15
Jun

Bitmain announce UAHF and talk about the future of Bitcoin

The deadline of 1st of August is slowly approaching, and everywhere you can hear pro and cons opinion. Before going on with our article, a little disclaimer is needed: we are not affiliated with Bitmain, Core Dev Team or any others part included in this article. So, what you are going to read is our thinking, nothing more, nothing less.

Anyway, today, Bitmain, one of the biggest producers of mining equipment, announced on its blog (https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/) its intentions about UASF.  Bitmain (BTM) said what everybody with a little of an active brain is thinking during last days: UASF is nothing more than propaganda, is the Dev Core try to implement SegWit without having the majority of consensus required. Bitmain, simply declared war to Dev Core. With this post, Bitmain tries to take the distance from UASF and try to define the future of Bitcoin.

bitmain antminer logo

Before go further about what Bitmain said let’s define what we are talking about:

UASF: User Activated Soft Fork. Developers add a mandatory rule set to change the node’ software, invalidating certain kinds of previously valid blocks after a flag day. This method requires no mining majority to support or activate a chain-split. The UASF proposal intends to make a 51% attack against the blockchain that has the majority of economic activity, and this attack is called a “Wipe Out”.

UAHF: User Activated Hard Fork. Developers add a mandatory rule set to change the node software. These changes make previously invalid blocks become valid after a flag day, which do not require a majority of hash power to be enforced. Nodes with the rule set changes will follow this chain irrespective of its hash rate. The UAHF proposal is a peaceful and voluntary departure of different community members who have different opinions or visions, and it is not intended to make an attack against other blockchain(s), even if the UAHF chain has the higher hash rate.

(from Bitmain’ Blog,  here.)

Bitmain (BTM): one of the biggest miner equipment company out there. Actually is one of most  (if not the most) perfmorming company. This mean that when miners want to increase their Hashing Power, often bought their new mining rings from Bitmain. The reason of this is very simple: the Bitmain’s equipments are more performing and efficient than others. This mean than, for the same quantity of hashpower, Bitmain’s equipments consume less energy than competitors. Another point in favor of Bitmain is that this company produce its equipments in large quantities, so quite always what you want to buy is ready to be shipped (some other companies have a limited production per day, so you have to wait some time before receive your equipments).

 

This last part is so important: it means that Bitmain has a relevant position in the Bitcoin Mining Economy (not only for its mining pool), and a miner will think two times before making a wrong to BTM. This is why this announce is so important for the future of Bitcoion.

In the first part of its post, Bitmain said its intention to offer a software to prevent UASF activation. Let me talk sincerely: this is nothing more than trolling. It’s quite impossible that UASF will see the light, and if it will be, the UASF chain will be a very small fraction. The second part is more interesting because

The second part is more interesting because Bitmain talks about the future of Bitcoin (at least for what regards Bitmain). BTM basically announce that it will be the next leader in the Bitcoin Software Development instead of Core. Simply. BTM claims that, on 1st of July, at least 3 clients developed by BTM will have a protection against UASF. But probably this software will have some commands to take Bitcoin to a hard fork, with block size increased at least to 2 MB.

These are the points proposed by Bitmain:

  1. Blocksize: BTM thinks that Bitcoin needs a scheduled increase of its block size. This is BTM timeline:

bitmain blocksize

2) SegWit: to prevent malleability and, eventually, introduce LN (Lighting Network), BTM has nothing again SegWit introduction, BUT a SegWit version with no economic incentives about LN. This is the real difference between Core and Bitmain SegWit.

3) Rootstock: probably the main innovation. It’s not a secret that Rootstock is funded (partially) by Bitmain, and it’s not a secret that it’ll require a dedicated software to work correctly.

 

So, this is not a common blog post. This is a manifesto. This is an open war declaration to Core. The prize is the Bitcoin Developer Leadership and the future of Bitcoin (since Bitcoin is a software). Now we have just to see who will win. Before the end of this soap-opera, the only victim will be Bitcoin (uncertainty = confusion = “wtf, sell all the Bitcoin until I don’t understand what the hell will be”). Anyway, we are glad to Bitmain’ war declaration: this will certainly move the things, and only the best alternative will survive. Competition means innovations and this is what we want for Bitcoin. Doesn’t mean if will be Core, Bitmain or someone else, just DO IT! It’s the only way to improve and evolve Bitcoin, the coin of freedom and liberty.

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