Bitcoin Cash Decentralized Developments

2 201

Written by

Pantera

Bitcoin Is Cash

1 year ago

Topics: Bitcoin Cash, Bitcoin, BCH, Bitcoincash, Developments, ...

Satoshi presented the solution of perfect money 14 years ago with the Bitcoin whitepaper.

Decentralized "P2P Electronic Cash".

Decentralization includes a vague interpretation of a network not controlled by a trusted third party, with miners and nodes securing the network. Yet, the concept of decentralization requires more than just the mining part.

Bitcoin Cash is decentralized in all core components, deciding future upgrades and innovation, with consensus at its core.

While developments in most blockchains are dictated by a small group of developers forming a private company, Bitcoin Cash stands for decentralization with several teams of developers and software implementations.

There is no single party or person in control of Bitcoin Cash, and besides mining, the development procedure is equally decentralized.

Decentralization of Developments On Bitcoin Cash

Decentralization is not the purpose but the means to achieve freedom of money.

It is not just decentralization or security but several more traits combined to form money free from a single entity controlling it.

We find several factions in Bitcoin (any version: BTC, BCH, BSV) that comprise consensus.

Developers, miners, exchanges, merchants, and users or stakeholders.

However, it defeats the purpose when one party assumes control, even in just one of the above factions.

Users/stakeholders, Exchanges, and Merchants

Users and stakeholders are a decentralized force since any product aims for a particular audience. Usually, networks aim to increase the network effect by scaling up and adding more users.

Merchant adoption is the target of cryptocurrency adoption, at least for those cryptocurrencies that have P2P features and present themselves as currency or money.

Merchants can massively decide regarding the use of a cryptocurrency by either accepting or dropping support for it. Such is the case of Bitcoin BTC, in 2017 when businesses massively stopped accepting BTC (Microsoft, Steam, and even the Miami Bitcoin Conference didn't accept Bitcoin (BTC) in 2017.).

While merchants are mostly considered a target for cryptocurrencies at this stage, upon global adoption, the power they will amass in the future will be entirely different. At this stage, they can only accept (adopt) upgrades and developments or abandon adoption. Later on, with global adoption in effect, merchants and businesses will form a decisive factor in the consensus process.

Mining and Developments Decentralization

Assuming one miner takes control of 97% of the network, that would be catastrophic for the decentralization of a network. Even at 51% control of hash power, a miner poses a threat and a single point of failure for a blockchain.

What happens, though, when a team of developers controls developments? This defeats the purpose as well.

The leading node for BTC is Bitcoin Core, controlling 97% of this market.

Such a case is equally fatal for a network as the power a single software implementation amasses presents a case of controlling developments.

Bitcoin Cash presents a unique approach to blockchain decentralization with multiple independent developing teams working towards ensuring scalability and network security, but without anyone controlling or dictating decisions.

Bitcoin Cash Node Implementations

Here are the main six node implementations for Bitcoin Cash (alphabetically):

Bitcoin Cash Research

BitcoinCashResearch.org is the starting point for discussions between developers, stakeholders, and any participants of the Bitcoin Cash ecosystem.

Bitcoin Cash Research is a forum with a wide range of topics regarding infrastructure, protocol upgrades, software libraries, and non-technical topics.

CHIPs (Bitcoin Cash Improvement Proposals)

CHIPs is a transparent process where anyone can propose code changes to Bitcoin Cash and discuss with the community how these changes can affect the network, their outcome, and potential.

Funding

Bitcoin Cash also innovates with the decentralized crowdfunding service Flipstarter.

Maintenance and operation cost for Bitcoin Cash receives funding from the decentralized P2P crowdfunding service Flipstarter.

Flipstarter is not limited to developments but offers a service for anyone, even outside of the Bitcoin Cash ecosystem. Anyone can utilize and ask for funding beyond the constraints of traditional crowdfunding services.

Bitcoin Cash is decentralized money with uncensorable, permissionless tools at its disposal.

Closing Thoughts

Money demands these characteristics: Store of Value, Method of Exchange, and Unit of Account.

However, fiat money also contains a destructive drawback:

Manipulation by the forces controlling it.

We watched the FED, ECB, and every major Central Bank in the world airdropping excessive amounts of money during 2020-2021 to alleviate the damage of another mistake, the lockdowns of our economies.

The result is high (and hyper) inflation, especially in inelastic consumer goods, a broken supply chain, and energy autonomy issues.

To fix the mistakes that caused our economy to malfunction (lockdowns, money printing), Central Banks decided to instigate a third mistake: The next recession.

Money is not always the solution, but a tool that is better operated with autonomous, decentralized networks rather than a few dubious individuals controlling the core aspect of our economies.

We can all feel the aftershock of these decisions and the threat of the looming recession. It is not money that caused all of it, but those in control of money.

Satoshi's solution proceeds with reasonable, logical money, separated from historic fallacies.

With Bitcoin Cash, Bitcoin evolved and produced what the world needs to counter money manipulation and enhance individual financial freedom.

Bitcoin Cash aims for global adoption, and the daily use of P2P cryptocurrency, presenting a decentralized, permissionless, and scalable P2P digital cash option with affordable fees and instant transactions.

Cover Image by "xresch" on Pixabay (background)
second Image by "gerart" on Pixabay, (modified)

External content published in this article is used for research and educational purposes and falls the guidelines of fair use. No copyright infringement intended. If you are, or represent, the copyright owner of images used in this article, and have an issue with the use of said material, please notify me.