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Bitcoin Improvement Proposals

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2 months ago

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After a refreshing dip in the pool water and taking advantage of the fact that Maxi is having fun with his friends in the water, I started to read a little about the Bitcoin improvement proposals (BIP).

The first proposal for improvement was precisely the definition and implementation of the BIP protocol. BIP0001 was written by Amir Taaki to define how users can make their improvement proposals and define BIPs. It was created in the likeness of Python Enhancement Proposal 0 (PEP 0) which is a protocol for implementing improvements to Python.

There are three types of Improvement Proposals for Bitcoin:

 

Process BIPs are proposals that do not change the Bitcoin code but certain processes that can affect how the community interacts with the network. An example would be BIP0001 itself, which does not affect the network but how to interact with it.

Standards monitoring BIP are the proposals that affect the network protocol and can include modifications in the way of validating the operations to any type of modification if they are approved by the majority.

Informative BIPs are those that after an investigation work, report some design or development flaw. They usually give recommendations for the solution to a specific problem.

Any user can make their proposal to improve Bitcoin, which must comply with a structure to be presented and I will bring you that better-detailed part in a future post. Also, we have Improvement proposals for other chains like Ethereum and Litecoin.

But what I am interested in highlighting today is the part that I did not like very much Babout Bitcoin and I have to warn you that my dislike may have a lot to do with my ignorance.

For a BIP to be approved and commissioning requires to be approved in a vote. Before reaching that point (the vote) the proposal must pass a series of previous steps and be submitted to the debate before the community. Once the proposal is put to a vote, the final decision remains in the hands of the miners, having as much voting power as the Hashrate each mining pool has. All this brings us to a place where I thought Bitcoin was not encrypted, a niche of powerful people who have the final vote on the development of Bitcoin. If 55% of the Bitcoin hashrate is accumulated by a few mining pools, they are those same ones that will decide on the path to follow.

I just know that I don't know anything, so I still have a lot to learn and I will try to bring you what I understand from my learning. I go back to the water because my CPU is heating so much!

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Resources

  1. https://github.com/bitcoin/bips/blob/master/bip-0001.mediawiki

  2. https://genesisblockhk.com/voting-bitcoin-improvement-proposal-bip/

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