Ethereum

Bitcoin

Steve

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">In a recent&nbsp;<a href="https://vitalik.eth.limo/general/2024/05/31/blocksize.html" rel="noopener noreferrer nofollow">blog post</a>, Ethereum cofounder Vitalik Buterin provided an in-depth analysis of one of Bitcoin’s most contentious historical debates. Buterin's reflections are based on his readings of two prominent books on the subject: Jonathan Bier's "The Blocksize War," which offers a pro-small-block perspective, and Roger Ver and Steve Patterson's "Hijacking Bitcoin," which advocates for the big-block viewpoint.</p>
<p dir="ltr">The Bitcoin block size war of the 2010s was a fundamental dispute over the direction and nature of Bitcoin’s scalability and utility. The central issue was whether Bitcoin should increase its block size limit from 1 MB to accommodate more transactions, thereby reducing fees, or maintain smaller blocks to ensure that running a node remains accessible to more users, preserving decentralization.</p>
<h2 dir="ltr" id="small-blockers-vs-big-blockers">Small blockers vs. big blockers</h2>
<p dir="ltr">Jonathan Bier’s "The Blocksize War" emphasizes the small blockers' view. It argues that larger blocks would make it prohibitively expensive and technically challenging for individuals to run nodes, leading to centralization. Small blockers believed that changes to Bitcoin’s protocol, especially through hard forks, should be rare and achieve broad consensus among users.</p>
<p dir="ltr">Conversely, Roger Ver and Steve Patterson’s "Hijacking Bitcoin" captures the big blockers' stance. They saw Bitcoin as digital cash, not just digital gold, and believed that low transaction fees were essential for its use as a global payment system. The big blockers supported increasing the block size to maintain low fees, arguing that Bitcoin’s original vision, as outlined in&nbsp;<a href="https://u.today/satoshi-nakamoto-just-received-unsolicited-gift-details" rel="noopener noreferrer nofollow">Satoshi Nakamoto</a>'s whitepaper, was being sidelined.</p>
<h2 dir="ltr" id="buterin-s-perspective">Buterin’s perspective</h2>
<p dir="ltr">Vitalik Buterin introduced the concept of a "one-sided competence trap," where one side of a debate monopolizes technical competence, using it to push a narrow agenda. Meanwhile, the opposition, though correct on the fundamental issue, fails to develop the necessary competence to execute their vision.</p>
<p dir="ltr">This dynamic, according to Buterin, was evident in the block size war, with small blockers maintaining technical control while big blockers struggled to implement their ideas effectively. Buterin stressed that the ultimate solution to such political and technical stalemates lies in new technologies that can satisfy both sides.</p>
<p>He pointed to&nbsp;<a href="https://u.today/ethereum-whales-go-bullish-as-eth-holdings-skyrocket" rel="noopener noreferrer nofollow">Ethereum</a>’s embrace of technologies like ZK-SNARKs and BLS aggregation as examples of how innovative solutions can enhance scalability and decentralization simultaneously. He expressed hope that Bitcoin would adopt a more tech-forward approach. The development of new layer-2 solutions like Inscriptions and BitVM could pave the way for a more scalable and decentralized Bitcoin ecosystem.</p>

Vitalik Buterin Issues Crucial Bitcoin (BTC) Statement

Inhaltsverzeichnis

U_Today

Weitere Artikel, die am 31. Mai 2024 veröffentlicht wurden

Meme Coins: Dogecoin vs. Shiba Inu

The Rise of Meme Coins: What's Next?

Solana Shows Strength Despite Market Challenges

Assessing the potential for new ATHs among BNB, Rollblock, ETH, and SOL

Ripple’s XRP Price Analysis: Key Levels to Watch as SEC Lawsuit Verdict Could Unlock These New Ta...

Bitcoin An ‘Important Part’ Of Our Economy, US Senator Says

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!