It was the New Year, and with that New Year, I wanted to spread it a little and see the next decade. But first, I wanted to spend the last time (yeah, I know I'm a year behind, blah blah blah) and really delve into how far things have come.
Mining and Network Security
In 2010, the network was secured by a hobbyist desktop CPU and driven by a huge, resourceful actor. It is protected by billions of dollars of hardware that consumes the collective power requirements of small countries at the start of 2020 (given): billions of dollars of hardware, which was fed to operators from many different companies worth billions of dollars. , ratings of Pie in the Sky, but not yet). Ten years later, network security mechanisms have shifted from consumer hardware and enthusiasts to specialized ASIC equipment and professionally managed data center operations.
Protocol development
In 2010, you can send Bitcoin to a public key (or IP address), and time lock transactions (only transactions, not UTXO), large and expensive raw multisigs to send. op_return due to a bug. And yes, I know that the scripting system had more than that, I'm talking about what is actually viable for the average person. 2020…well, I think I have to bullet this:
- Use P2SH to make money on more advanced scripts (such as Multisig) for senders.
- A timelock is the actual UTXO to an absolute block height or UNIX timestamp.
- A Timelock is the actual UTXO to the relative block height from its creation or UNIX timestamp interval.
- Build a transaction that does not have a malleable TXID for layer 2 protocol/chain transactions thanks to isolated witnesses. (Also, Segwit has its own version, so you can easily upgrade your scripts. Bitcoin scripts have undefined ops that you can define to add new script functions to your Bitcoin script. Only. Instead of using a very missing undefined OPS version.)
- It uses the basic development version of the Lightning protocol, the second layer enabled by a malleable fix implemented in SEGWIT.
- We have actually developed a sidechain that is easy to test by deploying more advanced features and experimental features.
The decade has produced an impressive amount of primitives that build on top of the core foundations of Bitcoin's base network and blockchain. In particular, it takes into account the complexity and difficulties of trying to confirm the consensus on upgrades, and implements and deploys such upgrades if any.
Political relevance
In 2010, Bitcoin was a slight blip on the radar. It was in the CIA just I've noticed and am interested in it. Their response was that the developers came and gave a lecture, which resulted in Nakamoto At's missing out. Other than that, people were not paying attention, politicians were not paying attention, most institutions were not paying attention (except for the alphabet thing that we may not know now) ). Bitcoin was not obscure.
In 2020, Bitcoin created hundreds of billions of dollars worth of markets and industry as a whole. Exchanges generate billions of revenue from trading fees. Miners make billions of dollars in bulk in return for their investments. Tens of millions, perhaps hundreds of millions of people, have Bitcoin (the metrics here are very vague and it's hard to really distill meaningful information). We are barely interested in the CIA, so basically all meaningful governments in the world hold regular parliament or committee meetings, and Bitcoin and its macroeconomic and geopolitics. We discussed everything that emerged from the perspective of the outcomes, and how to respond to them. . The country has launched cryptocurrency. The country has authorized cryptocurrency addresses. They are officially at the table. In 2010, there was only one agency famous for placing noses everywhere (what we know), and now the whole world is paying attention.
Things have changed. As the Phiphor progresses, we will stop the train and wish you good luck.
(This is part 1 of 4. Read the next part tomorrow).
This is a guest post by Shinobu. The opinions expressed are entirely unique and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
