Friday, November 20, 2015

The Bitcoin Blockchain - Chain to rule all Chains.

Bitcoin will remain the dominant coin amomg all coins.

Proof of Work is the most secure

The most important reason is that Proof Of Work is the most secure consensus system ever invented. This according to Chris Odam.



Chris Odom of Open Transactions at 13.30

He believes that all other systems have some niggly problems at the edge and when you peel at it you come back to proof of work.

At this stage Ethereum seems like the most likely candidate to take over Bitcoin mantle especially with the rush to adoption by banks, however if Chris is right, then for security it will also have to seek refuge behind Bitcoin's proof of work consensus system. And it is confirmed here.

Other proof of work coins dont have and will never have the huge infrastructure of Asic mining hardware and miners securing the network.

Most people learning about cryptocurriencies will have heard about bitcoin first. Most Bitcoin 2,0 applications are built on the bitcoin network.

Turing Complete Can and will be added to bitcoin

Ethereum was developed by Vitalik Buterin on the premise that bitcoin should have a turing complete language for handling smart contracts. However it may be possible in future to add turing complere op code into the bitcoin blockchain or include it as a sidechain.



At 19.20 Joseph Perling alluded to Jeff Garzic commenting that a new Op Code could be implemented so that calls can be made to a turing complete language from within bitcoin. It does not exist yet but it could be implemented.

Another implementation Rootstock uses sidechain to integrate the turing complete capabilities of Ethereum. In essense whatever that can be done on an Altcoin can be implemented on the Bitciin blockchain and because bitcoin has the largest user base it will be. There is money in it.

Bitcoin community
The size and contribution of the community matters,and bitcoin is the largest and has the most number of contributors. Just this week (WE 10/12/2015) major developments for upcoming upgrades to the bitcoin protocol were announced at scaling bitcoin in Hong Kong.
1) Segregated Witness - Effectively lossless compression of the blockchain
2) IBLT - Speed enhancement

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