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How To Update Cryptocurrency?

20:00 29/03/2019
Update Cryptocurrency

Introduction

 

Since the creation of Bitcoin, the community has been presented with a wide variety of cryptocurrencies. This high activity is due to several reasons:

 

  • The blockchain audience that consists of active creators inspired by the novelty of technology and its potential.
  • Users are active fans of IT-technology. This means that they can apply their skills to solve various problems.
  • Open source code. Anyone can take the Bitcoin code, algorithm or main cryptocurrency rules, and implement them in their own projects.
  • The crypto sphere is a brand-new area where enthusiasts can acquire more experience.

 

As for direct descendants of Bitcoin, their number exceeded several hundred in December 2017. This includes all sorts of proposals, starting from forum posts and ending with full-functional projects. This means that the amount of such projects is much higher  today.

 

All active currencies in the essence are programs. Since each program needs to be updated from time to time, the process of developing digital currencies requires improvements. Cryptocurrency updates is the topic we are going to discuss today.

 

Cryptocurrency Software

 

So what are cryptocurrencies from the point of view of software? Before we find out how cryptocurrency is updated, let's recall the main characteristics of blockchain.

 

Blockchain is a special type of database. It consists of many blocks tied together in a chain, one by one. Each block contains transactions that corresponds to assets transfer. It is possible to store blockchain separately without any mechanisms for managing it or interacting with it. Thus, a user needs some software to interact with blockchain data. This software is called “cryptocurrency wallet”, and it may possess several functions:

 

  • Blockchain storage;
  • Network data exchange;
  • Mining;
  • Light nodes support;
  • Management of funds.

 

As a project grows, errors may be detected in its software. Since in our case the program deals with money, it is very important to fix such errors. This is the main purpose of the update. Another type of update is functional and offered by developers.

 

Standard Update Procedure

 

Update as a process has its own peculiarities and difficulties. It starts as usual software renewal. Developers have an issue to solve. Therefore, they introduce corresponding changes in a new version of the program and present these changes to users. Updates of this kind are usually scheduled. They are either produced automatically, or must be manually loaded by users so that they can continue normal work.

 

One of the key features of cryptocurrency is decentralization. This means that there is no way to prevent users from refusing updates. It is not so critical if developers introduce new features but it may cause problems when it is necessary to fix system bugs.

 

Moreover, cryptocurrency development teams quite often create different crypto wallets. In this case, they must check the products for vulnerabilities and react as fat as possible.

 

Vivid Examples Of Cryptocurrency Updates

 

As an example, we can recall an interesting case related to bug fixing in the Bitcoin Core code that occurred in August 2018. The bug was fixed relatively fast, but the main problem was the need to update all nodes in the network to prevent bug exploitation.

 

Another case of update concerns the issue of centralization in the November fork war in Bitcoin Cash. The cryptocurrency was divided into two parts: BCH-SV and BCH-ABS. In order to support their chain, BCH-SV developers published a special checkpoint block, which however contradicted free-will decentralization.

 

Afterword

 

Even a brief look at the topic of cryptocurrency updates gives a clear understanding that there are many problems that need to be taken into account and solved, and plenty of opportunities that may be used. A deeper analysis may include such aspects as different functionality of various software, community involvement, and fork issues.

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