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Except that there have been multiple upgrades on the original Bitcoin chain. The software is on version 0.18. While preserving backwards compatibility, today bi
by jkepler 7y ago
Except that there have been multiple upgrades on the original Bitcoin chain. The software is on version 0.18. While preserving backwards compatibility, today bitcoin includes Segregated Witness, which separated the constraints on unspent transaction outputs from spending transactions (this also solved the transaction maleability problem). That upgrade alone showed us that changes the majority of network participants accept can be upgraded, but even when a strong consortium of powerful merchants or mining groups tried to force change, no one group could---though folks argued and tried to change it for more than two years. There are multiple stakeholder groups who have to form consensus for upgrades: protocol developers, application devs, network security folks(i.e. miners), full-node users validating transactions, merchants accepting payments, and users choosing wallet software; thus, upgrades are hard but possible when really necessary.
Network forks simply show that the entire system is voluntary and non-coersive: if you disagree, you're free to built an alternative with like-minded people. But if the economic activity doesn't follow you, you're left with a not much more than a free software project.
- garmaine 7y agoNit, but the key point is that it preserves forwards compatibility.