Wang Chun, co-founder of cryptocurrency mining pool F2Pool, has made remarks that draw consideration to the talk surrounding Bitcoin protocol updates.
Chun shared his evaluation by way of the X Platform, arguing that modifications to Bitcoin's core protocol shouldn’t be pursued by means of “political compromise” or compelled package deal offers.
Chun stated it could be a mistake to use the “package deal invoice” method typically seen in US politics, the place varied provisions are added to a single legislative package deal, to the Bitcoin growth course of. He argued that this method would result in compelled acceptance of essential however unpopular provisions, and subsequently opposed proposals BIP-110 and BIP-54.
Chun additionally talked about a technical difficulty referred to as “time warp,” which he stated has been round for a very long time however doesn't provide a lot of a bonus for Bitcoin miners. He acknowledged that the vulnerability is successfully unusable as a result of it’s inconceivable to foretell which miner will produce the following block, suggesting that this mechanism may very well be used to affect sure altcoin networks. Subsequently, there was no want to right away change the protocol, he argued.
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Chun additionally famous that each enhancements to the libsecp256k1 library and {hardware} enhancements have considerably elevated the effectivity of transaction validation, and no protocol-level updates are required on this space. He stated that theoretical dangers akin to “confirmed transaction forgery” rely on breaking double SHA-256 collisions, and if this have been to occur, Bitcoin's elementary safety construction would already collapse.
Contemplating all these issues, Chun stated lots of the present discussions don’t present adequate justification for protocol modifications. In line with the founders, solely the “repetitive transactions” difficulty stands out as one of many few modifications price implementing, with restricted potential for enchancment.
*This isn’t funding recommendation.
