Ethereum: Why Bitcoin will add further sharing, you will need a hard fork
As the world’s largest cryptocurrency, according to market capitalization, Bitcoin has long been considered a safe and decentralized digital currency. However, one of its restrictions was the lack of division in excess of 1 BTC. In fact, adding additional Bitcoin sharing will require a stable fork, which is a significant change that requires consensus between all network nodes.
Current Sharing Problem
Currently, the size and operating limit of the Bitcoin block is designed to adapt to exhaustive coins. Although it allowed to grow and adopt rapidly, it also creates restrictions on scales and convenience. As more and more people and companies want to use Bitcoin as a form of payment or value, the network is becoming increasingly overcrowded.
One of the main problems of current sharing is that it limits the number of operations that can be performed over time. This means that if many consumers try to send Bitcoinus at the same time, the network will become shocked and slow down or even experience a “block circuit block”. In addition, this restriction also causes an incentive to focus on complex mathematical problems rather than testing transactions that can increase energy consumption and environmental impact.
Adding division 1 btc
To resolve these restrictions, Ethereum has reviewed a variety of offers to add 1 BTC sharing. For example, the Ethereum Network Improvement Offer (EIP) 1555 offers a new border 2. Block^1024, which would allow you to operate more often and improve scaling.
However, one of the main reasons why a solid fork is needed is that the current Bitcoin Consensus algorithm is not intended to apply a division of 1 BTC. Bitcoin’s work (POW) consensus algorithm proof is based on complex mathematical problems to protect the network, but mining is also needed to solve these problems with a relatively small size of the block.
Why do a hard fork are needed
The hard fork will need a comprehensive protocol, Ethereum and Bitcoin protocol and overhaul of architecture. This also includes the restoration of the evidence of work, the algorithm, the modification of the mining process and the definition of network architecture.
Simply put, if we want to add a division after 1 BTC Bitcoin, we need to change its design significantly. It requires a lot of work and resources that are difficult to do with the current infrastructure.
Hard fork benefits
While you need to add 1 BTC to improve scaling changes and convenience, it is worth noting that the cost exceeds the benefits. Should have hard forks:
- Ethereum Network Improvement Amendments (EIP) 1555
- Updates with an employment contract algorithm
- Modification of the mining process
- Definition of Network Architecture
These changes can increase the safety, scale and application of all users.
Conclusion
In conclusion, Bitcoin will actually require a stable fork to add further division. While this may be an ambitious company, it is very important to consider the long -term consequences of such changes. If done properly, a hard fork can unlock new options for weights, convenience and safety for both Ethereum and Bitcoin.
However, if we want to take significant measures in these areas, we must be prepared to face the challenges related to the introduction of the main protocol. This includes work on improving our infrastructure, modification of our unanimity algorithm and our network architecture.