Author: Peter Todd 2014-12-21 06:12:20
Published on: 2014-12-21T06:12:20+00:00
The discussion revolves around the preservation of scarcity and whether innovation can be enabled without compromising it. The debate is focused on 1-way-pegs versus 2-way-pegs and embedded consensus versus blockchain consensus. One-way-pegs do not require changes in the Bitcoin protocol, while 2-way-pegs do. Arguments in favor of 1-way-pegs are for systems that are client-side validatable versus moon-math that is yet to be available to production systems. The discussion also delves into the tradeoffs between fragility and vulnerability to miners, with the majority of the crypto world opting for the former. The discussion concludes by stating that consensus is just code running on computers, and consensus isn't incentivized at the protocol level beyond screwing it up leading to monetary loss.
Updated on: 2023-06-09T14:44:00.244247+00:00