Market forces should make the key decisions in Bitcoin and that includes the transaction block size. That’s the main argument in this presentation by Antony Zegers of Bitcoin Unlimited.
Bitcoin Unlimited forks the codebase of Bitcoin Core and introduces its key feature: Emergent Consensus (EC). Mainly, this sets no size limit for a transaction block, and miners can signal with each block what the next size should be.
Unlimited calls it “decentralized decision-making in action”. It’s also proven to be a very controversial suggestion within the Bitcoin Community.
Antony Zegers: Let Markets Decide Where Bitcoin Goes
Zegers says Bitcoin shouldn’t have any “benevolent dictator” or “committee” as others have suggested. Market forces themselves should be able to make key decisions and could, with the right software. Using examples from Game Theory, he says Bitcoin needs bigger blocks, competing clients, and more decentralized bitcoin holdings — all held on-chain.
It’s always hard to tell who’s acting in good faith in Bitcoin when there’s so much money at stake, Zegers says. To prevent any one individual or group from having too much influence or control, Bitcoin needs mechanisms for markets to decide. We shouldn’t fear hard-forks as they signal a clear preference one way or another. There are several ways this could happen.
What are they? Watch the video to find out.
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.
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