Wang Chun, co-founder of cryptocurrency mining pool F2Pool, has made remarks that draw consideration to the talk surrounding Bitcoin protocol updates.
Chun shared his evaluation by way of the X Platform, arguing that modifications to Bitcoin’s core protocol shouldn’t be pursued by way of “political compromise” or compelled bundle offers.
Chun stated it will be a mistake to use the “bundle invoice” strategy typically seen in US politics, the place varied provisions are added to a single legislative bundle, to the Bitcoin improvement course of. He argued that this strategy would result in compelled acceptance of crucial however unpopular provisions, and due to this fact opposed proposals BIP-110 and BIP-54.
Chun additionally talked about a technical problem often known as “time warp,” which he stated has been round for a very long time however would not provide a lot of a bonus for Bitcoin miners. He acknowledged that the vulnerability is successfully unusable as a result of it’s inconceivable to foretell which miner will produce the subsequent block, suggesting that this mechanism may very well be used to affect sure altcoin networks. Due to this fact, there was no want to right away change the protocol, he argued.
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Chun additionally famous that each enhancements to the libsecp256k1 library and {hardware} enhancements have considerably elevated the effectivity of transaction validation, and no protocol-level updates are required on this space. He stated that theoretical dangers akin to “confirmed transaction forgery” rely upon breaking double SHA-256 collisions, and if this have been to occur, Bitcoin’s elementary safety construction would already collapse.
Contemplating all these issues, Chun stated lots of the present discussions don’t present adequate justification for protocol modifications. In response to the founders, solely the “repetitive transactions” problem stands out as one of many few modifications price implementing, with restricted potential for enchancment.
*This isn’t funding recommendation.
