Blockchain Experts Explain Why Bitcoin Is An Immutable Truth

By | January 12, 2022

This week kryptonites The episode dives into the evolution of blockchain, with some of the most prominent experts on the subject, including Don Tapscott, Ray Youssef, Andreas Antonopoulos, and Peter McCormack, speaking of Bitcoin and the underlying technology that makes it the most decentralized, secure and advanced form of money ever.

The educational entertainment channel kicks off the year with a three-part series, and this is the first episode you won’t want to miss, covering several hot topics, starting with the first attempts to create crypto-secured coins online.

Delving into network decentralization, security, and scalability, Tone Vays, Richard Ells, Nicholas Gregory, and Piers Ridyard mentioned Bitcoin mining, Proof-of-Work (PoW) consensus mechanisms, the challenges of mass adoption, and the secondary solutions that address the Bitcoin Scalability problem.

Read on for some of his shocking quotes.

PoW consensus mechanism

“I worked in banks; we would have loved to have a 10 year system with essentially no downtime. That is phenomenal. There is no such thing and having such high amounts of Bitcoin transactions every 10 minutes and never going down in 10 years is unheard of. I think it’s a sign of the hard work that a lot of people have put in, be it the miners, the lead developers, the people running nodes, the people running exchanges, it’s quite a compliment to achieve that, “said CommerceBlock CEO Nicholas Gregory. .

“When you hear the term mining, 99.9% of that will be called PoW. So the algorithm that decentralization gives you, the part of the blockchain that is super smart, that allows it to support itself, is achieved by allowing people to form a consensual opinion. Now how do you know they are people? By doing something that is mathematically very very complicated and solving a mathematical problem, you are proving that you are a real person or, in this case, a real machine, ”explained Electroneum CEO Richard Ells.

Bitcoin scalability solutions

“There will be very few chain transactions, because chain transactions cannot be scaled. You have to scale them off-chain, and off-chain Bitcoin has a dozen good propositions to give you privacy and fungibility as a second-layer solution: via wallets, via Lightning, via Liquid, and via many. other innovations that get in the way. Taproot and Bulletproofs, and the latest in signatures from Schnoor, ”noted blockchain researcher and analyst Tone Vays.

“The main thing about this is that people can independently take control of their finances and can decide what software to run, what consensus rules to follow and then become participants in the security of the system, that’s empowering. That is the most important thing to keep in mind about this technology ”, stressed Andreas Antonopoulos.

Posted in: Bitcoin, Videos

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