Tuesday, October 19, 2021

The Future of Bitcoin 2017 Series: Dr. Peter Rizun, Bitcoin Unlimited

The Future of Bitcoin 2017 Series: Dr. Peter Rizun, Bitcoin Unlimited

At a time when most of the well-supported proposals to scale Bitcoin favor some kind of segregated witness implementation, Peter Rizun’s talk is bold. In this talk, he presents the notion that any bitcoin mined with SegWit is not a real bitcoin.

Rizun is Chief Scientist at Bitcoin Unlimited, a proposed Bitcoin protocol implementation that features flexible transaction block sizes.

Peter Rizun: Bitcoins With SegWit Are Not Real Bitcoins

Rizun states that he has an “intuitive dislike” for the SegWit protocol. Using a libertarian private property metaphor, he argues that ownership of a bitcoin (i.e.: the cryptographic signature) should be inherent to the coin itself. The overall security model is weaker; it’s no longer necessary for miners to include signatures when updating their UTXO sets — and they have less financial incentive to do so.

He also invokes Satoshi Nakamoto by referring to the original Bitcoin White Paper, which says “we define an electronic coin as a chain of digital signatures”. Ergo, any chain that does not include signatures is not a bitcoin chain.

Rizun also refers to game theory by saying there’s a stable Nash equilibrium for miners to witness signatures under the current protocol — but not in a SegWit scenario. Why is this? Watch the video and find out.

Peter Rizun is a physicist and entrepreneur living in Vancouver, Canada.

About The Future of Bitcoin 2017

The Future of Bitcoin conference took place in June-July 2017 in Arnhem, Netherlands. Presenting at the event were several high profile individuals who will be making key decisions about what Bitcoin is, and how it works, in the years to come.

This is a comprehensive video series featuring all the speakers and panels from the 2017. event. Watch them for a direct insight into the minds engaged in research and development to keep Bitcoin disruptive, decentralized, global and permissionless.

Did you enjoy this video? Feel free to leave your comments below.


Bitsonline Email Newsletter