Ignore the drama of big-blocks-small-blocks-extension-blocks-2x for a minute. Here’s the real story of Bitcoin scaling, as told by John Newbery.
John Newbery worked in telecoms and network software in several different countries before finally deciding to pursue his passion and work full time on Bitcoin in 2016. He is currently one of the chief software developers working on open-source Bitcoin projects for Chain Code Labs, Inc out of New York City, and is on a dedicated mission to develop technology and perform research to further the field of digital currencies. These are his well-educated and informed thoughts on the current scaling debate taking place in the volatile world of Bitcoin—all leading up to a potential hard-fork of digital gold at the beginning of August:
From his Twitter feed:
1 – Ignore the drama of big-blocks-small-blocks-extension-blocks-2x for a minute. Here’s the real story of Bitcoin scaling.
2 – Every day we learn a little more about how decentralized consensus systems work in the wild. Every day we make bitcoin a little better.
3 – Last week, Matt Corallo‘s script caching PR #10192 was merged. BOOM! Block validation is now 30-50% faster.
4 – Less than a month before that, sipa’s per-txo db PR #10195 went in. 25% faster reindex with lower memory use? Yes, please!
5 – No fanfare, no drama, just brilliant people diligently, methodically, conscientiously writing, reviewing and testing quality code.
6 – Yes, I want shiny toys like SegWit, Schnoor, and sig-agg. But when those things get activated, there’ll be the next thing and then the next.
7 – The only thing that matters, in the long run, is that there be incredibly smart people working on this, and there are.
8 – The most intelligent people I’ve ever met.
9 – That’s why I’m optimistic about bitcoin scaling, and that’s why I feel incredibly privileged to contribute in my own small way.
What are your thoughts on the Bitcoin scaling debate? Is a hard-fork only a few weeks away? Or, is there another twist in the topsy-turvy tale of the king of cryptocurrency?
Whatever the outcome, it doesn’t seem like the fireball of excitement that is the digital currency ecosystem is cooling off anytime soon. In fact, it may have only just been ignited.
Follow this string of tweets and more from John Newbery here: