From 2009, when Bitcoin was launched, until 2015, the blocks were not full and transactions were cheap.He was the first person to invest in Bitcoin startups.He spoke very clearly and persuasively, making the following points: The opening speaker was Roger Ver and Chinese translation was made available. Speaking at the event and on the promotional tour was Roger Ver, a keen promoter of Bitcoin Unlimited Jake Smith several employees of members of the Bitcoin Unlimited organisation some of the Bitcoin Unlimited developers and Haipo Yang, the CEO of mining pool ViaBTC. Keen to learn more about Bitcoin Unlimited, in early December 2016 I attended a Bitcoin Unlimited promotional event in Shenzhen (China).
Therefore, it was considered by many as a more extreme proposal than its predecessors. Bitcoin Unlimited had no activation methodology like XT or Classic it was just assumed to somehow become the new Bitcoin when miners upgraded. Not only does it diverge from this, it introduces the AD concept, where miners could first try to build on a shorter valid chain, however if they lose a race, they could then jump ahead several blocks to a longer, now suddenly valid chain. This proposal diverges from the core consensus feature of Bitcoin: that miners build on the most work valid chain. Critics of this claimed that everyone setting their own rules means the network would not converge. Acceptance Depth (AD): this is the number of confirmations a block requires before a node accepts it, even if it is larger than EB. Excessive blocksize (EB): this is the size of a block that a node and miner will accept and iii. Maximum generation (MG) size (only for miners): a local blocksize limit, which will not be exceeded by a miner producing a block ii. The key idea behind Bitcoin Unlimited was that miners and users add parameters to their clients related to the blocksize limit. Bitcoin Unlimited was not just a client, but also a formal organisation, with a membership, by-laws, a president and membership voting. In small block circles, there was delight at this development, but also an emphasis on keeping this quiet, a ploy designed to keep the large blockers associated with this weak client. Converging on such a complicated and weak proposal was another monumental strategic error from the large blockers. However, when one looked in more detail at Bitcoin Unlimited, not only was it highly complex, it was also deeply technically flawed. Had this been the case, Bitcoin Unlimited was likely to be a far more successful proposal. One would think this would simply remove the blocksize limit cap and allow unlimited blocksizes. With Bitcoin Classic failing to gain traction, in the late summer of 2016 the large blockers converged on a new hardfork blocksize increase client, called Bitcoin Unlimited. The Blocksize War – Chapter 12 – Bitcoin Unlimited
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