Is it time for an alternative governance structure for world’s most valuable cryptocurrency?
At the start of July, rumors of a “Terminator Plan” shook the Bitcoin community to its core, creating talk of mutiny among Chinese bitcoin miners, forcing Bitcoin Core out of the picture.
This dramatic addition to the long-running Bitcoin block size debate calls into question whether there is a better way to administer governance of a digital currency.
As CoinDesk reported in December, the “second Scaling Bitcoin conference [in Hong Kong] was to highlight an ‘emerging consensus’ on the challenges facing the bitcoin network,” however the day’s panels “served mostly to highlight the sometimes extreme differences in opinion.”
The Terminator Plan first surfaced on Chinese Bitcoin forum 8btc, accusing the Core development team of defaulting on the Hong Kong scalability consensus, and of not honoring the block size increase to 2 MB supported by a large section of the community.
In response to these alleged actions, the plan called for Chinese bitcoin miners to unite against the Core development team and push a hard fork that increases Bitcoin’s block size to 2 MB from its current 1 MB capacity.