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Bitcoin Tech #5 - Bitcoin Consensus with Shinobi

Peter McCormack
191K subscribers
7.8K views 4 years ago The Peter McCormack Show
In this interview, I talk to Shinobi, the host of Block Digest. We discuss making changes to the Bitcoin protocol, hard vs soft forks, ossification, and the upcoming Taproot soft fork means for Bitcoin. SHOW NOTES: https://www.whatbitcoindid.com/podcas... THIS EPISODE’S SPONSORS: Gemini - https://www.gemini.com/ BlockFi - https://blockfi.com/?ref=f0fdce00 Sportsbet.io - https://sportsbet.io/?ref=wbd Casa - https://keys.casa/?pk_campaign=wbd-ye... Exodus - https://www.exodus.io/ Ledger - https://www.ledger.com/ Revolut - https://www.revolut.com/wbd TIMESTAMPS: 0:00 Introduction 0:48 Consensus changes in Bitcoin 3:55 What is a node? 8:47 Blockchains and Splits 11:54 Block Rewards and Incentives 24:39 More on Chain Splits 26:59 Block Size Wars 28:48 Orphan Blocks 31:15 Confirmations 34:25 Upgrading the Network 38:00 Rough Consensus with Segwit 42:33 Coordinating Change 43:59 Soft Forks & Hard Forks 48:14 User Activated Soft Fork (UASF) 49:03 Bi …...more
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Introduction

0:00

Consensus changes in Bitcoin

0:48

What is a node?

3:55

Blockchains and Splits

8:47

Block Rewards and Incentives

11:54

More on Chain Splits

24:39

Block Size Wars

26:59

Orphan Blocks

28:48

Confirmations

31:15

Upgrading the Network

34:25

Rough Consensus with Segwit

38:00

Coordinating Change

42:33

Soft Forks & Hard Forks

43:59

User Activated Soft Fork (UASF)

48:14

Bitcoin Uses Soft Forks

49:03

Taproot Activation

55:24

Ossification

57:57

What is a BIP?

1:01:21

Why Taproot Matters

1:03:56

Malicious forks

1:09:39

Elon & the Mining Council

1:11:40

How should we Respond?

1:20:30
Bitcoin Tech #5 - Bitcoin Consensus with Shinobi
289Likes
7,879Views
2021Jun 7
In this interview, I talk to Shinobi, the host of Block Digest. We discuss making changes to the Bitcoin protocol, hard vs soft forks, ossification, and the upcoming Taproot soft fork means for Bitcoin. SHOW NOTES: https://www.whatbitcoindid.com/podcas... THIS EPISODE’S SPONSORS: Gemini - https://www.gemini.com/ BlockFi - https://blockfi.com/?ref=f0fdce00 Sportsbet.io - https://sportsbet.io/?ref=wbd Casa - https://keys.casa/?pk_campaign=wbd-ye... Exodus - https://www.exodus.io/ Ledger - https://www.ledger.com/ Revolut - https://www.revolut.com/wbd TIMESTAMPS: 0:00 Introduction 0:48 Consensus changes in Bitcoin 3:55 What is a node? 8:47 Blockchains and Splits 11:54 Block Rewards and Incentives 24:39 More on Chain Splits 26:59 Block Size Wars 28:48 Orphan Blocks 31:15 Confirmations 34:25 Upgrading the Network 38:00 Rough Consensus with Segwit 42:33 Coordinating Change 43:59 Soft Forks & Hard Forks 48:14 User Activated Soft Fork (UASF) 49:03 Bitcoin Uses Soft Forks 55:24 Taproot Activation 57:57 Ossification 1:01:21 What is a BIP? 1:03:56 Why Taproot Matters 1:09:39 Malicious forks 1:11:40 Elon & the Mining Council 1:20:30 How should we Respond? WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transc... SUPPORT THE SHOW: → https://www.whatbitcoindid.com/sponso... → Become a Patron:   / whatbitcoindid   → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com WHERE TO FOLLOW ME: → Twitter:   / whatbitcoindid   → Medium:   / whatbitcoindid   → Instagram:   / whatbitcoindid   → Facebook:   / whatbitcoindid   → YouTube:    / whatbitcoindidpodcast   → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscr... LEARN ABOUT BITCOIN & CRYPTO: → Step by Step Guide: https://www.whatbitcoindid.com/beginn... → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resour... **** “I cannot stress this enough; when you are trying to gauge consensus for an upgrade proposal, it is not a democracy. Absolutely not. It is not voting; it is not majority wins. That is not how things are done.” — Shinobi Location: Miami Date: Tuesday 25th May Project: Block Digest Role: Host Bitcoin is an entirely decentralised network, and as such, by definition, it has no authoritative organisation to dictate or coordinate rule changes. Instead, any improvements or changes must be community-driven. Changes to Bitcoin are rare, and when the developers propose protocol changes, they go through a strenuous review and test process. As such, changes are rare and slow to happen. While some see this as a negative, it is one of the strengths of Bitcoin. A monetary network that is worth nearly $1tn should not be fast or easy to change. Many even think that eventually, the base-layer of Bitcoin may reach a point where it must no longer implement any changes, and further improvements would occur on higher layers. In this interview, I talk to Shinobi, the host of Block Digest. We discuss making changes to the Bitcoin protocol, hard vs soft forks, ossification, and the upcoming Taproot soft fork means for Bitcoin.
The Peter McCormack Show
Peter McCormack

Follow along using the transcript.

Peter McCormack

191K subscribers