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

XRP Jumps 15%, Bitcoin at $98K: Big Moves Ahead?

The post XRP Jumps 15%, Bitcoin at $98K: Big Moves Ahead appeared first on Coinpedia Fintech News The crypto world is buzzing, and Bitcoin’s holding strong at $98,000 is turning heads While some

Why is Cardano Price Going Up Today? 144% ADA Rally on Cards

The post Why is Cardano Price Going Up Today 144% ADA Rally on Cards appeared first on Coinpedia Fintech News Cardano price has gained more than 22 percent in the last 24 hours and is trading above

Dogecoin Whales Reactivate After Spending $214.5 Million To Buy 550 Million DOGE

Dogecoin whales are on a significant accumulation spree, as reports reveal that these large-scale token holders have bought over 550 million DOGE tokens This massive accumulation trend comes as

From Near Zero to $5.95M—A BULLYsh story!

The post From Near Zero to $595M—A BULLYsh story! appeared first on Coinpedia Fintech News Almost a month ago, a trader spent 115 $SOL ($194K) to buy 2051M $BULLY however, the investment quickly

Cardano’s ADA Market Cap Triples In Past 17 Days! Is $6 Next for ADA?

The post Cardano’s ADA Market Cap Triples In Past 17 Days! Is $6 Next for ADA appeared first on Coinpedia Fintech News Cardano (ADA) has been making headlines with its impressive performance,

Altseason Has Begun-XLM, ALGO & AVAX Prices Trigger a Massive Surge as Bitcoin Consolidates

The post Altseason Has Begun-XLM, ALGO & AVAX Prices Trigger a Massive Surge as Bitcoin Consolidates appeared first on Coinpedia Fintech News The bulls, institutions, and market participants have