Author: Gavin Andresen 2015-05-11 17:29:02
Published on: 2015-05-11T17:29:02+00:00
Gavin Andresen, one of the earliest developers of Bitcoin, believes that proof-of-work may not be the most secure way to maintain the blockchain in the long-term. He thinks that proof-of-work was the right method for securing the chain and distributing coins when the network was small and running on home computers. However, he also acknowledges that there may be alternatives to proof-of-work in the future, although he does not believe they will be ready for deployment anytime soon. Additionally, he suggests that it is premature to worry about what will happen to the blockchain in twenty or thirty years when the block subsidy is insignificant, as a lot can happen during that time. Gavin considers Bitcoin to be an experiment, but he believes that the incentives are correct and that motivated, smart, and hard-working people will make it work.
Updated on: 2023-06-09T20:39:22.687686+00:00