The former COO of bitcoin social network ZapChain, Dan Cawrey is a Silicon Valley-based writer specializing in emerging technologies such as bitcoin and virtual reality.
Here, Cawrey argues that the bitcoin ecosystem should embrace competition, but create a standards body so that such competition can be properly encouraged and managed.
Successful businesses compete for winning technology standards all the time.
In most of these battles, one standard eventually emerges victorious. The winning standard succeeds because it becomes best option after a hard-fought battle.
This same standards rivalry needs to start happening within bitcoin software development. There needs to be competitive core development teams. In addition, there needs to be some sort of proper industry oversight.
Without this, bitcoin faces extinction because it now needs to iterate. It needs to scale badly.
Probably the best description for what is happening within bitcoin recently came from TechCrunch columnist Jon Evens, who wrote that he believes bitcoin, and derivative technologies like blockchain, “are still in their gangly antisocial adolescence”.
This is fitting, given Coinbase CEO Brian Armstrong’s new argument on bitcoin’s longstanding block size issue in which he alleged that some Bitcoin Core developers “lack maturity”.
To remedy this issue,