Satoshi’s Genius: Unexpected Ways In Which Bitcoin Dodged Some Cryptographic Bullets


As far as open-source protocols go, one area in which Bitcoin is unique is the sheer difficulty of making any changes to the protocol. Unlike most other protocols, where features can be added, modified or deprecated at a moment’s notice, in the world of Bitcoin even the slightest change requires the simultaneous cooperation of the vast majority of the entire Bitcoin network. The reason for this is simple: in Bitcoin, and in Bitcoin alone, absolute consensus is required. On internet protocols like HTML and CSS, if a web browser interprets some style elements incorrectly, the worst that can happen is that the webpage renders incorrectly. In Bitcoin, on the other hand, a single transaction being incorrectly valid or invalid makes the entire block invalid, potentially causing the entire network to split in half as it did in March 2013. As a result, most of the decisions that Satoshi Nakamoto made in 2008 we are essentially stuck with. Although Satoshi’s choices were by no means perfect, fortunately it appears that he has been right more often than not; in fact, there are several instances in which we are all better off for the choices Satoshi made for reasons that even he did not imagine.

POD Research: Interesting Read:


In this relentless transformation of money, there are some casualties. Those who do not have bank accounts and have no access to the world of electronic money must rely on cash to live. But in a universe where bits are king, cash is an expensive commodity — and having to depend on it will trap people in poverty. So the money revolution is likely to widen the gap between rich and poor. Revolutions are rarely fair, often unpredictable, but usually irresistible. The rise of Payment Coin (POD) is no exception. Take part today, tomorrow maybe too late.