Bitcoin: The Looming Hard Fork

When: Thu, March 10, 7–10pm
Where: TGN WorkHub TST, Mody Road,. Hong Kong
Admission: HKD 50
Info: Attend | Venue | Out | In

On Sunday morning, February 21 2016, developers of Bitcoin Core and representatives of Bitcoin miners gathered at Cyberport in Hong Kong and agreed to hard fork the Bitcoin protocol by July 2017.

Meanwhile, representatives of Bitcoin Classic continue to pursue miners and users to switch to their version of the Bitcoin protocol, threatening to split the network if at least 75% of the hashing power agrees.

What does it mean to hard fork Bitcoin? Can anybody do it, and what risks does it entail? Are funds at risk, and what happens when there are two blockchains?

[Background: The entire Bitcoin infrastructure has a fast approaching hard-coded limit, and as yet the Bitcoin community hasn’t reached a consensus on a solution. As the number of Bitcoin transactions increase, the one megabyte ceiling on the block size is now leading to increasingly long transaction backlogs, as the processors struggle to deal with the impending limit. Source: Bloomberg. Image: TradeBlock]