Author: kjj 2014-04-08 03:13:59
Published on: 2014-04-08T03:13:59+00:00
The implementation of secure multi-signature technology requires infrastructure and protocols that do not yet exist. It is not just a matter of waving a wand to make everyone secure, and there seems to be no incentive for anyone to create the necessary techniques. Furthermore, it has been suggested that a config flag should be added to prevent nodes from serving IBD to new nodes, as this can crush marginal machines. The ideal IBD hosts are those that serve the blockchain out of a RAM disk, and there has been discussion about setting up a network of volunteers to host expensive servers with fast connections. However, even if IBD is ignored, it appears that cheap hosting options may no longer be adequate for running nodes. Optimizing memory use might help, but it may not be enough to bring back those nodes. Eric Martindale suggests that making it simple for the average user to "run Bitcoin correctly" is necessary to compete with trusted third parties like Coinbase and Bitstamp, which technically endanger users and the Bitcoin network. Multi-sig as a default is a start, but the user experience must be better than that of trusted third parties. Trusting a third-party with full access to bitcoins is simply replacing one centralized banking system with another.
Updated on: 2023-06-08T18:40:14.061204+00:00