David Schwartz, the CTO of Ripple, has joined a debate centered around who gets to decide the use of hash power in the Bitcoin network.
In reply to tweets, Schwartz raises an alternative viewpoint, challenging the assumption that those controlling the largest share of Bitcoin’s computational power have the right to claim the name for themselves.
According to Curtis Ellis, an X platform user, the control over the Bitcoin name and its underlying rules primarily lies with the majority of the cryptographic hash power. To align with the chosen set of rules, users are advised to operate their own full nodes.
full nodes and miner nodes.
Full nodes retain a complete version of the blockchain in their systems, verifying each block and transaction against the established network guidelines for consistency and legitimacy. These nodes play a crucial role in maintaining the trustworthiness and safeguarding the Bitcoin network.
In simpler terms, the longest chain rule is a crucial part of how the Bitcoin network functions under the Nakamoto consensus. When multiple potential chains arise within the network, this rule determines the valid one by identifying the chain that required the most computational power from its miners.
The CTO of Ripple offers a new viewpoint in the Bitcoin debate, challenging the assumption that control over the majority of hash power grants the right to dictate what the true definition of “Bitcoin” should be.
“Does a logical user seek out ‘bitcoin,’ regardless of its nature – good or bad, honest or corrupt? The first description clarifies what bitcoin is, while the second helps you obtain the authentic article.”
Schwartz refers to the instance of Bitcoin Cash emerging as a result of a hard fork from Bitcoin, which occurred in the year 2017.
During the BTC/BCH fork, reasonable users didn’t declare their preference based on which side was labeled “bitcoin” later. The guideline for distinguishing between the two didn’t dictate users’ desires or lead them to the desired side.
During the ongoing debate, the Ripple CTO offers a thought-provoking viewpoint, encouraging the community to carefully consider the foundational ideas of the ecosystem.
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2024-04-22 17:56