One of the hot topics in the world of Bitcoin and virtual currency over the past week has been the announcement of “network stress tests,” to be executed by Coinwallet.eu. It goes without saying that these “stress tests” were greeted with mixed reaction, as some people saw the advantages of it, whereas others openly opposed this idea. In the end, the stress testing never took place, which can only be seen as a positive result.
Coinwallet’s Bitcoin Network Stress Testing
The basic idea of Coinwallet stress testing the idea, is by sending a ton of transactions in rapid succession and seeing how the Bitcoin network handles that influx. With new Bitcoin blocks being discovered every 10 minutes, a huge amount of transactions being broadcasted at once could cause quite a few delays in terms of getting confirmations.
However, as the Bitcoin network grows, more and more transactions will be broadcasted to await network confirmations. This is why the recent block size debate was such an important issue, as it would also increase the number of transactions to be confirmed every 10 minutes. That debate is far from over though and will most likely carry on for another few months.
A large part of the Bitcoin community was not amused with the announcement made by Coinwallet, as they strongly feel that this stress test is a blatant attack against the Bitcoin network. While that point of view is a great source of controversy within the Bitcoin community itself, public outrage led to the stress testing being cancelled.
Some reports indicated that the Bitcoin network stress test could be seen as an “illegal action” in certain countries. According to Coinwallet, this is not the case, as the company has allegedly talked to several lawyers across various jurisdictions, all of whom have given the green light to proceed with this project.
You can be sure that it will not be the last time the topic of Bitcoin network stress testing is brought up. As long as the block size debate is not resolved in a proper manner, there will always be a case for “burdening” the Bitcoin network to test its resilience. Even though the Bitcoin network is extremely secure, it has never been put through the wringer on a large scale at the same time.
Handing Out Free Bitcoins
Coinwallet is a team of very sly people, as they still found a way to stress test the Bitcoin network without sending the transactions themselves. On the Bitcointalk forums, one of their representatives is posting Bitcoin wallet private keys, belonging to several addresses that may or may not hold funds. Doing so creates a strain on the Bitcoin network, as multiple people try to import these private keys and take out as much funds as they can.
As you would come to expect, some people have created scripts to systematically empty these Bitcoin wallets. Every transaction contains a small amount of funds and by setting the interval at a random amount of seconds, hundreds, if not thousands of transactions are broadcasted to the network. In the end, the network is still being stress tested, to much chagrin of the Bitcoin community.
Coinwallet claims to give away 200 Bitcoins over the next few weeks, which means there will be many small transactions flooding the Bitcoin network for a while. However, getting your hands on one of these private keys before it has been emptied will prove to be a difficult task.
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