The choice to attach a small fee for miners every time you send bitcoins is slowly going from voluntary to mandatory. Miners are already taking longer to confirm transactions that lack sufficient fees.
Segregated Witness (SegWit) does more than condense transaction data that goes into the Bitcoin block. Marek “Slush” Palatinus, architect of the hardware wallet Trezor, pointed this out when he said:
“Segregated Witness is not just about scaling. There are other issues with Bitcoin under the hood, and SegWit opens potential for applications and use-cases that are not possible today. For those who think only bigger blocks will save Bitcoin’s exchange rate this is important to understand.
Someone exploited a code loophole on the Decentralized Anonymous Organization (DAO) and hijacked close to $50 million. It took an Ethereum hard fork to claim back the funds.
Everyone is building a blockchain solution.
Ok, not actually everyone. But many have fallen in love with the Bitcoin code; some are copying it, and others are building on top of it.
The first copycats of the blockchain resulted in basically complete clones of Bitcoin. That’s how altcoins like Litecoin, Dogecoin and Namecoin came into existence.
A lot has happened since.
As June 2016 got underway, there was a new attraction in the crypto space.
And that was DAO (Decentralized Anonymous Organization). This entity had raised about $150 million from excited investors online.
Everyone couldn’t wait to see it go live. And then the unexpected happened. On the 16th June 2016, a hacker exploited weakness on a single line of its code and siphoned out about $50 million of the funds.
Does the name Nathaniel Popper ring any bells?
He is the author of Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money.
We are proud to launch Bitcoin.com.au in partnership with over 1200 retail outlets to provide you with the most convenient way to buy Bitcoins in Australia. We have created the safest, fastest and most trusted Bitcoin exchange in Australia.
In the beginning, there was one blockchain (the Bitcoin Blockchain). Then came a second blockchain, and another – Now there are many, and more are being created as we speak. While they all share the same basic structure, these blockchains are quite unique. One division is between the public blockchains, known as ‘permission-less’ and private blockchains, known as ‘permission-ed’.