Editorial 4 months ago

Calvin Ayre

Statement from Calvin Ayre & CoinGeek about Bitcoin protocol

CoinGeek is committed to global success of the original Bitcoin (now restored in the form of Bitcoin Cash BCH), and that requires restoring the Bitcoin protocol to its original design. Once restored, the Bitcoin protocol should be locked so that businesses and developers around the world can reliably build on top of it—just as they do on the Internet protocol. This will help professionalize the Bitcoin ecosystem to enable its next stage of growth. In keeping with these goals, here is a statement of consensus changes that CoinGeek, as a significant miner, will support in the November 2018 protocol upgrade:

1. Continuing the program to re-enable the original set of op codes. Specifically for November, CoinGeek supports re-enabling: OP_MUL, OP_LSHIFT, OP_RSHIFT and OP_INVERT

2. Removing the current limit of 201 op codes per script

3. Raising the maximum block size to 128MB

We note that additional changes have been proposed by several implementation teams that are not part of the original Bitcoin protocol. We will not support the following changes or commit our hash power to running software that implements them:

1. OP_DATASIGVERIFY

2. Canonical transaction ordering (We are committed to investigating the removal of topological ordering as a potential barrier to scaling but this requires more detailed examination)

In the longer term, CoinGeek will continue to support only consensus changes that restore the original Bitcoin protocol, and those that may be demonstrated as absolutely necessary to meeting the goal of massive on-chain scaling to terabyte+ blocks.

This can be broadly summarized as removing all of the artificially imposed limits and restoring previously-disabled functionality where safe to do so. Limitations on protocol parameters such as block size should be determined by miners in a competitive spirit. The natural tension between the economic incentive to handle unbounded limits and the technical challenges to doing so are how we envisage Bitcoin miners governing these limits. Investment equals competitive advantage. As we previously announced, CoinGeek believes in miner choice, and a healthy competitive marketplace for miners.

Non-consensus changes

CoinGeek is committed to enabling massive on-chain scaling and safe instantaneous Bitcoin transactions. As such, we will be encouraging the non-consensus changes that meet these requirements. Specifically, we encourage the following:

1. Remove transaction relay delays.

2. Plug-in transaction selection and quotation modules to enable miners to control fee policies more easily. e.g.

1. Free or cheaper fees for transactions that either shrink or do not expand the UTXO set.

2. Storage or computational cost based fee calculation.

3. Implementation of a secondary transaction cache to allow double spend monitoring for transactions that don’t meet a miner’s acceptance policy. This mechanism is dependent on the principle of 0-conf transactions being considered a premium service with stricter requirements over and above those of transactions where instant acceptance is not a requirement.

Additionally, in order to facilitate safe 0-conf transactions, CoinGeek will encourage and support development of a comprehensive technical roadmap to deliver all of the tools necessary for demonstrably safe 0-conf transactions.

CoinGeek will continue to use its resources to support the original vision of Bitcoin, and invites other miners to take these same positions. Miners invest significantly to maintain the Bitcoin BCH network with their hash, and should make their voice heard on these issues to ensure the global growth of Bitcoin.

If this path is not followed Bitcoin will not ever be able to fulfil its destiny as a peer to peer Electronic cash system for the world. If Bitcoin is not used for this purpose then then Bitcoin will not be viable economically for miners in the future and the economic freedom associated with this will not happen for the world’s most vulnerable and the Cambrian explosion of innovation will not happen on top of Bitcoin as intended. If this path is followed the world benefits and competitive Miners prosper. CoinGeek’s suggested path is in the best interest of all Enterprise level mining operations and we welcome working together to support this now.

CoinGeek also wants to announce that we have designed a super energy efficient, next generation ASIC chip design that will be released later this year. This Chip will be optimized for Enterprise level mining on Bitcoin using the original Satoshi Protocol. We will have a booth demonstrating this at the CoinGeek Week Conference last week of November in London and invite all miners to join us in planning for the future of this industry at this event.

Miners drive road maps in this space, so let’s drive this together!

Calvin Ayre

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.

COMMENT

Calvin Ayre

Some altcoins with privacy (but less security and scaling than Bitcoin) are going to be banned by exchanges in the future also so some decisions will need to be made.

Calvin Ayre

All of this will be built on top just like how the internet works. Privacy is already here for Bitcoin BCH and more is coming.

    Bryson

    BCH is a scam coin created by the Chinese Bitmain in order to secure their asic boost advantage. Bitcoin transaction fees are only 2 cents. There is no need for bcash. We already have Litecoin and Digibyte which are way superior to bcash.

      Blindfolded

      Average Bitcoin transaction fee hasn’t been beneath $0.45 since January of 2017. The Average Fee is currently floating around $0.50.

        Bryson

        The average bitcoin transaction fee has been 3 cents since around March. Try to send some bitcoin, you will see. But you are probably just a hoarder, so you probably didn’t know that.

      Ian James Lake

      BTC is rolling along under it’s 1meg limit. LN isn’t migrated to. So if the price heads above 10-12k, the blocks become full again, and fees go up. https://uploads.disquscdn.com/images/c17697d61f2947b4b9f31c98215c32c265f5a272ed38c44aea6ff82f456b7926.png

        Bryson

        we shall see. I feel like the fees got high because of malicious big blockers spamming the network trying to make a point and convince people that Big blocks are required.

          Danny Boy

          There is no such thing as “spamming the network”. Either the network can handle the load or it can’t. Another lie told to you by the Core devs. BCH can handle the “spam’ just fine, because it was meant to support millions of users with small AND big amounts.

          “Spam” = valid transactions.

          nutildah

          BCH handles spam by banning nodes. that’s what it did when BitFury attempted to “stress test” the BCH network.

          Bryson

          No such thing as spam email either, right? An email is an Email. DDOS isn’t spam, a visit by a botnet computer is a visit. Das not spam. derrrr deee derrrr. When Bitmain spams the network with dust(sub cent) transactions to fill the blocks up with fake transactions. Its spam and malicious. Block chains aren’t efficient on a global level and need 2nd layer or multiple blockchains to spread out the load.

          bcash will never be the one Crypto to rule them all. Give it up. I suggest you sell your bcash before bitmain, roger ver, calvin ayres and Fakatoshi start selling their massive mounds of bcash.

          Bryson

          No, some entity was sending worthless dust transactions to themselves over and over and over and over again. Theorized to probably be Bitmain and they just mined up the fees and thats when the Fee increase was implemented into Bitcoin to stop this. And it worked. And now the blocks are cheap(2 cents) and fast.

          This was a case of a bully, taking Bitcoins fist and making it punch itself and then asking, “Why are you hitting yourself??”

          And guess what, the blocks will get full again with more mainstream adoption. Scaling on blockchain doesn’t work good enough. And nobody wants 1GB blocks ever 10 minutes. After a year, how do you boot strap a blockchain in the terrabytes? Eventually everyone stops and the blockchain will be in the hands of a few people. Thats why small blocks are a necessity for the long term survival of Bitcoin.

          Businesses that have high volume only need to confirm their transactions on chain once a day at most. All the transactions can be done securely off chain on a decentralized Network (Lightning Network) instantly, then put on the Bitcoin Blockchain at the end of the day. This frees up room on the Bitcoin blockchain, allowing normal individual users to use blockchain without all the business bloat.

          And guess what, bcash will experience the same sluggishness and higher fees that Bitcoin suffered. bcash had high fees and slowed down to a crawl at one point too if you even remember it.

          Danny Boy

          I have one question.

          When the blocks are full, how much do you think it will cost to load and unload coins from lightning network?

          Blindfolded

          Answer: The Average Bitcoin Blockchain Transaction Fee at the time of loading/unloading from LN.

          Danny Boy

          So potentially upwards of $20? Like the fees we saw last December? Good luck with that.

          Bryson

          not sure. But I am not a Bitcoin Maximalist. I think there is enough wealth for many top cryptos to be stores of value. i just wish bcash and its brainwashed cult would stop attacking Bitcoin and quit stealing the Bitcoin brand. When we have Several Cryptocoins with the lightning Network, Bitcoin, Litecoin and Digibyte, then the blocks probably wont get full anyways. Because enough people will voluntarily use the LN as its cheaper and confirms instantly. LN is to Bitcoin what VENMO is to Banks.

What's the frequency, Kenneth?

I’m pretty sure this means I need to add support for other currencies.

    lethos3

    Main reason I can’t let go of my XMR. I remain hopeful Bitcoin Cash will one day add on-by-default privacy.

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