Scaling solutions, advantages and disadvantages. I won’t take a position on scaling options for a simple reason: I think we will do all of them. SegWit, second layer implements like Lightning Network, increasing the base block size with 4-8 Mb of capacity, Schnorr signatures, Spoonnet. Scaling is not something that is solved once; scaling is a moving target, an aspiration. As you achieve each level of scale, that opens the door for new applications; solving current problems creates the opportunity for new problems. The internet has been failing to scale for 25 years. Email, image attachments, audio, video, high-definition video, livestreaming, holographic virtual reality, etc. We have a system that allows for global transactions, without borders, a level of planetary scale immutability. As soon as we make it faster and cheaper, people will want to put _more_ data on the blockchain. We will reach Visa scale and then surpass Visa scale on an exponential curve. We can never “fix” scaling. All we can do is hope to continue to fail to scale gracefully. Solutions that are technically sensible, maintainable, and don’t violate the core principles of decentralisation. We can change the rules as often as we like, but we should not appoint rulers.
This talk took place on June 6th 2017 at a joint meet-up with Blockchain Professionals, BitcoinSYD and SydEthereum in Sydney, Australia: https://antonopoulos.com/event/blockchain-professionals-sydney/
RELATED:
Why we should worry about optimisation, not scaling – https://youtu.be/J3sEcuCc9fg
The Lightning Network – https://youtu.be/vPnO9ExJ50A
Lightning, full nodes, and miners – https://youtu.be/dlJG4OHdJzs
Bitcoin, Lightning, and Streaming Money – https://youtu.be/gF_ZQ_eijPs
Rules vs. Rulers – https://youtu.be/9EEluhC9SxE
The Scaling Rites of Passage – https://youtu.be/rZi86_ovB3Y
Altcoins and the scaling debate – https://youtu.be/slbpdW-H3yk
Unlimited vs. Cypherpunks – https://youtu.be/5adgo4-32HU
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin.
Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8
MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042
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Outro Music: “Unbounded” by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
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The mans a legend.
Fantastic video, thank you.
Quadratic HAshing Problem: https://bitcoinclassic.com/devel/Quadratic%20Hashing.html
What about SegWit2X? Is it sècure? Then why Core devs don't support it?
lol, andreas
I love hearing Andreas talk to an audience. I am self-employed and had to do a brief 10 minute presentation today. He's much better than me.
it's obvious he wants segwit!! invest in bitcoin
Love the big picture view! What happens to those who block progress (prevent scaling) for petty short-term gains? Do they get crushed and flushed (I hope so) or do they stay to remain sand in the gears that ruin that particular engine (Bitcoin), allowing other engine designs to emerge (alt-coins)? BIP 148 is, among other things, a long overdue oil change.
my hero!!!
The way nature solves the scaling problem is by using the fibonacci series. Could a cryptocurrency do the same?
Damm. He's right…. Can't solve scaling.
i love this video
Oh man. I just love watching these. It gets me right back on track. Thank You for your work
"When someone is holding their hands behind theirback and the hands are positioned in a palm in palm gesture, this not only exposes the entire front of the person's body but is a display of fearlessness, superiority, as well as confidence in themselves."
"When someone is holding their hands behind theirback and the hands are positioned in a palm in palm gesture, this not only exposes the entire front of the person's body but is a display of fearlessness, superiority, as well as confidence in themselves."
Time to get off the fence and state your views on BIP148 v Bitmain
Monero's dynamic block size is a great idea.
haha vey good and funny as well
i like andrew, but i really dont see how he thinks bitcoin will ever change. We now have experienced 2 years scaling-war, there is still no solution. How can somebody expect future changes to be quicker?
Micropayments on bitcoin? Will never happen.
development within bitcoin? will never happen.
I admire your relativation and perspective AA keep up!
Publishing this today looks sort of an statement
Yes do you think IOTA can become successful?
25G mobile network ??
HAVE YOU CHECKED OUT IOTA? its nicked named the bitcoin killer
New number one fan!