L5 The Future of Cryptocurrencies
The Future of Cryptocurrency
BIPS – Bitcoin Improvement Protocols
There are two main types of improvement protocols, Soft Forks and Hard Forks.
Soft Forks
These are optional improvements implementable to the existing blockchain, usually these affect the miners or 3rd parties.
Hard Forks
These are core changes to the Bitcoin source code, meaning there has to be a global consensus among the entire Bitcoin community to enact the change. (unlikely to ever occur)
- Segwit 2.0
- Lightning
- Development
- Community
- Privacy Coins
Segwit 2.0
Larger Block Heights
Doubles the size of the amount of transactions that can be included in each block
Implementation: Optional
History
Originally Segwit was a Bitcoin improvement proposal intended to make soft forks easier to do, however none of these features were ever implemented.
Misconceptions
The most common mention of Segwit 2.0 is to do with the attempted Hard Fork of Bitcoin which split off some of the community. What resulted of the attempted fork is known as BCash (or Bitcoin Cash) _> BCash has nothing to do with Bitcoin.
What confuses the issue is that the domain name “bitcoin.com” and the subreddit “/r/btc” are owned/run by an evangelist supported of BCash, Roger Ver.
Lightning Network
Off Chain Transactions
Works by setting up payment “channels” between people you send bitcoins to regularly.
Implementation: Optional
Development
How to contribute
What’s being worked on currently
Community
Bitcoin Core Community
Bitcoin Main Forum
Procedure for Proposed Changes
Public Github Repository for proposed changes
Privacy Coins
Zcash
Zsnarks
Info about Zcash here
Monero
Info about Monero here