NIST Has Corrected BCash Goof-Up

Just in case people haven't heard... The National Institute of Standards and Technology (NIST) recently published a 'draft' document on cryptocurrency that included some inaccuracies on Bitcoin and Bitcoin Cash. Many including myself contacted the NIST to point out the errors and request they be corrected.

As of yesterday I can confirm that NIST has indeed listened to the crypto community and you can find the updated language below . Keep in mind this is still a 'draft' document and open for public comment so feel free to help them polish things up even more :)

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From: dylan.yaga@nist.gov

Thank you for your comments. You, along with many others, expressed concern on section 8.1.2. To help foster a full transparency approach on the editing of this section, I am sending the revised section to you for further comment.

8.1.2 Bitcoin Cash (BCH or BCC1) In 2017, Bitcoin users adopted an improvement proposal for Segregated Witness (known as SegWit, where transactions are split into two segments: transactional data, and signature data) through a soft fork. SegWit made it possible to store transactional data in a more efficient form. However, a group of users had different opinions on how Bitcoin should evolve – and developed a hard fork of the Bitcoin blockchain titled Bitcoin Cash. Rather than implementing the SegWit changes, the developers of Bitcoin Cash decided to increase the maximum blocksize (additionally the developers made changes to other aspects of the system, such as the difficulty adjustment algorithm). When the hard fork occurred, people had access to the same amount of coins on Bitcoin and Bitcoin Cash.

1The ticker used for Bitcoin Cash differs depending on the exchange; some use BCH, some BCC

Submitted January 30, 2018 at 09:40PM by bitradr http://ift.tt/2nowGWo