Author: Dr Adam Back 2015-06-19 10:45:57
Published on: 2015-06-19T10:45:57+00:00
The discussion on whether or not a layer2 is needed to improve the scalability of Bitcoin continues. While some believe that a higher scale in the use of layer1 block-space while preserving functionality and uplifting security from layer1 is essential, others argue that pure offchain is a weak form of layer2 which could be incrementally hardened. The internet doesn't stop at layer1, so there are many things that could be done. Dr Adam Back believes that if we refuse to change client software to handle layer2 and insist that layer2 is too hard, we will be back in the discussion of kicking the can afresh again in some years with some even more centralizing size change. He believes that we should make the transition and introduction to layer2 and an intermediate crunch smoother. Improving decentralization, creating a plan to increase block-size in a slow fashion to not cause system shocks, and working on actual algorithmic scaling are being actively worked on right now. User rights should come above company interests in Bitcoin because businesses are providing service to users, their interests are secondary. If we allow business rights to be paramount, we may end up back at the status quo as bitcoin payment processors grow, conglomerate and become paypal/bank like or actual banks, and then their interests and exposures are the same as the banks. Bitcoin is a user p2p currency, with a social contract and a strong user ethos. Importing and forcing company interests would likely be the start of a slippery slope towards an end to Bitcoin. Jurisdiction and regulation related things belong at the interfaces and at the payment protocol layer. Finally, Dr Adam Back clarifies his statements about increasing blocksize and explains his thoughts on how they would start on throughput short-term to have space to do layer2 development.
Updated on: 2023-06-09T23:37:28.677335+00:00