Tech 16 August 2018Erik Gibbs
Blockchain firm finds that BCH team more approachable than BTC team
InputOutput is a blockchain-centered company that uses peer-to-peer innovations to deliver financial services to those who don’t have them. It has built blockchains and cryptocurrencies for corporations, academic institutions and even some government bodies and is involved heavily with both Cardano and Ethereum Classic. In a recent “Ask Me Anything” session led by the company’s co-founder, Charles Hoskinson, he made a very interesting observation – the BCH team is more approachable and the Bitcoin Core (BTC) team is “highly unapproachable.”
Hoskinson said that he has tried to open dialogue with both BCH and BTC developers regarding side-chains. He indicated that he has felt slighted and ignored by BTC developers, while BCH developers were accessible and open to carrying on conversations.
He also pointed out that there are only around ten people in charge of all of the hash power for the BTC network. This is a complete disconnect from the core definition of cryptocurrency, which is designed to be a decentralized, globally held, spendable digital currency.
Perhaps the “unapproachability” demeanor displayed by the BTC developers stems from their lack of ability to innovate on the BTC network. Many of the recent upgrades seen through BCH were actually proposed for BTC, but were stripped out due to coding issues. Those issues were addressed by BCH developers, allowing for them to be introduced to the BCH ecosystem through May’s hard fork upgrade, giving way to a much more flexible and robust network than what has been seen with BTC.
The only major innovation seen with BTC lately has been the creation of the not-so-reliable Lightning Network (LN), designed to support a large number of transactions due to the limited 1-megabyte block size of the BTC blockchain. However, even this has been shown repeatedly to not only be inefficient, but ineffective. Repeated tests have demonstrated that the LN – after six months of beta testing by some of the greatest crypto minds, is still not capable of consistently managing transactions. Large transactions – those of $200 or more – have a failure rate of 99%. Smaller transactions of up to $100 are more reliable, but still only show a success rate of 70%. This might be acceptable when throwing darts at a dartboard, but it certainly isn’t in the financial world.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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