The recent Blockchain Split Attack {BSA} on Slothcoin almost looks like an omen now. Thanks to the Slothcoin community this attack was countered succesfully. We are back on the longest chain version and the one with the most added difficulty work done. And it was driven mostly by sentiment. We want that coin to move in the spirit of the Sloth itself. All good things do take time. While figuring out ways to counter this short-, mid- and longterm I was suprised when I noticed that the Bitcoin community actually seemed to be playing with the same scenario. Just by being strongly divided amongst the ranks. Where there is a huge risk of a Blockchain Split {BS} any time soon. Buckle up and get real people! Move aside your ego, look at your common interest in this!

Dash is moving in fast, it has a future with Decentralized Apps, more fast and efficient than Ethereum ever could have been. Remember the Ether fail? Seen DASH rush to the next level lately? Sometimes it is quite a challenge to convince others, even if facts beat the others point of view. It is hard to argue with gut feelings. The hart is good at making decisions, yet it is at matters of the hart. In love I would not even think about my mind making choices. Yet, what we have got here is failure to communicate, on a pure logical scientific based level. Power struggle is a trick of the ego, but who really loses if one would let ego decide over science, especially with the need for innovation in the Bitcoin realm...

What SegWit really can do

Segregated Witness is a Bitcoin softfork. Meaning that even if one does not update, the wallet still will work the same. But if one does it will secure transactions better. That is for the benefit of all. Yet, it needs SegWit activated to be able to do so. Besides that there will be bugs fixed and the network itself will get a very noticable speedup. Something that is really needed in the Bitcoin realm right now. Also huge transactions, lots of in- and outputs, will spead up, even when put into larger blocks. That is good news. If you ever tried to move all your transactions into one storage address you know how it makes sense to improve that. This will give an absolute speed boost to the Bitcoin (CORE) network.

Scripting will be updated, to become more flexible in pratice. And one thing that I think might be something more different types of blockchains will move to is the use of so called 'sidechains'. Where the mainchain is being used for transactions, maybe even more and more in large quantities, where sidechains get a unique function. The mainchain would be the one that values the Crypto Fiat valuta attached to that blockchain. While part of that value can be stored in an address that has some script defining a Decentralized App running that is being used by a group of united local coffee farmers. Taking care of international business, cutting out the middleman, boosting productivity, making sure they get the right price and so on. With SegWit consensus this could be possible soon.

Unlimited scaling, in steps

SegWit will speed up transactions, thus speed up the block construction and confirmations. And in contrary to what has been brought up in arguments against the activation of SegWit is that it will scale. It will quadrupple the blocksize to almost 4 MegaByte per block. It will slim down the data, effectively raising transaction space available, so it will scale. And with all the other innovations it will be able to speed up the complete Bitcoin (CORE) blockchain network. So, for me it is really weird to read arguments against SegWit that actually seem to be more of an ego issue. And I know it can be difficult to accept being overtaken by reality, it can feel like a defeat, if one lives in a realm where competition is almost an addiction. The adrenaline rush, many of us can relate to that. But at some point, it would be wise to alow reality to get back in.

The maximum blocksize that comes with SegWit is a huge step. And it can always be raised more, there is a big developement team working on the constant evolvement of Bitcoin. (If only Slothcoin had that.) So, the 4MB blocksize limit will be the next step forward. It is not like it is being suggested to go back to 100K blocks right? And with this scaling option there blockchain data growth will be at about 205 Giga Byte per year. If that were to double it would almost be half a TerraByte growth per year. And at some point that might be needed, just like purging and compression, if blocksize were to go towards 10 MegaByte per block. Yet, it seems logical to me to scale it in steps. Maybe add a multiplier, where miner consensus might decide what to use for the next upscale.

The risk if not SegWit

With the recent attack on the Slothcoin blockchain with the use of an outdated version, with the apparant goal to split it, I could not help but to see it as an omen as what could happen to Bitcoin. Now there was a lot of united mining needed for days, even getting in some heavy loaded miners to take difficulty to WOW! levels. Because not only was it needed to secure the longest blockchain by the majority of the latest Slothcoin version, it needed to have a combined added prove of work weight, to secure it solid as concrete. Finaly the Slothcoin community succeeded, and mining is now back again at a typical SLOTH pace. Now, that is a network of almost sentimental Sloth loving people. Nowhere compaired to a Bitcoin scale.

It made me wonder though. This scenario, even if it was not done on purpose, could be a big warning to the Bitcoin community. And need I say Ethereum? It might be good to have different developement branches, going at a challenge each from an unique point of view. Still at the end of the day, for the benefit of all, it is best to unite again. There is a real risk of a Blockchain Split ahead. Where one chain might need to use a different name. BTC can still stand for BiTcoin Core. And maybe one or even two different blockchain splits will occur. If enough mining power is thrown at it. Although SegWit will still have its advantage there, so my bet is on BTC {BiTcoin Core}.

Only the SegWit Bitcoin Blockchain will keep its value

If for any reason the Bitcoin community stays divided, supporting differnent developement branches then a split might be realistic. In the meantime also part of the Litecoin community has jumped on the SegWit support wagon. And that might be a game changer. SegWit is going towards 30% in the ninth period, not even being at half time. Moving towards activation soon would make transactions cheaper and faster. More transactions in a block, would make it for miners more interesting too. And I think when it really looks like SegWit is going to be on its own blockchain, caused by a split, then that will be considered the 'real' Bitcoin. Meaning a lot will still move to SegWit...

The ones that support a blockchain split will probably have a huge loss fort their investment. If they move away from the 'real' Bitcoin (CORE). At least that is what logic tells me. Just look at Ethereum classic, and I rest my case... Because miners that now still want 'endless' huge blocks, would not want to mine for a dime, on a blockchain split. Even the most carefull price prediction would have Bitcoin (CORE) go towards 3000 US Dollar this year. Now, it you even could mine for 6.25 BTC, getting 18.750 US $ worth per block. Or get 'huge' blocks with the split one's only worth 0.30 US $. What do you think those miners would choose? They would finally choose eggs for their money, as they say here in Nederland. And that is what I'm counting on.

As always

A reminder, to only put in what you are willing and able to lose. Also in this realm a lot depends on speculations. In my case meaning that I use a crystal ball, tea leaves, three pigs, a bucket and some truffels. Besides some logic and science.

Have a good one!

100% PUP {Power Up Post}!

image license CC0/Public Domain, edit @oaldamster,
orginal courtesy of Michael Wuensch at PixaBay