The Three Major Bitcoin Protocols Explained

Bitcoin, the blockchain-powered cryptocurrency has been growing steadily in size and scope since inception in 2009. Not only has the value of the bitcoin currency grown to represent over $10 billion of notional value, but its network, too, has grown exponentially. During this expansion, the system began to experience some growing pains, mainly associated with scaling up to accommodate the larger number and frequency of transactions, while at the same time preserving the virtues of privacy, security, and low transaction costs. The original protocol, written by the anonymous Satoshi Nakamoto has become known as Bitcoin QT or Bitcoin core, and what has resulted is three competing versions of the Bitcoin protocol: Bitcoin Classic, Bitcoin Unlimited and BitPay Core. These three attempts follow the controversial roll-out of Bitcoin XT, which would have increased the block size to 8MB, and was largely rejected by the community. (See also: Can Bitcoin Hard Fork?)

Bitcoin Classic

Bitcoin Classic seeks to mitigate the problem of more transactions, which are causing transaction backlogs and increased transaction costs, by increasing the block size – the number of kilobytes in a block of transactions – from 1MB to 2MB. According to Bitcoin Magazine, 2MB

Read more ... source: TheBitcoinNews

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