Author: Gregory Maxwell 2013-02-14 01:02:39
Published on: 2013-02-14T01:02:39+00:00
In a message to the IETF Bitcoin working group, Gregory Maxwell expressed concern about potential controversy surrounding changes to the Bitcoin system. He emphasized the importance of ensuring that any necessary changes are widely accepted in order to maintain trust in the immutability of the system's rules. However, in a hypothetical scenario set in 2043, Maxwell outlines how such changes could be implemented with ease and little controversy. In this imagined future, off-chain systems have become commonplace, allowing for scalable, instant, and private transactions. With the ability of common hardware to keep up with larger block sizes and advancements in computer and network speed, increasing block size would not be as controversial as it would be today. The hypothetical scenario also suggests that any changes could be made alongside a hardforking cryptosystem upgrade, thus amortizing out all migration costs. Nonetheless, Maxwell acknowledges that the current transaction load does not produce a usable fees market, making any increase in block size controversial at present. The key takeaway from Maxwell's message is that changes to the Bitcoin system must be carefully considered and widely accepted to avoid undermining trust in its immutability.
Updated on: 2023-05-19T16:27:41.453934+00:00