Craig Wright, inventor of the Bitcoin system, talks about blockchain scaling

Craig Wright, inventor of the Bitcoin system, talks about blockchain scaling

Dr. Craig Wright recently wrote an article titled “Defining Scalability,” in which he argued that attempts to scale the Bitcoin system by implementing sidenets were futile.

How to scale the Bitcoin system? First, the Bitcoin system has been massively scaled. Second, scaling the Bitcoin system is not just about technology.

In 2009, Satoshi Nakamoto stated that the Bitcoin system has been able to expand far beyond the size of VISA with very little cost. This remark is about the hardware conditions in 2009.

In 2022, Satoshi Nakamoto will be known by the name of Dr. Craig Wright, especially after the outcome of the Kleiman v. Wright lawsuit, people are more convinced, we can study the creator of the Bitcoin system Newly published ‘s work on blockchain scaling.

Dr. Wright recently wrote an article titled “Defining Scaling,” in which he argues that attempts to scale the Bitcoin system by implementing sidenets are futile and ill-intentioned.

The scam of expanding the Bitcoin system through two-layer technology

BTC proponents are fascinated by the so-called BTC Lightning Network and similar efforts to scale BTC or other blockchain systems. By using another off-chain network to “assist” BTC in scaling matters, BTC has instead become weaker, and even developed into an unlawful system.

In “Defining Scaling,” Dr. Wright explains:

“ By definition, any blockchain provides a system that collects data by constructing a set of transactions into a block, which is processed by a set of paid and funded node runners through a competitive process such as proof-of-work. and process a set of transactions, whereby they publish a verification that other nodes can verify their validity. ”

The keyword here is “post”. The blockchain is not a private database, it is public. Scaling the Bitcoin system over time can be understood as publishing more transaction data. When the price of Bitcoin rises, we see more transactions at the same time.

In terms of technology, the Bitcoin system is a technology that allows the block size to increase without utilizing side nets. Once blockchains utilize sidenets, they are no longer blockchains. They are starting to turn into private databases.

We already have private databases. Until someone separates the two systems, private and public, private databases have worked very well. So Joel Dalais of MetaNet ICU and I joined Dr. Craig Wright to discuss the history of accounting.

Dr. Wright is an accountant himself. At CoinGeek Zurich 2021, there is an entire panel of experts discussing Bitcoin systems and accounting. Attempts to scale the Bitcoin system by extracting on-chain transaction data are not really scaling it, but starting a system with little public accounting.

What is the Bitcoin system without public trading?

In his article “Defining Scaling,” Dr. Wright writes:

“ Every transaction processed in a system like Bitcoin is public. This is also a concern that some people want to dismiss. The arguments made by those who oppose scaling are touted as being related to scaling, but it also reflects Out of which they are trying to find ways to remove this ability to be able to track every transaction within the Bitcoin system. ”

This is where we have to pay attention. We know that the Bitcoin system is meant to be publicly traded. Entities who wish to “scale up the Bitcoin system” by deleting transaction history are not really trying to scale up the Bitcoin system, but are just trying to cover their tracks.

We have seen people try to implement sidenets on BTC that allow themselves to transact without leaving a trace on the BTC blockchain. This is what money launderers and perpetrators of other crimes need in order to ultimately go untracked.

On the BSV blockchain (also known as Bitcoin SV), transactions are not hidden in sidechains, sidenets, or side transactions. Users of the BSV blockchain conduct transactions openly. This is how Satoshi Nakamoto designed it. More than a decade later, it’s hilarious that we still have to point out these qualities of the Bitcoin system. The fact that we are still trying to explain the basics of the Bitcoin white paper shows just how powerful the real Bitcoin system really is. It has changed the world in an unprecedented way, and the rise of information capitalism has been profoundly influenced by its opponents.

Dr. Wright even published a paper called Bitcoin: the most law-abiding system ever created. However, there are still many people on social media from the so-called digital currency market full of malice towards Dr. Craig Wright. If someone is attacked for advocating a law-abiding system, what does that tell us about the attacker?

Craig Wright, inventor of the Bitcoin system, talks about blockchain scaling

BTC is not a scaled Bitcoin system because BTC is not a Bitcoin system – the real Bitcoin system exists in BSV.

In Defining Scaling, Dr. Wright does not refer to BTC as Bitcoin. The term he used was “BTC system” because BTC falsely claimed to be the Bitcoin system and was fraudulently impersonating Bitcoin. The bitcoin system is bound by contracts, and the bitcoin system in the original bitcoin system contract can now be found on the BSV blockchain.

Prominent economist George Gilder supports Dr. Wright and Satoshi Nakamoto’s original vision for Bitcoin. Gilder said eagerly:

” Bitcoin SV is the epitome of the information economy! “

In his presentation at CoinGeek New York 2021, Gilder pointed out that Bitcoin SV (in the BSV blockchain) has more transactions and more activity than BTC. Therefore, any attempt by BTC developers and BTC investors to conduct off-chain transactions through Layer 2 technology will further widen the utility gap between BSV and BTC.

Increasing the number of transactions on the Bitcoin system, not excluding it, is the only way to scale the Bitcoin system. The purpose of the second layer technology of the blockchain is to hide transactions, hide money, data and interactive information. Whenever you hear a public figure on the BTC side claiming that large blocks are causing difficulties for users or miners of the Bitcoin system due to said hardware issues, you might think this is listening to professional money launderers, or even more so. bad.

In “Defining Scaling,” Dr. Wright concludes:

“ In other words, Orwellian puns mean that when the debate should really be about the nature of the blockchain versus the requirement for the system to provide full traceability of all transactions, people refer to scalability. “

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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