Editorial 12 November 2018

Calvin Ayre

Consensus: The Bitcoin Way

An appeal to exchanges, payment processors and wallet developers…

Bitcoin’s whitepaper redefined money as we know it; forever. We have a chance to do this properly and cleanly, or we make it messy. I have already stated publicly, that I will follow the ABC chain if ABC wins. This is my commitment in following the longest chain and remaining true to the consensus mechanism highlighted in the Bitcoin whitepaper.

Today, the vast majority of the BCH eco-system, including the ABC backing Bitcoin.com declare that BCH is Bitcoin as defined in the whitepaper. I don’t need to go over this in detail, but Eli Afram’s article on the value proposition of Bitcoin BCH sums up very well, the reasons it is important that we recognise this fact.

BCH is Bitcoin. And if Bitcoin as defined in the whitepaper is made valid by the longest chain, then this is the consensus mechanism that we at Coingeek abide by. It’s true however that there exists the argument that if the longest chain is valid, then shouldn’t BTC be Bitcoin? This argument surfaces frequently in attempts to discredit BCH. The answer here is very simple… BTC actively moved away from the whitepaper. Segwit coins for example do not at all match the description laid out in the Whitepaper. If BTC actively chose to ignore key elements of the whitepaper, then it makes sense that BTC itself is no longer bound by the definition of the whitepaper, and Nakamoto Consensus included.

Roger Ver of Bitcoin .com also once tweeted the following in his declaration of why BCH is Bitcoin and I unreservedly agree.

There is only one prominent BCH supporter that refuses to believe that BCH is Bitcoin, and that is Mr Bitmain himself.

There is a very big reason why Jihan, doesn’t want BCH to be Bitcoin. If it is Bitcoin, it becomes bound to the whitepaper. Being bound to the whitepaper means that he doesn’t get his sought after reduced block times, or the ability to subvert Nakamoto consensus.

Now I would like to invite exchanges, developer teams, and others to adhere to the very principle laid out in the founding paper, and the consensus mechanism that decides between rule sets. That is – the longest chain. For the eco-system to follow this rule means that we collectively gain a market driven consensus prescribed by majority hash. This is representative of a true market dynamic.

The alternative is, that we are forever at the helm of a dictator-developer model. We have seen how that experiment runs already… It resulted in a centralized coin with an off-chain driven agenda.

nChain have already voiced the intention to reorg a minority invalid chain. This isn’t an attack on BCH. Rather this will highlight the invalidity and insecurity of the a minority chain. It is a defense of the majority chain, and it assures that the majority chain remains valid, and the clear winner.

If the eco-system remains true to the longest chain, then we have a market/miner driven response that is clean, and secure… In other words, there will be no tiny chain prone to an attack, and users funds remain safe.

Above all, it is important we recognise the difference between intermittent bursts of rented hash vs dedicated hash. Temporary hash, is just that – temporary. Eventually, dedicated hash will catch up. For this reason, there is no fixed timeline on how long this election will go, but I call on the eco-system to remain faithful to the fact that this can be a drawn out battle that may oscillate. A sudden change in chain lead after some time may not bode well to some exchanges, and its most important that we remain steadfast in our mission to find the clear winner. This is also why I have been advocating mining with dedicated hash. It is fair on users and the eco-system, and allows us all to find a winner, quickly.

Coingeek will continue to fight for a money that is usable by the whole world. And our aim is to see Bitcoin BCH as the leading money in the world. We hope you can join us in making this a reality.

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.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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