What I learned About Segwit2x,Replay Attacks as A Dummy.
Would you like to know what i learned about segwit2x and replay attacks as a dummy ?
Segwit2x is scheduled in October 2017
This is the hard fork which has taken the bitcoin community with a storm, from experts to beginners are all enthusiastic about the segwit2x hardfork.
Segwit2x in simpler terms is all about increasing the block size of the bitcoin blockchain.
The reason why segwit2x is creating all that buzz is that because for it to be implemented it requires the legacy nodes to update, which are the original nodes of the bitcoin blockchain that have never been upgraded.
This requires being implemented with the original protocols with which the bitcoin was first created.
Since this hard fork would change the weight of the block, which increases the workload of nodes and will have a drastic effect on the bitcoin miners.
Segwit2x Proposal
- Changes in code of segregated witness
2.change the block size to 2mb, from 1mb
3.set a timeline for increasing the networks block size - consensus to increase the size within 3 months from activation.
What are the Advantages :
1.the transactions on the blockchain are limited to 1 MB per 10 minutes, changing the weight will decrease the approval time.
2.As we pay a fee to miners to make a transaction , the limited block size has resulted in the hike in transaction fees, which may drop down when implementations are made.
What are the Disadvantages :
1.Increasing the block size makes the nodes more costly.
The role of Replay Attacks in segwit2x.
when there is a split in blockchain, the old and new blockchain both will hold our coin and if the attack is not controlled then there is a high risk that the system would collapse, making sure there are tremendous swings in the market cap
what will the replay attack do?
if we were to send a coin in the new chain, then this transaction could be copied and sent on the other chain as well which indirectly seems to me as sending free coins to few lucky people
this may also result in users receiving both coins when we plan to send only one, of course, this will happen only when there is some malicious activity involved.
let me know what you guys think about it , lets also guess the price variations that could occur
see you in comments below LOL.
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