Share This Post

Blockchain / Breaking News / Crypto.IQ

Blockchain Data Problem Bigger Than Anticipated

One of the biggest milestones that the world of cryptocurrencies was recently expecting to see was Bitcoin, the worlds first and the largest cryptocurrency reaching the 17,000,000 BTC mark. Hitting this milestone would mean that the cryptocurrency’s total of 21,000,000 BTC supply would be reached leaving only 4,000,000 BTC to be mined.

While it all seems so simple enough, we would all be kidding ourselves if the milestone was going to be reached without any obstacles in the way. As with almost anything and basically everything in the world of cryptocurrencies, the 17,000,000 BTC milestone was not as simple as anticipated.

After roughly every 10 minutes of time between them, the Bitcoin blockchain network registers another block added to the blockchain through the efforts of miners solving the cryptographic puzzles. With every new block added to the blockchain, 12.5 BTC are created and rewarded to the miners as compensation for their efforts. Each and every transaction since the formation of Bitcoin has been recorded on to the blockchain and so have all the rewards for the miners.

Not as Simple as it Seems

Considering that the number of Bitcoins being added to the circulation as reward for the mining seemed to be a simple milestone for everybody. In fact, a lot of people started to celebrate reaching the 17,000,000 BTC mark on the Bitcoin blockchain network but there were those who were quick to shoot those celebrations down.

Jameson Lopp is a Casa engineer and he was the person who created the Bitcoin data site called Satoshi.info. He took to his Twitter account to say that a lot of people are celebrating hitting the 17,000,000 BTC milestone but that is not true since we have not really gotten there yet.

The reason why Lopp went on to Twitter to say that was that Blockchain.info, which is considered to be a highly trustworthy site that has information about the statistics from the Bitcoin ecosystem did not take into consideration the times which saw Bitcoin miners unable to claim their full rewards due to various reasons.

Problem is Bigger than Expected

The unaccounted lost Bitcoin rewards which could not be claimed because of bugs in the protocol are not the only problem. Apparently the very methodology of analysis which is used by these analysts to make calculations is quite opaque. That’s ironic considering that one of Bitcoin’s main selling points is the transparency.

The CEO of Digital Asset Research, Greg Cipolaro is leading the company to find out exactly what metrics Blockchai.info uses in order to get the transaction value estimates. According to the report that DAR recently published, they have managed to finally crack the mysteries behind the matter. They have found that Blockchain.info actually made an over estimation of the transaction values from the months of October leading up to February and has been underestimating the values from that point onwards.

Apparently, that is just the problem with one of the analysts. It remains to be seen how this situation develops further as we try to find out the actuality behind whether or not the 17,000,000 BTC milestone has actually been reached or not.

Charlie Shrem is a Bitcoin pioneer, a social economist and digital currency trader. His work in this field is legendary. In 2011, at the dawn of the crypto era, he founded BitInstant, the first and largest Bitcoin company. In 2013, he founded the Bitcoin Foundation and serve as its vice chairman. Since then, Charlie has advised more than a dozen digital currency companies, launched and managed numerous partnerships between crypto and non-crypto companies, and is the go-to guy for some of the world’s wealthiest entrepreneurs. In short, he is the ultimate insider at the epicenter of the crypto universe.

Crypto.IQ is a premier advisory firm providing expert research, education and advice in the world of cryptoassets. The company is unique in that it combines the unparalleled expertise of crypto pioneer Charlie Shrem with the unparalleled market knowledge of three Wall Street experts with more than a century of combined financial industry experience. Together, they have managed and traded more than $1 billion in assets. In a world of “instant experts,” who have little knowledge or trading experience, the Crypto.IQ team offers the proven depth, insight and knowledge to help their clients achieve success.

Raise your Crypto.IQ…and profit! Crypto.IQ gives you the insider knowledge you need to succeed as a cryptocurrency investor.

Get Started Now

Sources*

Image Reference

https://cdn.pixabay.com/photo/2017/05/27/11/16/bitcoin-2348236_960_720.jpg


Share This Post