At the beginning of Bitcoin's birth, Satoshi Nakamoto did not specifically limit the block size, and they can reach a maximum of 32MB under the control of their own data structure. At that time, the average packaged block size was 1-2KB. Some people believed that the upper limit of the block chain was too high to cause waste of computing resources and prone to DDOS supply. In order to ensure the security and stability of the Bitcoin system, Satoshi Nakamoto decided to temporarily The block size is limited to 1MB. However, as the price of Bitcoin soared, the number of users became larger and larger, and the speed of 7 transactions per second could no longer meet the needs of users, and the block began to become congested.
Block congestion is mainly reflected in the stacking of blocks, so the transaction time should not be extended unnecessarily. This situation got out of control around May 2017, when some users reported that the waiting time for transaction confirmation was as high as 4 days.
Users can pay higher transaction fees to speed up confirmation, but this makes Bitcoin unusable as a payment method, especially when it comes to smaller transactions. For example, using Bitcoin to pay for a sandwich or a cup of coffee is not acceptable, because buying a cup of coffee for $3 will incur a transaction fee of more than $15. Otherwise, the seller will not receive much money.
To this end, the Bitcoin community has proposed two possible solutions: Bitcoin Unlimited and Segregated Witness (SegWit). Unrestricted Bitcoin will completely remove the block size limit. Many miners agree with this plan because removing the block size limit not only prevents block accumulation, but also increases the overall cost of each block miner. Some Bitcoin developers are opposed to these two decisions. They believe that once these two solutions are implemented, the Bitcoin computing power will be monopolized by big miners, which violates the spirit of decentralization.
Later, someone proposed a compromise protocol called SegWit2x, which allows the block size to be increased to 2M, but this is still far from meeting user needs. As a result, various Bitcoin hard-forked coins began to appear, and developers split the network to actually create a new blockchain that covers the changed rules. When the split occurs, the original version of the cryptocurrency and the forked version have the same blockchain connected to the block. Since then, the two networks have existed independently.
The trend needed, Bitcoin Classic was born
Driven by market demand, Bitcoin Classic was born. Bitcoin Classic is a universal peer-to-peer electronic cash system that integrates all ledgers since the creation of Bitcoin. It successfully forked at the height of the blockchain at 630,000, creating a brand new chain. The total amount of Bitcoin Classic is constant at 210 million, all of which are generated through the proof-of-work mechanism (POW); after the fork, Bitcoin Classic opened its own path of independent development. Bitcoin Classic adjusted the block size on the basis of Bitcoin (from 1MB to 32MB), and the dynamic POW mining difficulty algorithm (DAA) adjustment, which can achieve fast transaction speed and low transaction fees.
With the advantages of low handling fee and zero confirmation, Bitcoin Classic can better play its function as a peer-to-peer electronic cash system. Bitcoin Classic has developed rapidly in the past year and has won the support of many wallet vendors because it uses 32MB. The Bitcoin Classic network has the advantages of non-congestion, low cost, and convenience, which has prompted it to be supported and used by many merchants. Moreover, in addition to payment scenarios, Bitcoin Classic has a wide range of application scenarios in poverty alleviation, small rewards, and color marking of certain addresses.
Because Bitcoin Classic’s payment system is more flexible, application development on the Bitcoin Classic chain is more flexible and diverse; many developers have joined the Bitcoin Classic development community, and the development community has developed various applications based on OP_RETURN data transactions. , And bind all kinds of data to the blockchain of Bitcoin Classic.
The goal of Bitcoin Classic is to become a world currency, free currency, so Bitcoin Classic expands the block capacity to increase the number of transactions that can be accommodated, and develops the avalanche protocol to complete 100% secure 0-confirmation transactions, so that users do not have to wait for new blocks to be mined. You can confirm the transaction in a few seconds. This can better make up for the lack of Bitcoin's function, because Bitcoin is high in handling fees and slow in transaction speed, and it is definitely not a world currency, so it can only be used as a store of value and act as a digital gold.
Returning to Satoshi Nakamoto’s original vision, Bitcoin Classic did it. Its concept is very consistent with the world currency designed by Satoshi Nakamoto. The purpose is to realize the vision in Hayek’s "Denationalization of Currency", through currency competition, and restrain the legal currency. Excessive inflation, the great vision of benefiting the world and protecting people from inflationary exploitation.
