• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: DOJ Takes Down Mt. Gox Hackers For Multi-Million Dollar Crypto Theft
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DOJ Takes Down Mt. Gox Hackers For Multi-Million Dollar Crypto Theft
BitMEX: Not Competing with Bitcoin Core?

BitMEX: Not Competing with Bitcoin Core?

Emilio Janus by Emilio Janus
5 years ago
in Bitcoin core, News, News teaser
0

An article appeared on the BitMEX blog this week comparing competition to the Bitcoin Core software project. It concluded that, even if the Bitcoin Core repository were hijacked or deleted, Bitcoin should remain largely unaffected.


Competing Approaches

BitMEX initially considered three different ways to compete with the Core project prior to examining at arguments for and against them. The types of competing projects fall into the following categories:

Competition between chains: A competing project which deliberately changes the consensus rules to the current implementation. Both soft and hard forks fall into this category, and the potential risk is that this could split the coin into two chains. Although, of course, this could be the intention.

Whilst competition over the consensus rules can allow bitcoin to adapt over time, too much disagreement risks damaging the stability of the coin. This kind of competition should therefore only occur with widespread community support, or by launching a new coin.

Competition between independent implementations: A reimplementation of bitcoin without using the Core code. This could be to streamline or utilize the benefits of a different programming language. The risk here is that any difference to the consensus behavior may cause an accidental chain split.

A diversity of clients would be a key strength against any bugs in a dominant implementation (such as the recent CVE-2018-17144 bug). However, this form of competition was strongly opposed by Satoshi Nakamoto, who famously said:

So much of the design depends on all nodes getting exactly identical results in lockstep that a second implementation would be a menace to the network.

Other competing software projects: These neither change the consensus rules nor re-implement the codebase. Achieved by creating a software fork of the project and making only non-consensus changes. BitMEX claim that these projects are neither risky nor controversial, as far as they can tell.

Who’s in Control Here?

Bitcoin Core doesn’t control Bitcoin’s (BTC) [coin_price] consensus rules, rather they are defined by the clients that significant users currently run. Whilst these are typically previous versions of the Core code, the Bitcoin Core software project cannot force users to upgrade or change.

If a malicious party hijacked or deleted the Bitcoin Core repository, this would not affect the clients that users are currently running. Further maintenance could simply transfer to a different repository or repositories.

Oh, and by the Way…

BitMEX also announced their own new client to compete with Bitcoin Core, Bitcoin BitMEX Research. This falls into the “Other competing software projects” category. It is a software fork of Bitcoin Core, so is “bug for bug compatible,” and doesn’t change any consensus rules.

BitMEX suggests that even if Bitcoin Core is deleted or hijacked, the codebase can still be developed from their new repository. So we can all breathe a sigh of relief…

What are your thoughts on competitors to Bitcoin Core? Don’t hesitate to let us know in the comments below!


Images courtesy of BitMEX, Shutterstock.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Emilio Janus

Emilio Janus

Related Posts

Crypto.ro and Binance Unveil the 3rd Binance Meetup in Romania, Set in Timisoara

Crypto.ro and Binance Unveil the 3rd Binance Meetup in Romania, Set in Timisoara

2 weeks ago
Gemini

Gemini To Launch Non-US Crypto Derivatives Platform

2 months ago
Nasdaq

Nasdaq Targets Mid-2023 For Crypto Custody Launch

3 months ago
Crypto.Com Became The10th Largest BONE Holder

Crypto.Com Became The10th Largest BONE Holder

3 months ago
Hong Kong

Hong Kong Set To Welcome Prominent Crypto Data Firm

3 months ago
crypto conference the alliance

Crypto.ro Announces “The Alliance,” a Highly Anticipated Crypto Conference in 2023

3 months ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    1 week ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    1 week ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    1 week ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Best Altcoins To Buy Today June 10th

    4 hours ago
  • Open AI’s CEO Raises 100M for its Crypto Project...

    6 hours ago
  • Dogecoin (DOGE) Price Prediction: Cardano (ADA) Trying To...

    11 hours ago
  • What Does Recent Coinbase Lawsuit Mean For Ethereum and...

    11 hours ago
  • As PEPE Continues to Fall, Smart Investors Are Putting...

    12 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.