The Sky Is Not Falling: Bitcoin XT In Action | dinbits



No, the sky is not falling and rather than explain this 800 times, we put together a small example on how BitcoinXT works currently, which is absolutely no different than Bitcoin.

We've mentioned on ndc that nothing is changing, and that BitcoinXT is running as a voting mechanism. It fully supports Bitcoin Core and there's no difference in processing. Anything that would change regarding the way the Blockchain works, would not happen for over a year from now, and that's assuming it is even voted into action.
  • We setup a BXT (Bitcoin XT) client on one of our units 
  • The client automatically downloads the Blockchain data, and we allowed this (takes a minute)
  • We setup a BitcoinXT wallet, xt-dinbits-xbt-wallet, and tested it out.
  • From another regular core wallet, we sent a small transaction over to the BXT wallet

         You can view this actual transaction on Blockchain.info

blockchain
Don't believe me? Feel free to send a tip and test it yourself. 



Here it is, safely in its destination, in the BitcoinXT Wallet:



== Now the other direction ==


From the XT Wallet, we'll send to a Coinbase wallet and infect that bunch with a little XT.

  • The destination Coinbase Wallet address:



A drop of BitcoinXT to Bitcoin Core 




  • BitcoinXT transfers to Bitcoin Core without a problem. No issues. No falling sky.


Here is the transaction in Blockchain.info


There you have it. Cross infestation of BitcoinXT and Bitcoin Core. As previously reported, this is in place primarily as a voting system. Yes, BitcoinXT is indeed out there along side of Bitcoin Core, but until 75% of the voting population (the miners of the world) adopt BXT, nothing has, or will, change from a processing point of view. 

If there is mass adoption (75%+), nothing will immediately change either. Only when the block size exceeds the capacity of Bitcoin Core's capability, will we see the new functionality of BitcoinXT become operational. That time frame, approximately, is at least a year from now sometime in late 2016.

The Current Consensus Status

So where does BitcoinXT sit right now from a voting perspective? Slow and steady at best with some major opposition. Samson Mow, COO of Btcchina, said that they:

” have decided not to use BitcoinXT.The base of Bitcoin is consensus.Changing Bitcoin needs the developers to reach a consensus,otherwise the mining pools have the responsibility to maintain the stability of Bitcoin.”

The Chinese miners make up 50% of hash rate, so without Chinese support, there will be no BitcoinXT. Good thing the BitcoinXT coins being mined now are still....bitcoins.

XTNodes.com was tracking the progress, however, the site has been DDos'd to death and is no longer doing so. At last check it was at about 13% of the 75% required for adoption. About a week ago, this image was scraped showing 6.4%.


How is this going to pan out? 
How many nodes really are on XT? 

These are answers that we do not have, only time will provide clarity, however, one thing we know for sure is that the sky, for now, is certainly not falling.







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