Bitcoin Core Dev Jeff Garzik: Softforks Are a Rule by a Tiny...

Bitcoin Core Dev Jeff Garzik: Softforks Are a Rule by a Tiny Elite

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Jeff Garzik

Jeff Garzik

Jeff Garzik, a core bitcoin developer who previously worked as Principal Software Engineer at RedHat before leaving to work full time on bitcoin development, stated in a public video that softforks are a rule by a “tiny, few technocratic elite.”

The talk addressed the downsides of segwit “since only the upsides are promoted heavily,” by firstly arguing that repeated soft forks are repeated collusion.

Garzik states:

“Repeated softforks are repeated agreements, a positive collusion, of these tiny few, to change the rules that the entire network is locked in.”

Garzik states that node operators and businesses do not opt-in to a soft-fork, instead, the entire network is locked in as only miners need to upgrade. Non-upgraded nodes are left with lower security, according to Garzik, and they further need to trust miners and mining pools, undermining bitcoin’s trustlessness.

Segwit – The First Economic Soft Fork

Garzik states that the features segwit delivers are a “foundational change that enables other changes.” Although it has benefits, such as addressing transaction malleability and UTXO costs, Garzik

Read more ... source: TheBitcoinNews

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