If the only defence of your policies is to silence your critics, the chances of your ideas being the wrong ones are pretty high.
Over the past week, CoinGeek.com has suffered through several distributed denial of service attacks (DDoS). The first one was a big one, and we had to upgrade our defences. Thank-you to the beautiful people at Cloud Flare, subsequent attacks have caused minimal disruptions.
On Thursday BitcoinSV.io was hit with a massive DDoS attack.
The attack comes soon after the website published a listing of wallets, block explorers and other business and services that have chosen to add their support for Bitcoin SV after the ABC decision to move away from Bitcoin BCH.
The timing of these attacks could be coincidental, but the timing of the attacks is somewhat suspect. We won’t cast aspersions towards any of the bastions of free speech in the bitcoin community, but it does highlight a problem with society in recent years.
I was always led to believe that you let your opponent talk and you listen. You present your well-reasoned arguments and allow the better ideas to succeed for the betterment of the society.
With their most recent changes, 5th since the upgrade, ABC’s critics continue to grow. People are critical on social media, and now the mainstream tech press is starting to join the chorus of critics admonishing the Bitmain and Bitcoin.com funded group of developers.
TNW, formerly known as The Next Web, has written a scathing article titled “Bitcoin Cash ABC update exposes potentially catastrophic vulnerability” where it highlights the vulnerabilities opened up by ABC’s slapdashed approach to blockchain development.
For many on Twitter, the checkpoints are a bridge too far as it removes the security provided by the proof of work principal as laid out in the original whitepaper, with many saying and we agree, that ABC is no longer Bitcoin.
The move removes the trustless decentralized system, and it allows a “trusted central authority” to publish these checkpoints. Ask yourself, whom do you trust? Roger Ver, Jihan Wu or Amaury Sechet, I’m sure they’re all nice people to share a meal with but do you trust them with all your money?
DDoS attacks, several updates untested updates and all manner of collusion with wallets and exchanges seem like the actions of desperate men.
There are rumours that the Chinese government is behind this or there is a secretive cabal trying to control the chain for nefarious reasons. I believe it’s much simpler than a crazy conspiracy; this is about plain old-fashioned greed.
The group is desperate to make Wormhole token a thing. Back in August, there was an offer, 1000 wormhole tokens for every BCH burned. This 1000-1 ratio isn’t for everyone, the general public would be and will be offered 10-1 rate when wormhole becomes a widely accepted token.
My sources tell me that Jihan, Roger and a few trusted allies either orchestrated or took advantage of this 1000-1 proposal.
Despite crowing from Ver, the hash war isn’t over and as the chorus of dissent against ABC’s move away from Bitcoin grows louder, and the support for SV swells, we expect more attempts to silence the critics but you can’t DDoS the planet.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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CoinGeek announces it will partner with nChain, the blockchain research & development firm, on the Teranode project to create an enterprise-class full node implementation for Bitcoin (BCH-SV). nChain announced Teranode at the May 2018 CoinGeek conference in Hong Kong, and CoinGeek will now provide additional funding and business support for the project. Teranode takes the original Satoshi Vision to the next level. It will enable the true Bitcoin, now represented by BCH-SV (Bitcoin SV), to massively scale to terabyte (1 million megabyte) size blocks, 7 million transactions per second, and global enterprise usage.
CoinGeek and nChain believe terabyte-size blocks are viable and necessary for the Bitcoin BCH-SV blockchain to become the global public ledger of the future. A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second. The scale of a network with 1 TB blocks would be immense, and enable BCH to power not just monetary transactions but token, smart contract, enterprise application, and machine-to-machine data transactions of many types.
Teranode is the next evolution of Bitcoin SV, the new full node implementation for Bitcoin Cash (BCH). Bitcoin SV is currently competing with Bitcoin ABC in a miners hash vote to become the ruleset for BCH. Developed by nChain at CoinGeek Mining’s request and owned by the Antigua-based bComm Association, Bitcoin SV seeks to fulfil the original Satoshi Vision for Bitcoin. It will restore the original Bitcoin protocol, keep it stable and allow it to massively scale. This path is critical to give major enterprises confidence to build their projects on top of the Bitcoin BCH-SV blockchain. Having Teranode planned for the future is another reason why miners and businesses should now choose Bitcoin SV.
Teranode is unique because it will not be a monolithic “one size fits all” implementation. Instead, the project separates four core functions into a modular microservices architecture approach – making a separate Business (RPC) Layer, Network (P2P) Layer, Process Layer and Storage Layer. This microservices architecture allows a business to customize for its needs, and provides several advantages:
• Each component may have multiple implementations that can be easily swapped out for a particular company and its industry needs.
• Components can be written using different computing languages, tools and hardware that are best suited to their particular purpose, rather than having to make a single choice for the entire node.
• It enables massive on-chain scaling capability. A network aware interface like zeroMQ means components can, but do not necessarily need to run on the same machines. As scaling requirements grow, the components can be further broken down and clusterized to match any foreseeable load requirement.
In addition, the Teranode project will seek to solve a technical issue that arises with a massively scaled Bitcoin network with TB size blocks: how to optimize the unspent transaction output (UTXO) database maintained by nodes to prevent double-spending of Bitcoins. Determining the correct amount of coins associated with each output is an essential set in the validation of a new block. With massive transaction volume possible in 1TB blocks, the UTXO database would also grow immensely. Teranode will seek to deliver a microservice API and software implementations that can support the throughput required for gigabyte (1000 MB) and then TB size blocks.
nChain’s Director of Solutions & Engineering Steve Shadders comments:
“Teranode is my baby. The first prototypical iteration of Teranode was just born after the November 15 hard fork of BCH. As we are watching Bitcoin SV in real-life action, we are studying performance hurdles and building new solutions for the enterprise-class Teranode. It’s time for Bitcoin to grow up and professionalize. We appreciate CoinGeek’s support in that journey make Bitcoin useable for the world’s major enterprises.”
CoinGeek founder Calvin Ayre adds:
“I was thrilled to see Bitcoin SV recently mine the world’s first 64 MB block on Bitcoin, and I know we can achieve even bigger blocks. As a mining group, CoinGeek wants to see massive on-chain scaling to unleash the blockchain’s true power and so miners can earn more transaction fees. We believe Teranode provides that path to fulfil the true Satoshi Vision, which is now represented by Bitcoin BCH-SV.”
To learn more about Teranode and Bitcoin SV, come to the CoinGeek Week conference in London, UK, November 28-30 (with an advance Miners Day on November 27). Get information and tickets at https://coingeekweek.com/
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
The post CoinGeek partners on Teranode project with nChain; enabling path to 1 terabyte blocks and 7 million transactions per second for Bitcoin Cash (BCH) appeared first on Coingeek.
