Author: Eric Lombrozo 2015-08-17 14:30:24
Published on: 2015-08-17T14:30:24+00:00
The Bitcoin network is still in its early stages and lacks a clear succession model to care for it until it is ready to go out on its own. The lack of any kind of institution that could possibly be entrusted to nurture and care for this baby until it is fully matured, is a serious problem. Satoshi Nakamoto has left the picture without putting in place a clear succession model. Bitcoin Foundation, which attempted to be a guardian institution, failed. There are no mechanisms to make potentially controversial changes without serious risk. Eric Lombrozo, a Bitcoin developer, has urged caution in changing the protocol. He believes that the block size debate is a minor issue compared to the potential risks of attempting a novel hard-forking mechanism that’s NEVER been attempted before on such a politically divisive, polarizing issue. The result is that each side will refuse to cooperate with the other out of spite and can easily lead to a war, tanking the value of everyone’s assets on both chains. The hope is that eventually the network will be resilient and robust enough to handle anything that’s thrown at it. But it’s still a baby, so guardians are necessary, and we don’t have anything resembling the kind of institution that could possibly be trusted to nurture and care for this baby until it is ready to go out on its own.
Updated on: 2023-06-10T20:01:10.481709+00:00