blockchain fork – Does Bitcoin want future consensus change upgrades or may a billion folks use Bitcoin at the moment?

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Various solutions (as all the time) are welcome. That is my private view.

Fundamental upkeep of Bitcoin Core and so forth would guarantee Bitcoin and better layers proceed to work as they do at the moment. By way of future consensus adjustments (comfortable forks, exhausting forks) the one one I am conscious of that’s completely wanted​ is a timestamp change earlier than the 12 months 2106.

Nevertheless, there are no less than two issues which might be removed from completed or presently optimum. The primary is assist on the base layer for greater layers like Lightning. Adjustments aren’t wanted​ per se however with out some future consensus adjustments greater layers should take care of issues (bloated storage necessities and so forth) that could possibly be resolved. The second is assist for base layer (digital) vaults or extra complicated scripting. The design of those vault like constructions may be very restricted by what script performance is presently accessible on the bottom layer. Once more not wanted​ per se however restricts the safety options for holding Bitcoin.

Or may a billion folks begin paying for issues in bitcoin at the moment and never run into main issues?

There are alternative ways of paying for issues in Bitcoin. You can also make an onchain transaction (base layer). You can also make a transaction on the next layer with out essentially needing to make an onchain transaction (e.g. Lightning). After which say two companies couldn’t use something and simply preserve a document of what Bitcoin they owe one another.

In the event you’re interested by a billion folks utilizing Bitcoin then they will do the third possibility at the moment (clearly). But when they wish to use the primary two choices (and they need to in my opinion as a result of the third possibility is solely trusted) then there’s much more work to do. Improvement work but in addition onboarding customers as a result of testing the bounds of what present options can do incentivizes extra innovation on these greater layers. As of at the moment we’re nowhere close to testing the bounds of what’s presently accessible and in order that stunts innovation on these greater layers.

My private view is that earlier than 2106 there might be block dimension will increase tried too as they will improve transaction throughput on the bottom layer and on greater layers. But it surely would not make sense to do them till you’ve gotten exhausted what’s presently potential with at the moment’s block dimension.

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