Tag: consensus

May 26 2022

Proof Of Work Vs. Proof Of Stake: Why Bitcoin Won’t Change

As politicians and environmentalists have argued Bitcoin should move away from proof of work, they miss what makes the network so innovative.Bitcoin’s consensus mechanism, proof of work (PoW), tends to bring about divisive opinions in society. While some argue it is a core aspect of Bitcoin’s success, others claim the network would retain most of its properties while reaping new benefits if...

May 20 2022

What Is BIP 119 And Why Did It Fuel Such Heated Discussions In Bitcoin?

Explaining the controversy around Bitcoin’s BIP 119 (CTV) proposal and debunking some myths that in part fueled it.It’s been hard to ignore the discussion around CheckTemplateVerify (CTV) over the past few weeks as it has apparently been generating a divide in the Bitcoin community with developers, users and companies taking sides on whether the activation of the proposed upgrade would be a...

May 09 2022

Analyzing BIP119 And The Controversy Surrounding It

The debate about BIP119 has two central issues being conflated: the proposal itself and the activation mechanisms that could be used to implement it.This is an opinion piece about BIP119 (OP_CTV). If you would like to submit a counter argument, please email Bitcoin Magazine.BIP119, or Check Template Verify (CTV),...

May 05 2022

A Conversation About The Controversy Surrounding BIP119

There are many differing opinions about BIP119. This Twitter Spaces conversation aims to clear up some of the confusion and offer explanations.This is a recording of a recent Twitter Spaces conversation about BIP119 (OP_CTV). If you would like to submit an opinion about BIP119, please email Bitcoin Magazine....

May 04 2022

Exploring BIP119 And The Way Changes Are Made In Bitcoin

In Bitcoin, it is nearly impossible to find out how much support there is for a proposal without trying it. CTV is a non-invasive change and should be accepted.This is an opinion piece about BIP119 (OP_CTV). If you would like to submit a counter argument, please email Bitcoin Magazine.In the past few weeks, there has been an effort to push a...

May 03 2022

A Modest Bitcoin Improvement Proposal, Proposal

Decentralized consensus is required to make changes to the Bitcoin code. Clear processes, standards and norms can ease decision-making in the future.This is an opinion piece about BIP119 (OP_CTV). If you would like to submit a counter argument, please email Bitcoin Magazine.We’ve Got A ProblemDecentralized consensus isn’t easy....

Apr 28 2022

Bitcoin Ignites The Impulse For Social Justice Movements

Bitcoin’s decentralized public ledger dismantles current oppressive financial tools by providing people a tool of empowerment. Bitcoin leaves no one behind.In recent years, controversy around critical race theory (CRT) has sparked fierce political debates across America. On the education front, surrounding issues of teaching...

Nov 08 2021

What Is Nakamoto Consensus And How Does It Power Bitcoin?

Satoshi’s innovation enabled global consensus without a centralized authority, thus creating the first truly trust-free monetary system.One of Bitcoin’s most unique features is its consensus algorithm, which set the precedent for a Byzantine Fault Tolerant (BFT) peer-to-peer currency system. The most common definition of Bitcoin’s consensus algorithm, more specifically, the definition that most online sources...

Sep 12 2021

Delegated Proof-of-Stake: Can We Be Free Under A Benign Master?

The consensus mechanism used by Bitcoin is the only way to ensure true lasting freedom.Delegated proof-of-take (DPoS) is a fundamentally different consensus protocol from proof-of-ork (PoW). The difference between the two presents itself in the kind of freedom they promote; while DPoS is freedom under a benign master, PoW is freedom from domination.What Is Freedom?Freedom can be understood in...

May 25 2021

Elon Musk Had a Promising Conversation With Bitcoin Miners

May 25, 2021 / Unchained Daily / Laura Shin Daily Bits...

Jan 20 2021

How to Set Up a Bitcoin Node: A Beginner’s Guide

Bitcoin's peer-to-peer strength lies in its vast network of nodes. The famous saying in crypto, "not your private keys, not your coins," extends to crypto nodes as, "Not your node, not your rules." Bitcoin full nodes protect user privacy and strengthen the network's distributed consensus. And just recently, the...

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