The Bitcoin blockchain is receiving flak for a number of weaknesses and has led to several predictions by opposing groups of Bitcoin losing its position as the number one cryptocurrency.
The Bitcoin blockchain is about to experience another hardfork, Bitcoin Atom which will bring several new features, like atomic and lightning swaps and hybrid consensus model.
Bitcoin has undergone several modifications since its inception and entirely new projects have been forked out of its original protocol. Now, another hard fork in the Bitcoin blockchain has given birth to a new Bitcoin derivative named Bitcoin Atom (BCA).
At present, the Bitcoin blockchain is receiving flak for a number of weaknesses and has led to several predictions by opposing groups of Bitcoin losing its position as the number one cryptocurrency.
For bitcoin users, the speed with which transactions are confirmed nowadays on the blockchain has become a major issue. Compared to two years earlier, late transactions on the Bitcoin blockchain is now annoying users. Delayed transactions and high rate of volatility are seen as the major reason why the cryptocurrency isn't suitable for transaction purposes. In order to promote mainstream adoption of bitcoin, the value at the time of execution of a transaction should not differ from the time of receipt. However, at present Bitcoin transactions take several hours and even days before being confirmed.
The transaction fees on the Bitcoin network are determined based on the number of transactions and the size in kilobytes of each transaction. The high fees contradict the assumption that peer-to-peer transactions are a cheaper method of payment. This is because these fees go to the miners as rewards for transaction confirmation and miners are more attracted to transactions with fewer inputs. This, in turn, means less work for them and consequently so as to appear attractive to the miners, transactions with a higher number of inputs will need to pay higher fees.
The SegWit-enabled Bitcoin hard fork, Bitcoin Atom (BCA) is believed to address several of Bitcoin's scalability issues. Remarkably, Bitcoin blockchain is a decentralized platform, but the recent design puts the majority of the mining powers in the hand of a few persons. This may give the system a centralized look with few miners controlling most of the hashing power.
The latest Bitcoin blockchain hardfork, Bitcoin Atom (BCA) developed by an anonymous team has declared to sustain the original principles of Satoshi Nakamoto. The developers of BCA claim that it presents a solution to the problems of speed and cost, and the protocol will run on-chain and off-chain mechanisms, which is lightening and atomic swaps. However, time will tell what comes out of this hard fork.
The leader of the team who wants to remain anonymous, says, "Centralization is less obvious but the problem with the main transfer of value in the crypto world are the exchanges. Centralized exchanges can be hacked or disappear or shut down by the regulators, and decentralized exchanges such as Etherdelta don't trade bitcoin and only trade ERC-20 tokens. Even at that, they can get hacked."
The Bitcoin Atom (BCA) fork took place at block #505888 on January 24th, 2018.
Disclaimer: This is not an investment advice. It is of paramount importance that everyone should do his or her own due diligence before investing in any product, platform, tokens etc. Cryptocentral.io does not endorse any content or product published on this page. Our aim is to simply provide all the readers with the latest information in the field of cryptocurrency / blockchain industry that might be of interest to our readers.