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SPV’s involuntary consequences: How did it affect the Ethereum fork
As one of the decentralized Internet pioneers, Ethereum has been at the forefront of the digital revolution. However, like any complex technology, its development and maintenance have not been without their challenges. One such challenge was the sadly hard fork, which took place in 2016, which was precipitated by the introduction of the excavation of the SPV (sub -pair).
What is the SPV mining?
SPV mining is a method for validating events on the Ethereum network by using a technique called “point certificate” (POS). Instead of relying solely on a consensus algorithm of the energy-intensive employment relationship (POW), which requires significant calculated force and energy consumption, the SPV mining operation uses a different approach. By utilizing an elliptical curve, the digital signature algorithm (ECDSA), also known as Bitcoin’s secret key form, mining workers can strengthen events by requiring huge amounts of computational force.
The main benefit of the SPV mining is that it enables a more efficient and decentralized network to validate, which in turn allows for faster event processing times. This approach also facilitates the network to scale energy efficiency.
bip66: critical component in a hard fork
To understand how the bip66 (branch 1) was introduced and later led to a hard fork, we must inject into the history of Ethereum’s development.
In 2017, the Ethereum team decided to introduce a new branch called “Mainnet”, which would serve as the primary implementation of the protocol. However, they also wanted to keep their current code backwards back for compatibility. To achieve this, they created a separate branch called BIP66, designed to maintain back compatibility with the original reputation.
BIP66 was activated in January 2017 and presented several key features that eventually promote a hard fork. These include:
- Ethereum Classic (etc.) : etc. is a cryptocurrency that the Ethereum team has created as an alternative implementation of the protocol. It retained many of the same rules and mechanisms as the original Ethereum network, but with some changes.
- BIP66 Bridge : The BIP66 Bridge allows seamless interaction between the original Mainnet and etc., so that users can switch between two implementations without significant technical difficulties.
Hard fork: SPV -quiz consequence
In February 2017, the Ethereum team announced that it would activate a hard fork called “Ethereum Classic” (etc.). This decision was made in response to the growing popularity of the BIP66 and its effects back to compatibility.
Introducing etc. As an alternative implementation, Ethereum team hoped for:
- Keep back compatibility : By keeping both reputation and etc. in life, they could maintain support for older versions of the network while giving newer users.
- Avoid losing user funds : The hard fork made sure that the users who placed in the ether can continue to use it without significant losses.
However, this decision caused an unintentional consequence: Activation of BIP66 led to a fork on the Ethereum network. As more and more users moved from Mainnet, etc., the original Mainnet implementation became increasingly unstable.
The consequences of SPV mining
The introduction of the BIP66 had significant effects on the Ethereum ecosystem:
- Increased fragmentation
: The hard fork created an extra branch (etc.), which were incompatible with both reputation and etc.
- Loss of energy efficiency : Introducing a new implementation of Ethereum’s energy consumption increased, which made it less energy efficient than its original POW-based architecture.
