BchainTalk Forum - Community for Blockchain Believers

Join like-minded people in a collaborative culture to share & learn.

Latest topics
» Interacting Through Decentralization: Sociall, The Blockchain Social Media Platform To End All Others
Today at 3:22 am by Vladdirescu

» Blockchain Gaming Innovators Chimaera Announce TGE Beginning 23 March 2018
Today at 2:33 am by Vladdirescu

» Physical Bitcoin Debit Cards Are Coming Back to Europe
Yesterday at 7:25 pm by Vladdirescu

» Databroker DAO Launch Pre-Sale and Announce IOT Sensor Data Marketplace, Scheduled March 19th 2018
Yesterday at 6:56 pm by Vladdirescu

» MedCredits Partner With Civic In the First Blockchain Backed Physician Registry
Yesterday at 4:14 am by Vladdirescu

» Huawei is Planning to Design a Smartphone Able to Run Blockchain Apps
Yesterday at 12:21 am by Vladdirescu

» Task Force in the UK Will Study Framework for Potential Cryptocurrency Regulations
Fri Mar 23, 2018 11:40 pm by Vladdirescu

» Regulators to Close Binance in Japan. Binance Moving to EU
Fri Mar 23, 2018 10:41 pm by Vladdirescu

» Blockchain Company Lympo Reveals Plans to Distribute Shares to Token Holders
Fri Mar 23, 2018 9:30 pm by Vladdirescu

» Qurrex, the World’s First Hybrid Cryptocurrency Exchange, is Changing the Decentralization Game
Fri Mar 23, 2018 3:49 pm by Vladdirescu

» Thaler, Property-Backed Stable Coin, to Power $5b Blockchain-based Investment Fund
Fri Mar 23, 2018 3:13 pm by Vladdirescu

» Snowden Revealed a Secret Document Showing How NSA Tracked Bitcoin Users
Thu Mar 22, 2018 9:45 pm by Vladdirescu

» FSB Chair Says Cryptocurrencies Don’t Pose Risk to the Global Financial Market
Thu Mar 22, 2018 9:24 pm by Vladdirescu

» Venezuelan Cryptocurrency Petro Banned by Trump Executive Order
Thu Mar 22, 2018 9:05 pm by Vladdirescu

» Essentia Gives Users Full Control to Their Data, ICO Starts 15.04
Thu Mar 22, 2018 8:28 pm by Vladdirescu

» Intimate ICO Launches Sex Industry Token, 7 Days Until Pre-Sale Ends
Wed Mar 21, 2018 8:58 pm by Vladdirescu

» Crowd for Angels ICO Progressing Ahead of Schedule
Wed Mar 21, 2018 4:39 pm by Vladdirescu

» Market.space Announces Partnership with Web Shield to Secure the Decentralized Cloud
Wed Mar 21, 2018 3:53 pm by Vladdirescu

» Dreams On a Smart Contract
Wed Mar 21, 2018 4:50 am by Vladdirescu

» Twitter May Ban Cryptocurrency Ads, Following Facebook and Google’s Lead
Wed Mar 21, 2018 3:35 am by Vladdirescu

Electrum Developer Thomas Voegtlin: Bitcoin Unlimited Is Not a Good Idea

View previous topic View next topic Go down

Electrum Developer Thomas Voegtlin: Bitcoin Unlimited Is Not a Good Idea

Post by John Nash on Mon Apr 24, 2017 1:50 pm

On the most recent episode of “Epicenter,” co-hosts Brian Fabian Crain and Sébastien Couture interviewed Thomas Voegtlin, a developer of the bitcoin wallet Electrum. During the interview, Voegtlin shared his thoughts on Bitcoin Unlimited, an alternative to Bitcoin Core that is best known for a feature allowing miners and full nodes to set a locally acceptable block size limit.

“I don’t think [Bitcoin Unlimited] is a good idea,” Voegtlin said during the interview. “It’s really a big change; it’s a change in the structure of power in Bitcoin. It’s a very risky hard fork.” He went on to suggest that since the recent AsicBoost scandal, “a lot of people have changed their mind on this” and no longer support Bitcoin Unlimited.

Voegtlin went on to explain his view that Bitcoin Unlimited would give more power to miners and how the software client has diverged greatly from Bitcoin Core. The Electrum developer also touched on the similarities between the Bitcoin and Litecoin codebases.

More Power for Bitcoin Miners?

Although Voegtlin claimed Bitcoin Unlimited is not much of a topic of discussion anymore, he also pointed out that a large percentage of the network hashrate (around 39 percent at the time of this writing) is still signaling support for the alternative software client.

“We are in a situation where miners have a lot of power, and they seem to want more,” Voegtlin said of the support of Bitcoin Unlimited among miners. “That’s the point of Bitcoin Unlimited: the miners decide to change the rules whenever they want, and the only requirement is that they are followed by other miners.”

Voegtlin went on to note that he’s unsure how many of the miners signaling support for Bitcoin Unlimited really want any of the changes implemented in the alternative software client to activate on the Bitcoin network. “They are signaling their opposition to [Segregated Witness],” Voegtlin said.

In regard to miners’ reasoning for rejecting Segregated Witness (SegWit), Voegtlin pointed to the recent AsicBoost revelations involving Bitmain as a theory.

Later, Voegtlin pointed to miners wanting to see more transactions processed on chain rather than through off-chain channels, such as the lightning network, as another plausible theory. “But today it’s impossible to put numbers on that,” Voegtlin added. “It’s not possible to quantify this.”

Bitcoin Unlimited Has Completely Diverged from Bitcoin Core

Another issue Voegtlin sees with Bitcoin Unlimited is that it has completely diverged from the Bitcoin Core codebase.

“The team of developers that are behind Bitcoin Unlimited actually did not create a patch of the project, but they forked it a long time ago,” explained Voegtlin. “The version of Bitcoin that they maintain is now completely different. They have diverged, which is not a good idea.

“Well, it’s a good idea to fork the project if you want to replace the developers, if you want to fire them,” Voegtlin added.

In Voegtlin’s view, the developers behind Bitcoin Unlimited should have created a simple patch and rebased it on top of the Bitcoin Core codebase after each new release.

Similarities Between the Bitcoin and Litecoin Codebases

Near the end of the interview, Voegtlin pointed out that the Bitcoin and Litecoin codebases are very similar. It is partially for this reason that others, such as Bloq Co-Founder Jeff Garzik and Coinbase Director of Engineering Charlie Lee, have noted that Litecoin could provide a valuable test environment for SegWit and the lightning network.

“Litecoin is very close to Bitcoin; the changes are very small,” Voegtlin explained. “It’s not like Bitcoin Unlimited, who decided to drop the project and discard all of the new developments from the [Bitcoin] Core developers. Litecoin is just a small patch over Bitcoin, so the developments that are made for Litecoin can benefit Bitcoin.”


John Nash

Posts : 9
Reputation : 0
Join date : 2017-04-15

View user profile

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

Permissions in this forum:
You cannot reply to topics in this forum