Bitcoin Core’s name features in practically every literature that is associated to bitcoin. This omnipresence of the Bitcoin Core name associating too frequently with Bitcoin makes a lot of people believe that the Bitcoin Core has certain control over Bitcoin’s consensus. Well, Bitmex with its new research blog post tries to clear this misconception.
Bitmex research says “end users are ultimately in charge of Bitcoin”
The blog lays done some interesting facts about competition to Bitcoin Core and its control over the Bitcoin consensus. The abstract of the research states that the research tries to study and examine the power and dynamics of the “Bitcoin Core” software project and also draws distinctions between the various different ways one can compete with the project. It also states,
“We address the misconception that the Bitcoin Core software repository has the unique capability to change or prevent changes to Bitcoin’s consensus rules”
The research also discusses some common misconceptions and explain that if the Bitcoin Core repository becomes hijacked by wicked actors or deleted, Bitcoin should be largely unaffected.
In the article, the researcher lays down that
“During the block size war, many characterized the debate as being Bitcoin Core vs miners or large businesses, with the Bitcoin Core side opposing hard forks and block size limit increases. In our view, the characterization was mostly incorrect. However, many who made this characterization then subsequently concluded that Bitcoin Core won since there was no hard fork. This same group therefore currently overestimate the power of Bitcoin Core, in our view”
Covering the point of how powerful the Bitcoin Core is, the research states an instance wherein the summer of 2017, in some ways, a client competing with Bitcoin Core, Bitcoin UASF, overthrew Bitcoin Core and deliberately changed the networks consensus rules. And Hence the research concluded that Bitcoin Core is all powerful, is the wrong lesson to learn from the blocksize war.
The research finally states that the end users are ultimately in charge of Bitcoin. To quote
“Following the resolution of the blocksize war, there is too much emphasis on the power of the Bitcoin Core software repository. Common questions now are “Who controls the repository?”, “What if they delete the Bitcoin Core GitHub?”. In our view, these questions may illustrate one is missing the point of Bitcoin”” The truth is, as hard as it is to appreciate, end users are ultimately in charge of Bitcoin.”
The research clearly states that no single authority has clear control over bitcoin and its associated blockchain. That’s what makes Bitcoin a “user-controlled money”.
What is your view on Bitcoin Core and its powers over Bitcoin? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.