By: Jimmy Nguyen - Chief Executive Officer
On August 30, 2018, Jimmy Nguyen and Dr. Craig Wright from nChain went to the Bitcoin Future Summit in Bangkok, Thailand (and the Bitcoin Cash Development Organization). ) delivered an opening speech. In their speech, they explained why the miners should support the Bitcoin SV, a new complete node implementation of the Bitcoin cash agreement designed to achieve Nakamoto's original vision. Thanks to @cryptomic for recording the speeches of the summit into text.
Jimmy: Hello everyone, I am Jimmy 阮, CEO of nChain. I will co-chair today's meeting with Dr. White. First of all, thank you very much for coming to the meeting. Our gathering is due to our common concern and love for Bitcoin. Although we may have some differences in our ideas, we need to discuss these differences today, but I think I still need to remind everyone that the original intention of meeting us today is that we will realize the vision of Nakamoto to such a potential. The bitcoin protocol is highly regarded because it means we can achieve the innate mission of Bitcoin Cash (BTC). Bitcoin cash is designed to return Bitcoin from the BTC to its original ideas, and our discussion today will largely be carried out under this framework.
I hope to use this morning's time to talk about a few issues that are relevant to the whole world. I think these issues can explain what we think and attitude about the future of this emerging Bitcoin agreement. Today, I would like to talk about why we believe that this bitcoin protocol is stable, scalable, and secure, and that everyone can benefit from it. Let me specify how we came to this conclusion. This is because the newly launched Bitcoin SV advocates the idea of returning to Nakamoto's original vision.
I know that many people always want to see the code, so we released the Alpha preview of the code in the GitHub repository overnight. You can access the GitHub repository to view the code, but this version has not been tested. The test will start in about a week. Later, Steve will give you a detailed introduction to the code test related issues, and now we continue the topic. In addition, under the auspices of Craig, we also launched a mining pool “SVpool” overnight, allowing interested miners to participate in node deployment to achieve the vision we will introduce. At present, the pre-registration of this project has started, and many miners have already completed the pre-registration. In this way, we provide a chance for the miners to choose because we believe that the miners will express the roadmap for planning bitcoin. Your own opinions and the right to choose are very important.
We believe that it is time to develop and expand the complete world and ecosystem of Bitcoin as the theme, which is exactly what we are currently advocating. why would you said this? What we want to say is to build a stable agreement. In his early works, Satoshi Nakamoto wrote: "The essence of Bitcoin is that once the 0.1 version is released, its core design is fixed and will not change throughout the life cycle." Does it mean that you can't make any changes? Of course not, if that would be ridiculous. But we do believe that bitcoin is like the Internet. The protocol that the Internet relies on has hardly changed since its inception. Under such conditions, the company can reliably develop various applications and websites on the Internet, so Bitcoin Cash blockchain technology also needs to develop to the same level. A stable and reliable agreement does not trigger divergence between developers about what features should be developed every three to six months. This disagreement is not good for anyone. This is why we advocate and are taking the necessary steps to gradually return to the original Bitcoin protocol. After the return, we can fix this agreement and revise the agreement only when people make crucial changes. But we must build a stable framework for the world's major companies, and then build on this foundation.
Craig: A proposal doesn't just mean an idea. Instead, when you come up with ideas, list the use cases, data, and test results. In addition, this is not a simple job, but a lot of effort is required. You have to convince most miners that to achieve this goal, we need to adopt a completely different approach than in the past.
Jimmy: So the best way everyone can think of is: We hope that companies from all over the world can move forward on the basis of this blockchain technology. Do you hope that the technical foundation of this blockchain will be pushed down like a quicksand, or is it indestructible like a rock? The important reason to keep this in mind is that although many of the audiences present today are not operators of large international companies, the first question that these big companies are asking us when using Bitcoin cash is "bitcoin cash." Is there a strong scalability, is it enough to support our big projects?”, “When can we really start implementing?” or “If we are not sure if the blockchain is fully scalable or uncertain. What changes will happen in the next year or two, should we invest millions of dollars to start implementing this specific project?".
Large companies will conduct such very pragmatic discussions before making project implementation decisions. This is why we advocate the establishment of a rock-solid stability agreement that allows large international companies to feel reassured about the reliability of the agreement, and this is the future development of the Bitcoin network. Therefore, the benefits of the concepts we advocate do not require unnecessary experimentation and changes to the Bitcoin cash agreement. Imagine if we fixed the agreement and developed on this basis, what will happen in the future?
The many differences that have emerged over the past few months are regrettable, but these differences are the inevitable result of decentralized development. For their part, these differences are understandable, but they have affected the development of the Bitcoin network. We believe that if this agreement can be fixed and commercial developers from all over the world develop various applications and implement various projects based on a fixed agreement, it will certainly produce better results. In addition, the developer team does not need to have a substantive argument for specific characteristics every six months. Such an environment can actually create a more stable ecosystem for everyone, provide more certainty, and ultimately promote the development of the Bitcoin network. In such an environment, the income of miners will increase, and companies operating on the Bitcoin network will also receive higher income. Stability is of great benefit to the development of any commercial ecosystem.
We also need to develop the scalability of the protocol. I know that in the field of bitcoin cash development, there is still some controversy about how to achieve scalability, and it is normal to have different opinions, but I think we must keep in mind that it was originally mentioned in the original works of Nakamoto. Bitcoin has already predicted the scalability of this digital currency – this is why the Bitcoin network can scale at this very low cost and surpass the VISA network in scale. The vision of scalability is consistent.
Craig: The Bitcoin network was originally designed to be non-home user networks from start to finish. I don't care if people like the Bitcoin network. I don't care what people think about the Bitcoin network. The Bitcoin network is geared toward data centers. It was designed to be developed as a currency. If you only use it as a node that operates on a personal hobby, you will never have 5 billion users. If you only operate your nodes for your personal taste, then create a garbage coin yourself and don't stop the development of bitcoin. Protocol implementation
By: Jimmy Nguyen - Chief Executive Officer
On August 30, 2018, Jimmy Nguyen and Dr. Craig Wright from nChain went to the Bitcoin Future Summit in Bangkok, Thailand (and the Bitcoin Cash Development Organization). ) delivered an opening speech. In their speech, they explained why the miners should support the Bitcoin SV, a new complete node implementation of the Bitcoin cash agreement designed to achieve Nakamoto's original vision. Thanks to @cryptomic for recording the speeches of the summit into text.
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