Big Bitcoin fork sends out red envelopes for Chinese New Year

In 2009, Satoshi Nakamoto's paper "Bitcoin, a peer-to-peer electronic cash system" opened a new era. Since then, Bitcoin has drawn a blueprint for a better world for the concept of blockchain. In 2015, The Economist's "Blockchain, a machine of trust" ignited the revolution of the next generation of value Internet.

Bitcoin is decentralized, open source, transparent and shared, so Bitcoin does not belong to any institution, organization or individual, it belongs to all mankind. This means that anyone can download the Bitcoin source code from GitHub, compile it in a compiler, and change the parameter bitcoin to the project name they want, and then they can fork a new Bitcoin. Of course, a nonsensical fork of a competing chain will not gain community consensus and market recognition, nor will it have long-term vitality.

Demand promotes change, and technology promotes innovation. Bitcoin forks will be common.

We can analyze the value from three dimensions: problem improvement, function expansion and community support: 1. Has the forked coin solved the problem?

Bitcoin's performance bottleneck, small block capacity, low efficiency and other issues, 2. Whether the forked coin does not affect the security level

3. Does the community have stable core developers and whether it has the support of mining farms, wallet providers and

Wide support from users.

Below we will conduct a comprehensive analysis of the new forked coin BigBitcoin ( BBC) from the above three evaluation dimensions.

Big BitCoin (BBC) Basic Information  

As a new forked coin improved from Bitcoin, BigBitCoin (BBC) will be launched at the Bitcoin block height of 508888.

The fork is expected to be on February 16, 2018 (the first day of the Chinese New Year).

For users of Bitcoin, it is expected that they will receive a big New Year's red envelope from the BBC at a ratio of 1:10 on the first day of the Lunar New Year.

In terms of technical characteristics, the total amount of BigBit is 210 million, the block time is 2.5 minutes, the block size is 16M , and it adopts

EquiHash (GPU) consensus algorithm and zero-knowledge proof , support Segwit (isolated witness), replay protection, unique address

format, and introduce technologies such as smart contracts and lightning networks.

Infrastructure upgrade completely solves Bitcoin's expansion dilemma

As a digital currency, Bitcoin has two functions: storage and value circulation, among which the value circulation function is realized through transactions.

As a payment tool, Bitcoin currently has a transfer speed of only 7 transactions per second , and because miners usually prioritize transactions with high handling fees, if you only pay a small miner fee, you may have to wait for more than ten minutes to see the transaction result. Bitcoin transfers are so delayed that they are not suitable for high-frequency trading applications .  

The main reason for the low efficiency of Bitcoin transfer is that the Bitcoin consensus mechanism and block capacity are too small. Under the decentralized architecture of the Bitcoin network, transactions must wait for multiple confirmations to reach a consensus. Furthermore, Bitcoin uses a block capacity of 1M , which means that each block (average block generation time is 10 minutes) can only process an upper limit of 2,000 transactions. This calculation shows that 1 block is generated every 10 minutes, 144 blocks per day, and the theoretical upper limit of 2000x144=288,000 transactions per day is far lower than the 360,000 required by Bitpay. It can be said that the overall Bitcoin network is currently overloaded.

In order to solve the problems of Bitcoin's low performance and efficiency, BBC has solved these problems relatively perfectly through block expansion and function upgrades, including upgrading the block capacity of 1M to 16M, adjusting the block speed from 10 minutes to 2.5 minutes, supporting Segwit (Segregated Witness), introducing the Lightning Network, integrating existing advanced technologies such as Graphene, and pioneering the parallel chain matrix (PCM) model, as shown above.  

In terms of block expansion, the increase in block capacity means an increase in the upper limit of transactions that a block can accommodate, and the faster block generation speed means improved transaction efficiency. It is worth mentioning that the 16M block capacity of Bitcoin was originally conceived by Satoshi Nakamoto, but it was temporarily changed to 1M to prevent users from sending spam transactions. From this point of view, in terms of block capacity expansion, BBC is the most loyal forked coin to Satoshi Nakamoto's original intention .  

BBC innovatively introduced the parallel chain matrix ( PCM ) model. After the introduction of PCM , the main chain is similar to the Supreme Court, and the parallel chain is like the local court below to perform tasks . Through this combination of bus and branch, not only the space of the main chain is saved, but also the transfer speed is improved through parallel processing.  

In terms of other performance improvements, BBC supports Segwit, which can strip the signature part of the transaction, so that the total number of transactions that can be stored in each block increases, thereby improving the utilization efficiency of the block; the introduction of the Lightning Network provides a scalable micropayment channel network, enabling BBC to support high-frequency transactions; the introduction of Graphene technology can greatly improve the average confirmation speed and data throughput of the BBC blockchain.

As a new forked coin, BBC's performance improvement is not only better than Bitcoin, but also better than other existing forked coins. It can be seen that when the BBC main chain gradually deploys the above technologies, BBC can break through the transaction volume of tens of millions of TPS , which can meet the transaction requirements of Alipay, VISA, WeChat and major banks' online banking, which makes BBC have stronger commercial value and ease of use.

The security architecture has been upgraded to the highest TCSEC security level A1

Bitcoin was designed nine years ago, and the core of its security architecture is the elliptic curve public cryptographic algorithm and the hash function sha256 . However, with the development of quantum computers in the future, high-performance quantum computing may be able to obtain private keys through brute force, which will have a serious impact on the Bitcoin security architecture. Furthermore, the improvement of efficiency and performance is often at the expense of security features. The complexity of segregated witness and lightning network will also add additional security risks to the Bitcoin system.

In order to avoid these security issues, BBC has made a number of improvements in security architecture and security model, adopting zero-knowledge proof, supporting the zerocoin protocol, supporting replay protection, and adopting a new signature hash (SigHash) ; supporting optional encryption algorithms to cope with the cryptographic crisis in the quantum era; BBC also adopts a new difficulty adjustment algorithm (DAA) to cope with algorithm fluctuations.  

In cryptography, zero-knowledge proof is a mechanism for proving to a third party that a

Understanding of facts.

The following example shows that Peggy knows the password to the secret door inside the circular cave. Victor is willing to buy the password from Peggy , but before paying, he wants Peggy to prove that she knows the password. Because she is worried about not getting paid, Peggy is unwilling to tell Victor the password first . Zero-knowledge proof can solve this dilemma.

Victor can stand at the cave entrance and watch Peggy enter the cave. Peggy then reaches the secret door and uses the password to open it. She goes through the secret door and finally returns to the cave entrance via Path 2. Victor sees Peggy enter the cave via Path 1 and then return via Path 2 , which proves that she definitely knows the password to open the secret door.

BBC uses zero-knowledge proof and supports the Zerocoin protocol, and will become one of the most private financial security networks in the world.

In addition, in order to avoid fluctuations in computing power due to mining pool factors, sharp fluctuations in coin prices, and malicious mining, BBC adopts a new difficulty adjustment algorithm (DAA) to keep the algorithm stable by making trade-offs on difficulty targets, such as responding to sudden changes in computing power, preventing timestamps from being manipulated, and block production (and inflation) plans.

Compared with the industry security standards, through the transformation of the security architecture level, BBC 's security level can reach the highest TCSEC security level A1 and the highest level EAL7 of the Common Criteria CC .  

A complete community ecology supports the healthy development of the BBC ecology

In the world of blockchain, the role of the community is very important. Facing the competition from so many forked coins with superior performance, Bitcoin still maintains its leading position, thanks to Bitcoin's widely-consensus community ecology and strong community culture. Therefore, BBC attached great importance to the construction of community culture at the beginning of its design.

At present, BBC has obtained strong support from a large number of mining pools, mining machines, and miners around the world, and these mining pools will strongly support the development of BBC. It is reported that third-party wallets such as Bitpie and CloudChain have confirmed to support BBC and will support the withdrawal of BBC after the mainnet is launched. BBC also has a core development team and has achieved extensive cooperation with global technical teams, universities, blockchain laboratories, developer communities, etc., and also has the support of the original large Bitcoin community. After BBC goes online, the team's focus will shift to system development and improvement and community operation.

Summary: BBC blockchain is not only the epitome of today's advanced technologies, but also an innovator who dares to break through technical difficulties. This fork has made substantial upgrades in basic technology, transaction performance, security performance, etc. compared to the Bitcoin network, and is a revolutionary fork feat. I believe that with the careful operation of the BBC team and the deployment of smart contract scalability, BBC application scenarios will continue to be enriched. BBC will also attract more outstanding talents to join, and eventually form a good, motivating, and interactive community culture.