It's often a painful process but one that highlights and solidifies two of Bitcoin's biggest virtues: No single party can dictate how Bitcoin evolves; and the absence of centralized control protects Bitcoin's monetary properties.
The barriers to development - and working through themThe values that make Bitcoin a popular phenomenon are also those that make developing software atop Bitcoin more challenging than any other digital asset.
The diagram below is an attempt to map all relatively new initiatives and showcases a more complete representation of Bitcoin's technology stack.
The theme of data anchoring on Bitcoin's blockchain goes beyond Lightning, with companies like Microsoft pioneering a decentralized ID system atop Bitcoin.
This is a significant development because, starting in 2010, several of the original Bitcoin opcodes - the operations that determine what Bitcoin is able to compute - were removed from the protocol.
The devise of a new approach to Bitcoin smart contracts called Merklized Abstract Syntax Trees has since triggered a new wave of supporting technologies for Bitcoin smart contracts.
Currently, a new opcode called OP CHECKTEMPLATEVERIFY - formerly known as OP SECURETHEBAG - is leveraging this new technology to potentially enable covenants to be safely implemented in Bitcoin.
Even though the issue of centralization in Bitcoin mining is often wildly exaggerated, it is true that there are power structures retained by mining pool operators that can be further decentralized.
One of the most substantial changes coming to Bitcoin mining is the second version of Stratum, the most popular protocol used in mining pools.
PrivacyContrary to some arguments out there, there are a host of emerging protocols that can bring optional privacy into Bitcoin.
The Evolution of Bitcoin's Technology Stack
gepubliceerd op Jan 23, 2020
by Cointele | gepubliceerd op Coinage
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