Blockchain Experts Explain What Makes Bitcoin Immutable Truth

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This week’s Cryptonites episode delves into the evolution of blockchain – featuring some of the most prominent experts on the subject, including Don Tapscott, Ray Youssef, Andreas Antonopoulos and Peter McCormack – speaking about Bitcoin and the technology under -jacent which makes it the most decentralized, secure and advanced form of currency in history.

The edutainment channel kicks off the year with a three-part series, and it’s the first episode to watch, covering multiple hot topics, starting with the first attempts to create crypto-secured online currencies. .

Diving Into Decentralization, Security and Network Scalability – Tone Vays, Richard Ells, Nicholas Gregory and Piers Ridyard discussed Bitcoin mining, Proof of Work (PoW) consensus mechanisms, challenges of ‘massive adoption and secondary solutions that tackle the Bitcoin Scalability problem.

Read on for some of their hard-hitting quotes.

PoW consensus mechanism

“I worked in banks – we would have liked to have had a 10 year system, with virtually no downtime. It’s phenomenal. There is no such thing and to have such high amounts of transactions going through Bitcoin every 10 minutes and never really going down in 10 years is unheard of. I think this is a sign of the hard work that a lot of people have put in – whether they are miners, core developers, people who manage nodes, people who manage exchanges – it’s quite a big deal. compliment for achieving it, ”said Nicholas Gregory, CEO of CommerceBlock.

“When you hear the term mining, 99.9% of it will be called PoW. So the algorithm that gives you decentralization, the part of the blockchain that is super smart – that keeps it going – that is done by allowing people to form a consensus opinion. Now how do you know these are people? By doing something really, really complicated mathematically and solving a mathematical problem, you prove that you are a real person, or in this case a real machine, ”explained Richard Ells, CEO of Electroneum.

Bitcoin Scalability Solutions

“So few transactions will be on-chain because you can’t scale on-chain transactions. You need to scale them off-chain, and Bitcoin off-chain has a dozen good propositions to give you privacy and fungibility as a second-layer solution – via wallets, via Lightning, via Liquid, and via many. other innovations coming between Taproot and Bulletproofs, and the latest Schnoor signings, ”said researcher and blockchain analyst Tone Vays.

“The bottom line about this is that individuals can take control of their finances independently and they can decide what software to run, what consensus rules to follow, and then they become a participant in the security of the system – it’s empowering. . This is the most important thing to realize about this technology ”, underlined Andreas Antonopoulos.

Posted in: Bitcoin, Videos

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