4 ms·

So is it safe to say Monero is a sort of Bitcoin 2.0? I mean if Bitcoin had 'versions' that would be great. Then we wouldn't have to invent entirely new cryptoc

by beauHD 4y ago

So is it safe to say Monero is a sort of Bitcoin 2.0? I mean if Bitcoin had 'versions' that would be great. Then we wouldn't have to invent entirely new cryptocurrencies, we could just iterate on existing ones, and have our userbase intact without having to 'gain traction' for an entirely new alt-coin.

cowtools 4y ago
I suppose the monero userbase has similar attitudes as the early bitcoin userbase, but monero/cryptonote is not a bitcoin fork in the same sense that zcash/zerocoin is. >we could just iterate on existing ones, and have our userbase intact without having to 'gain traction' for an entirely new alt-coin. I think there are some fundamental limits to the throughput of a single cryptocurrency due to network latency and bandwidth. Perhaps the solution to scalability is simply to have multiple cryptocurrencies and to facilitate atomic swaps between them. So in this sense, the creation of new cryptocurrencies with minor feature changes (litecoin, bitcoin cash, wownero, cheapeth, etc.) is actually good for network diversity. That being said, the owners of existing "big" cryptocurrencies will usually want to make changes that increase its usability to compete with these "trivial forks" Bitcoiners have been soured by the idea of a hard fork since the XT dispute, while the monero userbase has commited itself to regular hard forks every 6 months to upgrade the network.
tromp 4y ago
No; Monero is not an improved Bitcoin; it just makes different tradeoffs [1]. [1] https://phyro.github.io/grinvestigation/why_grin.html https://phyro.github.io/grinvestigation/why_grin.html
grappler 4y ago
many cryptocurrencies do have 'versions' of a sort. See ethereum's recent one known as "the merge" which moved that currency to a completely different consensus algorithm!

4 ms·

So is it safe to say Monero is a sort of Bitcoin 2.0? I mean if Bitcoin had 'versions' that would be great. Then we wouldn't have to invent entirely new cryptoc

by beauHD 4y ago

cowtools 4y ago
I suppose the monero userbase has similar attitudes as the early bitcoin userbase, but monero/cryptonote is not a bitcoin fork in the same sense that zcash/zerocoin is. >we could just iterate on existing ones, and have our userbase intact without having to 'gain traction' for an entirely new alt-coin. I think there are some fundamental limits to the throughput of a single cryptocurrency due to network latency and bandwidth. Perhaps the solution to scalability is simply to have multiple cryptocurrencies and to facilitate atomic swaps between them. So in this sense, the creation of new cryptocurrencies with minor feature changes (litecoin, bitcoin cash, wownero, cheapeth, etc.) is actually good for network diversity. That being said, the owners of existing "big" cryptocurrencies will usually want to make changes that increase its usability to compete with these "trivial forks" Bitcoiners have been soured by the idea of a hard fork since the XT dispute, while the monero userbase has commited itself to regular hard forks every 6 months to upgrade the network.
tromp 4y ago
No; Monero is not an improved Bitcoin; it just makes different tradeoffs [1]. [1] https://phyro.github.io/grinvestigation/why_grin.html https://phyro.github.io/grinvestigation/why_grin.html
grappler 4y ago
many cryptocurrencies do have 'versions' of a sort. See ethereum's recent one known as "the merge" which moved that currency to a completely different consensus algorithm!