Question about Bitcoin governance
After slowly doing research on the crypto space, something I keep coming across is criticism about Bitcoins governance: how decisions get made, what updates get pursued, etc. Can someone help me define this problem, explain how Bitcoin governance works, and what the critiques are? Are they are valid or not, etc?
It is a process which maintains a set of verification rules (Most of these rules were inherited from Satoshi Nakamoto). At a high level, this long set of verification rules covers syntax, data structures, resource usage limits, sanity checks, time locking, reconciliation with the memory pool and main branch, the coinbase reward and fee calculation, and block header verification. Amending these rules without tradeoffs is no easy feat. This is where we get in major conflicts can occur and yes they do! Every rule change begins with research. For example, SegWit began with research into fixing transaction malleability. Transaction malleability had become a serious issue because it prevented the Lightning Network from deploying on Bitcoin. Industry and independent researchers collaborated on what eventually became SegWit. When a researcher has discovered a solution to a problem, they share their proposed changes with other protocol developers. This sharing could be in the form of an email to the bitcoin-dev mailing list, a formal white paper, and/or a Bitcoin Improvement Proposal (BIP). A proposal is implemented in the node software by the researcher(s) who proposed it, or by other protocol developers who are interested in it. If a researcher can not implement a proposal, or the proposal does not attract favorable peer review, then it will linger at this stage until it is either abandoned or revised. Critics have pointed out occasional disconnects between what researchers want to research, user expectations, and what is good for the network’s properties.
Hungry for knowledge?
New guides and courses each week
Looking to invest?
Market data, analysis, and reports
A community of blockchain experts to help
Get started today and earn 4 bonus blocks
Already have an account? Sign In