Bitcoin Cash Is The Original Blockchain, Says U.S. Agency
It may have been the name SegWit is what later changed to be BTC or somehow there is a relationship. However, scientists at the National Institute of Standard and Technology (NIST) now say something different. The scientists say that the original Blockchain belongs to Bitcoin Cash (BCH) not Bitcoin ($BTC) . This is the latest cryptocurrency news. In its attempt to make the world understand, NIST, a non-regulatory agency has published a report. This information is contained in a 59-page draft.
How Is Bitcoin Cash Is The Original Blockchain?
The aim of the draft is to explain fully, the real cryptocurrency that should take pride in the blockchain. NIST has given the report a nice title. “Interagency Report: Blockchain Technology Overview,” that is the title of the document. After the title, the document briefly discussed some of the basic concepts of the blockchain. Some of the things discussed in this summary include blockchain architecture, consensus, and smart contracts. Other things that are covered here are hard forks and permissions versus permissionless.
Nik Roby Of The G2 And Karen Scarfone of Scarfone Cybersecurity?
This report was written by Dylan Yaga and Peter Mell. There are other two members who also helped in the penning down of this document. The other two guys are Nik Roby of the G2 and Karen Scarfone of Scarfone Cybersecurity. One thing you will realize from the report is the high-level and straightforward reporting. The tough concepts have been analyzed using the most basic terminologies available.
Here is a part of the report.
“In July 2017, approximately 80 to 90 percent of the Bitcoin computing power voted to incorporate Segregated Witness (SegWit). During this time, transactions were split into two segments: transactional data and signature data). This made it possible to reduce the amount of data being verified in each block. Signature data can account for up to 65 percent of a transaction block, so a change in how signatures are implemented could be useful. When SegWit was activated, it caused a hard fork. At the same time, all the mining nodes and users who did not want to change started calling the original Bitcoin blockchain Bitcoin Cash (BCC),” the report read.
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Bitcoin is a fork and Bitcoin Cash is the original blockchain
The document went ahead to highlight its findings before actually hitting the conclusion. “Technically, Bitcoin is a fork and Bitcoin Cash is the original blockchain. When the hard fork occurred, people had access to the same amount of coins on Bitcoin and Bitcoin Cash,” the report says in part. With this high-end report out, it is a wait and see what the traditional cryptocurrency, Bitcoin, says.
While it may serve as a benefit to say Bitcoin Cash Is The Original Blockchain from official U.S. Agencies, we don’t buy into that concept. Out of all of the altcoins and cryptocurrencies, Bitcoin Core ($BTC) is the original blockchain. If you are not familiar, other cryptos like Litecoin and Ehtereum have faster processing times and use similar technology to the blockchain. Having said that, the notion that Bitcoin Cash is the original blockchain is preposterous. Bitcoin Cash came about many years after Bitcoin Core was released.
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