Published on: 2015-08-24T12:57:46+00:00
Ahmed Zsales responded to Adam Back's concerns about privacy in Bitcoin transactions, stating that anonymity is not something they would compromise. They have no intention of creating tools that analyze individual transaction details, but rather aggregate data that can be useful for businesses. Ahmed gave examples of how aggregated data from Bitcoin transactions could benefit small businesses in areas such as inventory planning, marketing budgets, and logistics.He highlighted the potential for accessing global, national, and regional industry data figures that are typically only available to large businesses due to the high costs of research. Ahmed also suggested using the block chain ledger as a valuable database to support Bitcoin's security infrastructure and address growing bandwidth challenges.Adam Back expressed confusion about the proposed monetization model and its potential impact on fungibility and planned Bitcoin improvements. He suggested that policy relating to identity for authorization should be handled at the payment protocol layer.Despite these concerns, Ahmed welcomed feedback on the proposal and stated that technical content would be increasing in the future, while discussion content would be removed. He then introduced BIP 104, a long-term solution to replace mining rewards and transaction fees. The working draft of BIP 104 has been updated based on public and private feedback, including clarifications on replacing the Coinbase subsidy and supplementing transaction fees. It also includes references to creating global, national, and regional Bitcoin Price Indices.The idealized requirements for this proposal are cryptographic fungibility and policy relating to identity for authorization at the payment protocol layer. Ahmed mentioned that the payment protocol is already being used and that the Lightning protocol ensures that data goes point-to-point, making it less visible for big data analytic monetization. However, there are concerns that this proposal may conflict with fungibility and planned Bitcoin improvements in the mid-term.
Updated on: 2023-08-01T15:39:42.100348+00:00