9 January, 2021
Bitcoin Classic Gains Support for Bringing Democracy to Development
The ongoing Bitcoin block size debacle has been captivating the community for several months now, and developers are still no step closer to coming up with a solution through consensus. A new project, called Bitcoin Classic, wants to bring back democracy in the Bitcoin development world. By keeping the central principles envisioned by Satoshi Nakamoto at heart, this project is getting a lot of support from companies and prominent Bitcoin individuals.
Bitcoin Classic Gains Support for Bringing Democracy to Development
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Bitcoin Classic – Putting an End to the Debate Once and For All
It goes without saying the Bitcoin block size debate has been going on for far too long now. The fact that there is no clear solution to this problem after months of back-and-forth communication between various parties is putting Bitcoin in a bad spot right now, and a solution needs to be found sooner rather than later.
Bitcoin Classic wants to bring back democracy in the world of Bitcoin development, which is something people have lost track of in recent months. JToomin is the one responsible for bringing this concept to the Bitcoin community, as a way to honor Satoshi Nakamoto’s original vision for the popular digital currency.
There are two main parts to the Bitcoin Classic solution people need to take into account. First and foremost, the plan is to make development decisions in a democratic manner, by weighing input from both the users and miners. Right now, the miners “control” the future of the Bitcoin block size debate, but Bitcoin Classic wants to put an end to that situation.
Secondly, the project wants to honor Satoshi’s vision for Bitcoin by scaling the on-chain capacity to exceed demand. However, getting ahead of the demand is tricky, and incremental solutions seem to be the way forward for the time being. Based on the forum post on Bitcoin.com, the developers plan to start things off with a 2MB block size hard fork.
This hard fork is very similar to the BIP101 proposal that has been floating around for quite some time now. However, Bitcoin Classic will improve upon the original idea by including consensus detection and impose a limit on block verification costs. The block size would then keep increased throughout the years, based on the input provided by miners and users.
So far, the project has gathered support from Gavin Andresen, Jeff Garzik, and several others on the development front. Some of the world’s biggest Bitcoin mining pools are on board too, as well as various companies active in the digital currency industry today. Plus, the Users group is well-represented by names such as Roger Ver and Olivier Janssens. Last but not least, Blockchain.info – the largest bitcoin wallet provider in the world – is supporting 2MB blocks as well.
Achieving Bitcoin Development Democracy
On paper, it might sound easy to come to a consensus where the future of Bitcoin development is concerned. However, the past year or so has shown how difficult this process can be as a block size solution has not been found yet. Bitcoin Classic wants to rectify that by using a simple yet effective system.
New proposals for the future of Bitcoin development will be proposed on this website, where users can vote on the ideas. Either they will agree or disagree with this idea, and opinions can be filtered based on the user’s group they belong in. Speaking of these user groups, there are verified users, miners, developers, and businesses.
Anyone registered on the platform will be able to submit their own ideas, and feedback regarding its viability will be available in real-time. So far, several pull requests and proposals have been put forward, and democracy can be seen in action. All of this is true to the vision Satoshi Nakamoto detailed in his whitepaper.
What are your thoughts on Bitcoin Classic and its vision for the future? Can we achieve democracy in the Bitcoin development world?
