Bitcoin is slow to evolve. The transaction speed is too slow for a global payment system. The community is reluctant to adopt the novelty. And the pace of new innovation, compared to almost every other blockchain, is turtle-like. Luckily for bitcoin, I think its slow, steady pace will ultimately be its superpower.
This year, Ethereum will undergo a drastic upgrade known as a “merger”. This event, scheduled for mid-September, will change the underlying “consensus mechanism” that allows blockchains to operate. It will move from a Bitcoin-like system, proof-of-work, to a more experimental model called proof-of-stake. This development has been going on for years.
Chris Castiglione is co-founder of Console.xyz, a secure chat platform for Web3. He is also a managing director at Trust Machines, where he works on MultiSafe.xyz, and an assistant professor at Columbia University Business School.
Vitalik Buterin, co-founder of Ethereum, announced at an Ethereum conference in Paris that after the merger, Ethereum will still only be 55% complete. A list of Ethereum upgrades is planned for the next two decades. The Ethereum community, Buterin warned, must learn to expect “short-term pains and long-term gains.”
This development mentality opens Ethereum to new possible futures, but also risks. Therein lies the opportunity for bitcoin – an opportunity to embrace its slow pace of change so that it can become the world’s most valuable “eternal database.”
A permanent database is a gift for humanity
A permanent database is a gift for humanity
I’ve heard blockchains described a million different ways: “an immutable ledger”, “a shared system for recording data”, “a growing list of cryptographically secured records”. All very well. But for ordinary people, these explanations are confusing. Read also: Crypto XRP: Ripple Braces for 35% Takeoff – Reviews, Analysis and Price Prediction. The simplest definition of a blockchain is an eternal database.
You may be a total beginner and can’t figure out a database. No problem. A database is actually a sophisticated Excel spreadsheet. And an eternal database is a database where the data you write is stored, well, forever.
Due to a series of design decisions, blockchains are immutable. In theory, the stored data becomes a bulletproof record of the truth for thousands of generations to come.
Since bitcoin went live on January 3, 2009, the network has never experienced a crash, hack, or stop storing new data. Bitcoin (BTC) is also a currency that cannot be inflated, a selling point that has become the network’s main use case. Accounting is never wrong.
Imagine being able to be sure that in 1,000 years your data and your money will still be accessible. Moreover, people living several generations in the future could be sure that this great book is true. It’s powerful.
Eternal databases enable new use cases beyond monetary-like instruments, which are primarily explored on networks other than bitcoin. The project of crypto-art by Mike Bodge, 0xinfinity, lets you post love letters that the site says will last “forever or as long as the Ethereum network runs.” Arweave is a file storage service that claims to “store documents and apps forever”. And Starling Labs is a project that, among other things, uploaded 56,000 testimonies from Holocaust survivors to preserve evidence of human rights abuses and protect against future misinformation.
An Eternal Database guarantees the integrity of our collective memories in a way that previous databases could not.
And yet consistency is the key ingredient. As long as Ethereum, Solana and other blockchains keep updating their code base, they won’t be able to compete on consistency.
In early 2022, the Solana blockchain, known for its “go fast and break things” mentality, suffered two outages, each of which knocked the network out of service for several hours. The key superpower that makes a blockchain an eternal database is its resilience to failures. An eternal database should never fail; if so, let’s just call it “database”.
For bitcoin to thrive, users need to do more than just hold onto their money. Bitcoin must become productive. There is an opportunity for biticoins to harness the power of their eternal database by using additional layers (e.g. Lightning or Stacks) so they can build new applications.
The race for layering
Stacks is an example of a layer that adds programmability to Bitcoin. Read also: Good news for DOGE: Dogecoin will use Starlink to make offline transactions possible!. With Stack’s Clarity smart contracts, you can build apps (social media, photo sharing apps, chat apps) whose underlying transactions are secured by Bitcoin.
On Ethereum, similarly, Polygon is a popular layer that developers use to scale the Ethereum network. The difference is that if Ethereum were to fail, Polygon and all additional layers of Ethereum would follow, falling like a house of cards…
We need a new layer, a layer that can access Bitcoin’s eternal database. It, and it alone, can be a complete system on which we build the future.
In 2010, Satoshi Nakamoto, the founder of Bitcoin, first promoted the idea of building layers on Bitcoin. “I think it would be possible for [une blockchain] to be a completely separate network and a separate blockchain, while sharing CPU power with Bitcoin. What Nakamoto saw back then was the opportunity for bitcoin to be more than just a currency.
Slow and steady wins the race
If we wish to create an eternal database, we must celebrate Bitcoin’s approach to long-term stability. This may interest you: BTC News: Bitcoin price touched $23,300, will the bearish thesis be invalidated?. That’s what Vitalik Buterin did when he said Ethereum should become more like Bitcoin with “a focus on long-term stability.”
Both Bitcoin and Ethereum will do great things for mankind. I look forward to seeing them each take their own approach to building the future. As Ethereum evolves rapidly, I believe it will continue to innovate.
However, until Ethereum stabilizes, it will lose its place in the race to become an eternal database. He’s taking too many risks, and the world may never know exactly what Ethereum will look like for decades.
It’s Bitcoin time. Bitcoin must embrace layer building. Bitcoin must not remain a currency, it must learn to be productive. At the end of the day, I believe that being slow and steady is the secret to winning the race – because while speed gets all of our attention, slowness has all the power.
Be vigilant and consult your financial adviser before making any investment decision. Mirror-Mag cannot be held responsible in the event of bad investments. Before using any third-party service, you should do your own research.
We would love to say thanks to the author of this post for this awesome content
Here’s How Bitcoin (BTC) Should Change…Slowly But Surely? – Mag Mirror
Take a look at our social media profiles and other pages related to themhttps://metfabtech.com/related-pages/