aprende_BTC on Nostr: #bitcoin #[0]

#bitcoin

quoting nevent1q…0lme

"Sound Money is a foundational pillar of civilization. And #Bitcoin       restores this powerful tool for social Coordination"

But who makes the decisions? What process do we use? Who controls Bitcoin?

A quick 🧵 on Governance /10

1/ Bitcoin Governance

Is a process for;

- Maintaining transactions and block verification rules.

- Verify that payments received fit the subjective definition of "Bitcoin"

-Form inter-subjective social consensus of what Bitcoin is.

2/ Bitcoin Governance Process

A) Research
B) Proposal
C) Implementation
D) Deployment
E) Enforcement

3/

A) Research

Any research which results violate, Network properties, trust models, or security guarantees will not get implemented.

B) Proposal

A BIP or Bitcoin Improvement Proposal can be sent to the Bitcoin Developer Mailing List to get evaluated.

4/

C) Implementation

This occurs on the Node Software which is written in C++

Since bitcoin is an open protocol the researcher doesn't always have to be the one who implements it.

A proposal to change validation rules can have a Hard Fork or a Soft Fork implementation.

5/ Soft Fork

A Soft Fork narrows Bitcoins Ruleset and its implementation is forward compatible. The pre-Fork nodes that have not upgraded do not need to upgrade their software to continue validating the pre-Fork consensus rules and remain on the same networks.

6/ Hard Fork

A Hard Fork widens the Bitcoins Ruleset and its forward incompatible and pre-Fork nodes will end up on a different network as post-Fork nodes if they do not upgrade.

7/

D) Deployment

Users have to be persuaded to use that node software by highlighting the advantages as well as Hard Proof that it will not degrade the Bitcoin Trust Model.

E) Enforcement

- Decentralized p2p network of fully validating nodes
- PoW Time Stamping

8/ Incentives

-Nodes will disconnect other nodes that are not in sync with the consensus rules.
-Miners care about profits so they will follow the right blockchain.

9/ Past implementations

- Segwit began as Research on transaction malleability

- Without Segwit it prevented the Lightning Network from deploying on Bitcoin

- Independent Researchers and the whole Bitcoin industry collaborated on deploying Segwit.

Most of these ideas came from @BitcoinPierre keynote speech on Bitcoin dominance. Which I highly recommend.

Quote on 1st tweet by Michael Goldstein