Results of the round table Satoshi Nakamoto: fork, elections and decitaitization
Increase block size, give voting rights to all users, decentralize mining. These benchmarks for the development of Bitcoin were designated by participants in a crypto-retreat named after Satoshi , which took place in Florida in early March.
As we wrote , the venue of the round table was kept strictly confidential, and only invited participants were informed about the coordinates of the conference, but during the live broadcast on Reddit a message flashed that the conference was held in Florida, which agrees with the data published on the event website, where it was said that Satoshi Roundtable will be held at the “resort in North America”.
After several general presentations, the participants divided into 7 working groups, which discussed the most acute, in their opinion, problems of the Bitcoin community. The results of the debate brought to the general discussion.
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Judging by the broadcast, the most important thing for the Bitcoin community now is the issue of increasing block size, time and scaling method (soft / hard fork); the problem of popularization of bitcoin and decentralization of mining. Most participants agreed that such meetings and discussions should be held more often.
Bitcoin lacks a scientific approach to solving technical problems, and the disunity of the community and the lack of understanding of the scale of the consequences of the decisions made hinder the solution of conceptual problems. All these issues are inextricably linked to the main issue on the agenda: the problem of Bitcoin scalability.
After so many months of fierce struggle, and despite all the calls to find a compromise, the community returned to where it began: Gavin Andressen, the author of the hard fork project, delivered a report that received a very cool response from the audience. Many hoped that a dialogue between him and other developers was possible, and for several days Gavin seemed to ponder alternative solutions. However, after a brief silence, he returned to the eulogy of Bitcoin XT.
He is told that a quick transition to larger blocks carries danger and high risks for the system. As stated by the developers of the basic protocol, advocating a “soft fork” Segregated Witness, the earliest it is possible to implement a “hard fork” is after 12 months. During the conversation, it was also noted that according to the data available, the blocks are now only 40% full.
Despite the fact that the leading representatives of the bitcoin industry admit that they cannot even imagine what exactly bitcoin will be in five years, according to the majority, the optimal block size should be no more than 8 MB. This opinion was expressed, in particular, by the Chinese miners.
During the conference, a proposal was made to introduce “bit voting” or “readiness signaling” into the Bitcoin ecosystem. This proposal implies the introduction of a special code in a transaction that will allow a larger number of participants in the Bitcoin community to express support for a particular decision. End users will be able to include some kind of signaling code in the transaction, which will say "I am ready to upgrade to such a solution." This will allow developers to take into account the opinion of the majority of the community in the development of updates.
One of the working groups put forward for discussion a proposal to mining companies to move part of their equipment to different legal zones, reducing the concentration of mining facilities in China. According to the authors of the idea, excessive centralization discourages some investors and representatives of the financial sector from Bitcoin.
Satoshi Roundtable is one of the most important events of the year for the bitcoin industry. Several dozen representatives of Bitcoin companies and Bitcoin core developers took part in the round table, as well as investors specializing in Fintech startups, among them: Bitcoin Foundation representative Gevin Andressen, Blockstream President Adam Beck, developers Matt Corallo, Peter Todd and Luc Dashir, Bloq founder Jeff Garzik, Justin Newton from Netki, Gabriel Abed from Bitt, Charles Allen from BTCS, Mike Belsh from BitGo, Mick Winkelspecht from Gem, Roger Ver from Bitcoin.com, David Johnston from Factom, Alex Petrov from BitFury, Charlie Lee from Coinbase, Marco Streng from Genesis Mining, Jez Sun from Angel Investor, Brian Armstrong from Coinbase and many others.
A bit of self-training from Stephen Peer, co-founder and director of Bitpay:
If you support the decision to limit the concentration of mining in a particular legal zone, we remind you that you can mine in the cloud, along with HashFlare .
As we wrote , the venue of the round table was kept strictly confidential, and only invited participants were informed about the coordinates of the conference, but during the live broadcast on Reddit a message flashed that the conference was held in Florida, which agrees with the data published on the event website, where it was said that Satoshi Roundtable will be held at the “resort in North America”.
After several general presentations, the participants divided into 7 working groups, which discussed the most acute, in their opinion, problems of the Bitcoin community. The results of the debate brought to the general discussion.
')
Judging by the broadcast, the most important thing for the Bitcoin community now is the issue of increasing block size, time and scaling method (soft / hard fork); the problem of popularization of bitcoin and decentralization of mining. Most participants agreed that such meetings and discussions should be held more often.
Problems and solutions
Bitcoin lacks a scientific approach to solving technical problems, and the disunity of the community and the lack of understanding of the scale of the consequences of the decisions made hinder the solution of conceptual problems. All these issues are inextricably linked to the main issue on the agenda: the problem of Bitcoin scalability.
After so many months of fierce struggle, and despite all the calls to find a compromise, the community returned to where it began: Gavin Andressen, the author of the hard fork project, delivered a report that received a very cool response from the audience. Many hoped that a dialogue between him and other developers was possible, and for several days Gavin seemed to ponder alternative solutions. However, after a brief silence, he returned to the eulogy of Bitcoin XT.
After repeated attempts to reach a compromise on the block size, which failed to do anything, it became clear that some developers are not at all interested in solving this problem. They believe that more elegant but technically cumbersome solutions, such as the Lightning Network , can solve the problem of scaling in the future. They are wrong.
- Gavin Andressen's blog
He is told that a quick transition to larger blocks carries danger and high risks for the system. As stated by the developers of the basic protocol, advocating a “soft fork” Segregated Witness, the earliest it is possible to implement a “hard fork” is after 12 months. During the conversation, it was also noted that according to the data available, the blocks are now only 40% full.
Despite the fact that the leading representatives of the bitcoin industry admit that they cannot even imagine what exactly bitcoin will be in five years, according to the majority, the optimal block size should be no more than 8 MB. This opinion was expressed, in particular, by the Chinese miners.
Useful with useful: vote built in transactions
During the conference, a proposal was made to introduce “bit voting” or “readiness signaling” into the Bitcoin ecosystem. This proposal implies the introduction of a special code in a transaction that will allow a larger number of participants in the Bitcoin community to express support for a particular decision. End users will be able to include some kind of signaling code in the transaction, which will say "I am ready to upgrade to such a solution." This will allow developers to take into account the opinion of the majority of the community in the development of updates.
Mining decentralization: putting eggs from a Chinese basket
One of the working groups put forward for discussion a proposal to mining companies to move part of their equipment to different legal zones, reducing the concentration of mining facilities in China. According to the authors of the idea, excessive centralization discourages some investors and representatives of the financial sector from Bitcoin.
Satoshi Roundtable is one of the most important events of the year for the bitcoin industry. Several dozen representatives of Bitcoin companies and Bitcoin core developers took part in the round table, as well as investors specializing in Fintech startups, among them: Bitcoin Foundation representative Gevin Andressen, Blockstream President Adam Beck, developers Matt Corallo, Peter Todd and Luc Dashir, Bloq founder Jeff Garzik, Justin Newton from Netki, Gabriel Abed from Bitt, Charles Allen from BTCS, Mike Belsh from BitGo, Mick Winkelspecht from Gem, Roger Ver from Bitcoin.com, David Johnston from Factom, Alex Petrov from BitFury, Charlie Lee from Coinbase, Marco Streng from Genesis Mining, Jez Sun from Angel Investor, Brian Armstrong from Coinbase and many others.
A bit of self-training from Stephen Peer, co-founder and director of Bitpay:
The main conclusion that I made for myself: people do not care what happens with Bitcoin, and thanks to these people it exists, it's not about the code, and not about the software. We are not immune from mistakes and failures, but Bitcoin will survive. No decision of a group of persons, or lack thereof, can destroy it.
If you support the decision to limit the concentration of mining in a particular legal zone, we remind you that you can mine in the cloud, along with HashFlare .
Source: https://habr.com/ru/post/391727/
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