Created concept.md providing backround and concept#5
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tpmccallum wants to merge 8 commits intochainsplit:masterfrom
Open
Created concept.md providing backround and concept#5tpmccallum wants to merge 8 commits intochainsplit:masterfrom
tpmccallum wants to merge 8 commits intochainsplit:masterfrom
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Needs further vetting to prevent misquote or quote (out of context) in any way.
Updating the concept to include some comments by JW Weatherman on the Introducing chainspl.it YouTube video. Please share as widely as possible for editing to ensure that all information is accurate.
Just a few tweaks .... Please remember that the facts in this page need to be vetted by experts before publishing.
The branding is becoming more consistent; moving away from UTXO terminology (UTXO splitter etc.). This document has not been updated to reflect the chainsplit branding. It is hoped that as new documents become available (which talk about split propagation, splitcoins etc) the removal of UTXO wording (whilst technically more correct that using the term "coin") will make it easier to understand.
hkjn
reviewed
Nov 7, 2017
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| It is important to remember that the blockchain contains every historical transaction and therefore when the blockchain splits each blockchain contains an identical history, right up until the chain split. Due to this shared transaction history, a user who holds rights to coins on the Bitcoin blockchain, before a blockchain split, automatically holds the identical rights to coins on the other chain, at the time of the blockchain split. | ||
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| If neither of the chains are sporting a new and unique transaction mark, a problem arises whereby, a transaction on one chain is valid on the other chain. In this case transactions on one chain can be replayed on the other chain. A replay is not automatic, nor is it in any way part of the default operation of either chain. A replay attack can be carried out by a malicious party. The point being, that whilst a signed transaction on one chain can be repeated on the other chain, the coins are essetially stuck together. |
Fixed spelling; essentially
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Thank you @hkjn |
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