Author: Peter Todd 2015-06-15 04:43:42
Published on: 2015-06-15T04:43:42+00:00
The context is a discussion on the Bitcoin development initiatives. In response to the concern raised about few in the industry taking any development initiatives or integrating libraries, Mike Hearn pointed out that several people have built more scalable wallets over the past few years and initiatives like Lightning which are complementary projects to StrawPay. He added that people in the industry take development initiatives but their work may not be recognized on this mailing list. Regarding StrawPay, Peter Todd noted that they haven't published any details of their work publicly and if they wanted credit on the mailing list, they should have done that. He also mentioned that efforts like his CHECKLOCKTIMEVERIFY will be part of StrawPay in due time. In terms of scaling protocol, there was a discussion about n-squared scaling, which Hearn said does not exist, and computational complexity for the entire network is O(nm) where n=transactions and m=fully validating nodes. They discussed the CryptoCurrency Security Standard for requirements for compliant companies to run full nodes for transaction verification. Todd disagreed with the idea of "exposing the companies to back-pressure" and suggested it means breaking the current software ecosystem to force people into a new system. Either way, something must change for the number of Bitcoin users to grow. As proposed options like Lightning, merge mined chains, extension blocks etc. don’t have much chance of deployment soon, raising the block size limit seems to be the only possible path left, which is why there will soon be a fork that does it. Todd asked about an ETA on when the blocksize increase code will go in Bitcoin XT.
Updated on: 2023-06-09T23:06:33.903284+00:00