Retrieved 7 January 2017. 

External linksEdit