Editorial 5 months agoAdmin
CoinGeek statement: Changing Bitcoin Cash protocol is the wrong way to gain mass adoption
Recently, the Bitcoin Cash community has been going through a lot of debate regarding protocol proposals. While these discussions can get heated, the upside is that less than a year since the rebirth of Bitcoin through Bitcoin Cash, a lot has been achieved and the community is already going through growing pains.
In response to these recent debates, CoinGeek is taking a stand and urging the community not to proceed with risky protocol changes for the sake of perceived quick market traction—the network can easily lose much more than it might gain should the protocol changes cause failures. Below is CoinGeek’s statement.
Risk vs reward
Tweaking the protocol to make certain things easier—such as the creation of permissionless tokens, can of course lead to an upsurge in excitement and activity within the Bitcoin Cash network. However, we must all be reminded that trade value and other secondary use cases, although ideal and definitely in the long-term road map for BCH, must not be made a priority over the security and economics of the network.
And it should absolutely not be allowed to happen if it will compromise Bitcoin’s pledge to deliver fast, low-cost, and reliable peer-to-peer value transfer. This is where Ethereum went wrong—a single application can bring the entire network down to its knees in congestion (and unstable fees).
We urge the Bitcoin Cash community not to rush into the same mistake and proceed to scaling the network properly.
Calvin Ayre on protecting the BCH protocol
Calvin Ayre, founder of CoinGeek, is firm on preserving the “battle-tested” protocol. Below, Ayre issues a statement:
“CoinGeek believes in Bitcoin BCH and further believes it should fully restore the original Bitcoin protocol. It was unnecessary changes to BTC’s base protocol that forced the fork to Bitcoin Cash BCH, the only true Bitcoin. Now that we have Bitcoin Cash BCH, we should be focused on fully restoring it to be the original Bitcoin protocol, rather than making additions or more changes that take BCH away from the original protocol.”
“Everything that needs to be done can be layered on top and retain the decade of proven security. I can assure the BCH community that our miners will never support anything that changes the battle-tested underlying original Bitcoin protocol — not with so many ways to do everything needed on top of this proven secure protocol. Many friends of mine in the Bitcoin BCH mining community are telling me they also support our position.”
Maintaining the integrity of the Bitcoin protocol through Bitcoin Cash is not about purist extremism. This is about doing no harm, first of all. In the case of the legacy chain, the tweaks were made hastily for the sake of immediate market gain for some actors. And as we now see, this has backed them into a corner. The protocol has been botched beyond salvation, unless they redo the code—from the base protocol—which we now have in Bitcoin Cash.
There are other less invasive and less risky solutions to achieve mass adoption, whether it’s for colored coins or other use cases, that can be layered on top of the blockchain. That way, should something go wrong, it’s easy to scrap the layer without disrupting the whole network.
What we can learn from the history of the Internet
Reenabling the old OP_Codes in the Bitcoin protocol through its resurrection, Bitcoin Cash, brings the blockchain back to its optimal state. We can compare this to IPv4 (Internet Protocol version 4), which was first introduced in 1981 but to this day remains the core protocol serving as the backbone of the entire Internet. Not a lot has changed in this base protocol in 35 years since it was first deployed in 1983. This is because that version has been the most stable and the most reliable for the Internet.
Bitcoin Cash, with the old OP_Codes reenabled and with a few minor adjustments to the difficulty algorithm, will be the IPv4 of Bitcoin. Any new protocols for more specific and complex use cases may be easily built on top of that base protocol, where it will not endanger Bitcoin itself.
That being said, the Bitcoin Cash protocol will stand the test of time. Much like you can still access the Internet today using an old computer from the 90s, developers and businesses can build upon Bitcoin Cash today knowing with absolute certainty that it is the same stable and solid version that they will be working with for decades to come.
Open discourse: CoinGeek Week Conference
While community debates for Bitcoin have been known to get quite intense, it is an absolute necessity in the decentralized world. We at CoinGeek are of course open to discourse. In November, the CoinGeek Week—a three-day conference running from November 28-30 will gather BCH developers and industry movers together to discuss the most pressing issues, opportunities, and risks facing the Bitcoin Cash ecosystem. If you are interested in taking part in that discourse, you are absolutely welcome to join the community.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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