Nozomi Hayase PhD, is a writer covering issues of freedom of speech, transparency and decentralized movements. In this article, she looks at the continuing block size debate, bitcoin governance and why they are both so important.
Bitcoin has exploded into prominence as technology capable of disrupting global finance. Massive investment money has been poured into its infrastructure and major banking industries are now joining forces to incorporate aspects of this technology.
Figures like Blythe Masters, a former JP Morgan executive known for inventing the credit-default swap, have begun working on the blockchain’s potential to upend finance in favor of banks.
Yet, Efforts to control this breakthrough in computer science are not limited to incumbent industries. One of the biggest challenges that the bitcoin community has ever faced emerged with the implementation of BIP 101 in Bitcoin XT.
This hard fork, launched by chief scientist at the Bitcoin Foundation Gavin Andresen and Mike Hearn, a former Google engineer, triggered intense reactions. Some called it a takeover of the bitcoin protocol by the few at the engineering level.
This move toward increasing block size from the current 1MB to 8MB was criticized by