Interviews 11 May 2018CoinGeek
Dr. Craig Wright: The more you attack the Bitcoin network, the more profitable it becomes
Bitcoin Cash (BCH) is making a substantial step forward on May 15. On that day, a major network upgrade will happen that will pave the way for the introduction of features designed to make the BCH blockchain more robust and, more importantly, help the network process more transactions. Or onboard all of mankind, if you will.
The upcoming upgrade will trigger an increase in the Bitcoin Cash blockchain block size from 8MB to 32MB, among other things. This, according to developers, will enable a capacity of 100 transactions per second, or 8.64 million transactions per day. There is an opinion, however, that lifting the cap on blocks will open the network to attacks—a notion that nChain Chief Scientist Dr. Craig Wright has shut down.
“At 32MB, we’re talking about maybe a little bit of network cost and $50 worth of hard drive, or less. And for that, the attack would cost around $50,000. Now that $50,000 isn’t lost, it goes to the miners, the people protecting the network. The more you attack the network, the more profitable it becomes,” Wright told CoinGeek. “So, why would you, as a miner, not want to invest more money and make the network even more resilient when people are going to throw money at you as an attack? We’re at a stage now where you cannot really attack the network.”
Increasing the Bitcoin Cash network’s block size to 32MB, allowing it handle 8.64 million transactions per day, is a precursor to the Terab project’s goal of scaling to 1TB blocks, which, in turn, will bring in 7 million transactions per second or an estimated 604.8 billion transactions per day.
Terab is an open source initiative launched by French quantitative supply chain Lokad and backed by the nChain Group, considered to be influential tech groups leading the development of Bitcoin Cash, along with CoinGeek.com owner and Antiguan-based entrepreneur Calvin Ayre, who has pledged up to €3.6 million in funding.
“The whole idea here is to be able to scale so that we can have 50-plus transactions per person on earth,” the nChain chief scientist said. “If we can do that, then we can simply roll out Bitcoin to the world. We can have people in Africa, people in South America, people who aren’t banked, people who want to trade online.”
True internet of money
The goal, according to Wright, is to scale the Bitcoin Cash network “naturally” so that 5 billion people can use it as cash daily.
“We can create the true internet of money. And by doing this, we open up a global environment where free trade can start working no matter what,” he said. “But Bitcoin [BCH] is a distributed system, it’s no good us having our own node and going off on our own. We have to work with the entire ecosystem, so we’re going to have to work with miners to ensure that they can run everything correctly. We’re going to have to work with groups like Bitcoin ABC, and together, is how we build this ecosystem and community.”
Wright will be onhand at the upcoming CoinGeek Conference, happening at the Four Seasons Hotel in Hong Kong on May 18, to discuss tokenization and atomic swaps and how these will transform digital commerce. Register for the one-day event here.
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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