Since the creation of Bitcoin by Satoshi Nakamoto, there have been several modifications to the underlying protocol and totally new projects have bifurcated from this original protocol. Litecoin, Dash, Bitcoin Cash, Bitcoin Gold, among others, have found their existence with each of them claiming peculiar Bitcoin improvements.
Currently, the Bitcoin block chain is facing a series of weaknesses that has attracted great criticism of the most popular and successful block chain in existence. However, this is not a surprise since even Satoshi himself from the beginning made it clear that he was open to discussions about his idea. The inherent weaknesses identified have led to several predictions from opposing groups about the possible dethronement of Bitcoin as the number 1 cryptocurrency.
Let's see its characteristics
Speed. The speed with which transactions are confirmed today in the Bitcoin block chain is very far from what it used to be even two years ago. Deferred transactions have become a common scenario in the chain of Bitcoin blocks, which increases the frequency with which we find frustrated users. It is considered that its development is the main reason why the cryptocurrency is not suitable for transaction purposes, together with its high rate of volatility. Apparently, to encourage general adoption, the value at the time of execution of a transaction should not vary from the moment of receipt. This is not the case today since Bitcoin transactions take several hours, and sometimes days before being confirmed. Several arguments have arisen as a result of this weakness and innovations such as SegWit and even the eventual hardfork that gave rise to Bitcoin Cash have been based on the efficiency of the network.
Value of the transaction. Transaction fees have become a scare in the Bitcoin ecosystem. Sometimes, the fees are so high that they can be called absurd. Technically, Bitcoin transaction fees are determined based on the number of transactions and the size in kilobytes of each transaction. However, these rates do not go to any central authority, but to the miners as rewards for the confirmation of the transaction. Therefore, transactions with higher inputs will require more work, so in times of greater market volatility, as is the case at present, miners are attracted to transactions with fewer inputs. This implies less work for them, therefore, the transactions with the greatest quantity of inputs (which are generally more popular) will have to pay higher rates in order to be attractive for the miners. Frequently, these rates deny the assumption that peer-to-peer transactions are the most economical method of sending remittances.
Quasi-centralization. The Bitcoin blockchain is a decentralized platform, at least by design. However, the recent configuration of the ecosystem considers that most mining powers rest in the hands of a few individuals. As a community that is governed by consensus, this implies that these few miners who control most of the dispersal power will always have the last word. Many argue that this gives the community a perspective of a centralized system and, as such, works that way.
Another hardfork - Bitcoin Atom. The Bitcoin blockchain is about to experience another hardfork from an anonymous team that claims to defend the original principles of Satoshi Nakamoto while creating Bitcoin Atom (BCA). According to the team leader who chooses to remain anonymous, to provide a solution to the dual problem of speed and cost, the protocol will execute mechanisms both inside and outside the chain (ie, acceleration and atomic changes). He points out that although centralization is a less obvious weakness for Bitcoin, the risks posed by the exchanges in which the cryptocurrency is normally traded are a sufficient cause for concern for the industry.
What is the opinion of the team?
"Centralization is less obvious, but the problem with the main transfer of value in the cryptographic world is exchange. Regulators can hack or dismantle centralized exchanges, and decentralized exchanges like Etherdelta do not exchange bitcoins and only exchange tokens ERC-20. Even in that, they can be hacked, "he says.
The Bitcoin Atom team claims to include exchange functions also at the protocol level in the Bitcoin nodes themselves, so that nobody can control the exchange but the system itself.
However, this protocol will combine the working test and the participation test that will be based on the old Bitcoin code base, unlike previous similar implementations. The bifurcation is expected to occur between January 24 and 25, 2018 in block 505 888.
