Author: Peter R 2017-03-25 20:28:44
Published on: 2017-03-25T20:28:44+00:00
The possibility of a blockchain split is a primary concern for businesses such as Coinbase and Bitpay, as well as most miners, in the coming network upgrade to larger blocks. To reduce the risk of a split, techniques that have been successful in soft-forking changes can be applied. One technique proposes that once a super-majority of the network hash power has upgraded, miners should begin to orphan the blocks of non-upgraded miners, serving as an expensive-to-ignore reminder to upgrade. Another technique suggests that if a minority branch emerges, majority miners would continually re-org that minority branch with empty blocks to prevent transactions from confirming, thereby eliminating replay risk. In both situations, changing the proof-of-work and starting a spin-off from the existing Bitcoin ledger is suggested for those who do not want to abide by the current ruleset enforced by the majority. In response to concerns about a 50% attack, it is suggested that worst case scenario involves bitcoin surviving and the invalid chain becoming an alt. The fear is that centralized mining power could be used to attack the valid chain with intentions of killing it.
Updated on: 2023-06-11T22:30:40.254295+00:00