Blockchain experts explain what makes Bitcoin an immutable truth

Share This Post

This week’s Cryptonites episode dives 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–talking about Bitcoin and the underlying technology that makes it the most decentralized, secure, and advanced form of money in history.

The edutainment channel kicks off the year with a three-part series, and this is the first episode you don’t want to miss, covering several hot topics–starting with the first attempts of creating online currencies secured by cryptography.

Diving into the network’s decentralization, security, and scalability–Tone Vays, Richard Ells, Nicholas Gregory, and Piers Ridyard touched on Bitcoin mining, Proof of Work (PoW) consensus mechanisms, challenges of mass adoption, and secondary solutions that tackle the problem of Bitcoin scalability.

Continue reading for some of their impactful quotes.

PoW consensus mechanism

“I worked in banks–we would have loved to have had a system of 10 years, with essentially no downtime. That’s phenomenal. There’s no such thing and to have such high amounts of transactions going through Bitcoin every 10 minutes and to have never really gone down in 10 years is unheard of. I think it’s a sign of the hard work that many people have put through–whether that’s the miners, the core developers, the people running nodes, the people running exchanges–it’s quite a compliment to achieve that,” said CommerceBlock CEO Nicholas Gregory.

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

Bitcoin scalability solutions 

“So few transactions are gonna be done on-chain–because you can’t scale on-chain transactions. You got to scale them off-chain, and off-chain Bitcoin has a dozen good proposals to give you privacy and fungibility as a second layer solution–through wallets, through Lightning, through Liquid, and through lots of other innovations that are coming between Taproot and Bulletproofs, and the latest in Schnoor signatures,” pointed out blockchain researcher and analyst Tone Vays.

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

The post Blockchain experts explain what makes Bitcoin an immutable truth appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout

The Dogecoin price recently surged 20% after President-elect Donald Trump announced the formation of a new Department of Government Efficiency (DOGE) to be led by Elon Musk and Vivek Ramaswamy

Donald Trump-backed DeFi project leans on Chainlink amid criticism and unmet financial goals

World Liberty Financial (WLFI), a DeFi project backed by US President-elect Donald Trump, has partnered with Chainlink to accelerate DeFi adoption This new alliance, announced on Nov 14, names

Bitcoin Nears $100K, But Are Retail Investors Ready for Altcoin Season?

The post Bitcoin Nears $100K, But Are Retail Investors Ready for Altcoin Season appeared first on Coinpedia Fintech News A popular analyst believes Ethereum (ETH) will continue to have a strong

Royal Government of Bhutan Deposits 365 BTC Worth $33.31M to Binance

The post Royal Government of Bhutan Deposits 365 BTC Worth $3331M to Binance appeared first on Coinpedia Fintech News In this rapidly evolving cryptocurrency landscape, Bhutan is gaining significant

Spot Bitcoin ETFs Record a Staggering $8B in Daily Volume—Market Gripped by ETF Frenzy

US spot bitcoin and ether exchange-traded funds posted another day of gains on Wednesday, with the leading crypto asset holding strong above the $90,000 mark Bitcoin ETFs Soar: Blackrock, Fidelity

Cardano Founder Hints At Ripple Partnership – What Could This Mean for Crypto?

Executives of two prominent cryptocurrencies are in the exploratory stage of a possible partnership between the two crypto platforms If it pushes through, it might set an example and pave the way for