Author: Melvin Carvalho 2013-11-21 20:35:44
Published on: 2013-11-21T20:35:44+00:00
On October 14, 2013, Adam Back wrote an email proposing a model for Bitcoin development. The model involved creating a live beta version of Bitcoin, called "betacoin," which would allow for testing and development of new features without diluting the value of Bitcoin or affecting its security. Betacoin would be a parallel network to Bitcoin, with no mining reward and a cap of one BTC per betacoin. Users could move coins between Bitcoin and betacoin with certain restrictions, respecting the 21 million coin limit. Once the beta period was over and changes were validated, they could be merged into the stable version of Bitcoin. The main challenge would be finding enough high-caliber testers and developers to work on the beta network. In response to this proposal, Alan Reiner suggested creating a staging network with a new genesis block but otherwise similar properties to Bitcoin. This would allow for testing of new features in a realistic environment before being promoted to the main net. Peter Vessenes also expressed interest in this idea as an alternative to the current 100 block wait for mined coins. Overall, the proposed models aimed to speed up the development of Bitcoin features while maintaining its value and security.
Updated on: 2023-06-06T17:18:45.320823+00:00