BitCoin New York

BitCoin New beginning

01 Origin and History of Bitcoin

02 Bitcoin Problems

03 Bitcoin NewYork Feature

04 What is Segwit2x?

05 BITCOIN NewYork (BTC2) birth

06 Improvements in BITCOIN NewYork (BTC2)

07 Advantages of BITCOIN NewYork (BTC2)

08 ProgPOW ?

09 Conclusion

The Origin and History of Bitcoin

  • 2008
    Satoshi Nakamoto published a paper titled "Bitcoin P2P e-cash system"
  • 2009
    Bitcoin disclosure to the world.
  • 2010
    A programmer in Florida bought 2 boxes of pizza with 10,000 bitcoins.
  • 2011
    One-bit coins jump from around US$0.3 to US$32 and return to US$2.
  • 2013
    - A technical defect was found in March and a branch of the block chain occurred
    - On April 10, it reached a peak of US$266, falling to about US$50
    - May $3.6m worth of Bitcoin were seized from online black market Silk road by FBI.
    - A technical defect is found and block chain branching occurs
    - In October, a bitcoin ATM was introduced in PanCouber, British Columbia, Canada.
    - On November 19th, in the United States, virtual currencies were recognized as legal financial services
  • 2014
    - Problem detection that transaction ID is falsified
    - Emphasize the importance of Private key management
  • 2017
    - 1 BTC went up to 8,000 $ up( Rise of $ 20,000 on December 17)
    - November 16, 2017, marks the Bitcoin Independence Day.
    - A soft fork was decided to address the BTC problem by introducing the Segwit2x method.
  • 2018
    - Bitcoin was approved as a currency to be transacted on the lightening network.
  • Recent
    - 1BTC About $7,000 (2020-04-06)

Bitcoin Problem

SCALABILITY

TRANSACTION
MALLEABILITY

What is the Solution?

Bitcoin NewYork
Feature

  • 1. Measures to defend against Transaction Malleability attacks
  • 2. Block size 1M -> 2M change (Segwit2x)
  • 3. Fork Height : 494,784 Start with
  • 4. Hiring developer volunteers.
  • 5. ProgPOW anti-asic CPU mining OR GPU mining.
  • 6. No Pre-mine.

Segwit2X ?

The Solution is Segwit2X.

  • Segwit - Segregated Witness
  • Scalability is a resolution of the problem.Scalability and malleability problems can be solved.
  • This is a method of compressing the size of transaction data recorded in a block chain
  • It addresses signature malleability, by serializing signatures separately from the rest of the transaction data, so that the transaction ID is no longer malleable. A way to speed up small or frequent
  • As a result, this will speed up the processing speed.
  • 2X is the increased transaction processing capacity.

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Bitcoin NewYork
Birth of BTC2

BTC
  • Fork height :
  • Mined amount :
  • Total amount :
BTC BTC2 BTG BCH
Supply 21 Million 21 Million 21 Million 21 Million
PoW algorithm SHA256 ProgPOW Equihash SHA256
Mining Hardware ASIC GPU GPU ASIC
Block Interval 10 Minutes 10 Minutes 10 Minutes 10s - 2H
Block Size(actual) 1M (2-4M) 1M (2-8M) 1M (2-4M) 1M (8M)
Difficulty adjustment 2 Weeks Every block Every block 2 Week + EDA
Segwit
Replay protection
Unique address format
Start time 2009/1 2017/11 2017/10 2017/7

Advantages of BITCOIN NewYork (BTC2)

1. Scalability troubleshooting

Quickly processed, BTC2 can be applied in real life.

2. Troubleshooting Transaction Malleability

We can do safe and reliable transactions.

3. Changing mining algo to GPU mining or ProgPOW anti-asic to CPU mining.

Changing mining algo to GPU mining or ProgPOW anti-asic to CPU mining.

Scalability issues ?

A block of bit coins will form a new block about once every 10 minutes.

And 1MB of data can be recorded in one block.

One transaction size is 0.25KB.

In other words, transactions that can be recorded for 10 minutes are limited to about 4,000 transactions.

Subsequent transactions are recorded from the time the new block is formed.

In other words, the processing speed will also be delayed in proportion to the increase of trasction (user).

This is called Scalability.

  • Why 2-8M?

    • As the amount of data in the block increases, it is difficult to manage it on a personal PC.

    Central administration is required to store large amounts of data.

    This is not suitable for decentralization of Satoshi.

Attack using transaction malleability?

Double-spending is a problem.

A bit coin forms a block in about 10 minutes and the transactions are recorded.

Transaction is created with ID (txid) to identify each transaction.

At this time, it is known that it is possible to spend more than 2 times by changing only the TXID of the same transaction.

In the two generated transactions, the transactions received by more nodes are confirmed,

The rest are all canceled.

In other words, it takes about 10 minutes to transmit the bit coin and guarantee it.

The time required to preserve grows as the volume of transactions increases.

If you buy a cola with a bit coin, you may have to wait 10 minutes before making a payment.

ProgPOW ?

ProgPow (Programmatic Proof-Of-Work)

It was proposed and developed by the IfDefElse team.

(ProgPow statement)

The existing bitcoin used a (proof-of-work) algorithm.
This prevents all nodes from simultaneously creating blocks,
Difficulty control algorithms are used to ensure that one or two blocks are generated every 10 minutes.

Proof of work is a simple algorithm, and in the past it was a very reasonable way.
But this way, the more competitors you have,
Increasingly demanding hash power, and people have built ASICs to get higher hash power.
- ASIC is a device specially designed for specific functions (mining) only.

That's why today's bitcoin requires more than 5,000,000 TH / s of hash power to generate one block.

Cryptography using a proof-of-work method is finding various solutions.
BitcoinNewYork decided to adopt ProgPow as a solution.

ProgPow uses a work proof method such as Pow.
However, most of the work (about 90%) is handled by the GPU.
ASIC equipment can only get 7% usage.
In other words, with ASIC equipment, ProgPow can hardly acquire hash power.

pow could not get reasonable compensation by the ASIC.
By using the ProgPow method, users are able to take reasonable rewards on their computers.

Now you get a reasonable reward from ProgPow's BitcoinNewYork.

Conclusion

It is a new version of the bitcoin agreed in November 2017.

There was a soft fork at the block height of 494,784.

The bit coin purse is used, and the error of the TXID value of the bit coin is resolved.

Transaction capacity increased to 2MB-8MB block size.

All developers hire volunteers.

We pursue de-neutralization based on Satoshi's spirit.

"BTC2 has no owner anywhere in the world, and anyone can be the owner at the same time."