Another Satoshi Roundtable event has taken place this past weekend, which was organized in San Francisco, California. The primary goal of this event is coming to a consensus on the future of Bitcoin development, more especially when the block size increase is concerned. Despite the numerous topics and proposals being discussed, we have it on good authority no consensus was reached during this Satoshi Roundtable event.
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Main Topics at Satoshi Roundtable an Francisco
Based on the pictures we have received, a lot of interesting topics have been discussed during this most recent Satoshi Roundtable event in San Francisco. While the top priority is coming to a consensus on the current Bitcoin block size debate, the future of Bitcoin development was touched upon as well.
The main ideology of Satoshi Nakamoto was reinforced during these discussions, as the Bitcoin protocol should be open to participation by anyone. This means that not only the developers or mining pool operators should have a say in the matter, but individual miners and general Bitcoin users as well. We are all Bitcoin, and everybody’s opinion matters.
It is of the utmost importance to keep Bitcoin open source, rather than to privatize the development of this popular digital currency. By keeping the code freely available, transparency can be achieved, and no one will ever be able to own Bitcoin in the traditional sense. While some people see Bitcoin as an anonymous tool, it should remain optional to attach an identity to blockchain transactions.
Furthermore, there are no plans to change the way the Bitcoin blockchain works, as all historical transactions will continue to be unchangeable. The same principle will apply to future transactions as well. Moreover, the supply cap of 21 million bitcoins will not be increased, even though some people suggested that would be an option well exploring.
At the same time, proposals have been made to make Bitcoin more resilient. An interesting topic was raised as to how we can make transactions safer and more reliable. Jake Mazulewicz talked about how 25% of Bitcoin holders lose [a portion of] their coins due to human error, an issue that needs to be addressed sooner rather than later. Solving these problems can only be achieved through cooperation and the formation of a team of teams.
Last but not last, Patrick M. Byrne held a presentation about the role of blockchain in capital markets. The financial system in its current form and shape is utterly broken, and stocks have become nothing more but glorified IOUs. Blockchain technology will act as a transparent ledger to address the issues in the financial sector while providing a new layer of peer-to-peer exchange of value.
No Consensus on Block Size
While it is positive to see various presentations touching upon other subjects that will solidify the legacy of Bitcoin in the coming years, the primary focus of this Satoshi Roundtable event was the block size debate. With the “who’s who” of the Bitcoin ecosystem attending this conference, it should have been relatively easy to come to an agreement that will work for anyone.
Unfortunately, that does not seem to be the case at all. We have it on good authority no consensus was reached at this Satoshi Roundtable event, although it remains unknown as to what the precise issue was. We are keeping an eye out for more details, and will update this story as soon as more information becomes available.
What are your thoughts on this event itself? What will it take to reach consensus? Let us know in the comments below!
Source: News Tip Via Email
Images courtesy of Satoshi Roundtable San Francisco, Shutterstock