What is Bitcoin called after the fork (Postscript to the Bitcoin fork)

What is Bitcoin called after the fork, according to Bitcoinist?

According to statistics from bitinfocharts, the current block height of Bitcoin is 10,295,000. “Difficulty adjustment” refers to a program executing specific rules on the network to adapt to new transaction logic. Since this algorithm has been around for a long time, it is called “mining”. To sustain this situation, “mining” is a more secure and efficient way than the proof-of-work mechanism. “Mining” requires a large amount of electricity and computational power to maintain stable system operation.

Postscript to the Bitcoin fork

Editor’s Note: This article is from BitBond007, author: Block Detective, authorized reprint by Odaily Star Daily.

The postscript to the Bitcoin fork is unfolding. It has been ongoing since the first “block reward halving” on January 11, 2009, and lasted until the end of October 2013. Then, last December, Bitcoin was officially born.

However, this time it is a new story because many people thought it was just a concept. But it was actually simple—one version initially had two hard forks, both consisting of a large transaction, “two little dogs” and “one chain,” which sparked community discussions. But later on, everyone found that “there was no connection between these two chains.” So many people felt that “we now realize that we really don’t need mining.”

So the question is, “Why would you say that? Shouldn’t they mine some new tokens?”

Although some things did happen, for example, Adam Back, the CEO of Blockstream, the earliest Bitcoin Cash development company, tweeted that he plans to create a blockchain network called Chainlink to address the issues of the Bitcoin core consensus protocol. “If these things can be achieved, it will be a very powerful technological breakthrough, making the Bitcoin ecosystem stronger… I don’t think this will have much impact on cryptocurrencies, so we decided to introduce a brand new, trustless network solution. That’s why I named this solution ChainLink,” he added. “This is the most controversial thing about upgrading the Bitcoin core protocol right now.” Finally, he also stated, “When we consider the possibility of a new blockchain in the future, I do not recommend such operations anymore.” Some even questioned, ‘What do you want to do?’ or ‘Do you want to make Bitcoin a true store of value by changing the existing technological approach?’ Some people supported this statement. In fact, one of the founders of Bitcoin, Peter Schiff, expressed similar views at the end of 2011, “Either to improve efficiency or to create a better user experience.” “That’s right, Bitcoin is a new type of digital asset that people have a great demand for. It is built on a trusted and transparent foundation. Its working principle is different from that of gold—it provides a more secure way to exchange goods or services. Bitcoin is essentially a peer-to-peer electronic cash system designed to eliminate barriers for third-party intermediaries, reduce payment costs, and avoid risks such as fraud.” Although many people are worried that Bitcoin may be replaced by other altcoins, in February 2020, the price of another mainstream cryptocurrency, BTC, plunged to around $4,000 and then rebounded, reaching a new all-time high earlier this year. However, as time goes on, more and more investors are paying attention to the Bitcoin market, and Vitalik Buterin, co-founder of the Ethereum Foundation, also admitted that…