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8 years ago in #bitcoin by bitcoinflood (79)
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On adoption... It's a challenge to cultivate patience around these upgrades. We see the promise and want the upgrades to be implemented now. We're all ready for the end-user applications but the base protocol is still being improved and optimized so the middleware/services layer can be stabilized -- and only then will there be an explosion in quality end-user apps.
I think that Bitcoin might actually be 2 years ahead of other crypto projects. The proper precautions are taken when upgrading the cryptography & protocols -- so Schnorr started a couple years ago. It takes that long and longer to consider the best implementation. It's not like upgrading a WordPress site or tweaking a Steem upvote algorithm.
On the middleware side, Lighting Network started a few years ago and is just now starting it's life on Bitcoin mainnet.
As long as Bitcoin can continue to roll out these upgrades in a stable way that protects all of us, Bitcoin could start look like the best protocol to develop on, not just the old dinosaur. Especially if other protocols and projects seriously stumble when they take off and real people start using them (scaling, security, etc...).
I'm not all that familiar with Schnorr, but if it succeeds that'd be great (from both a privacy and performance standpoint). I know that everybody thinks that Lightning will fix everything, but (at least to me) any off chain solution is only a band-aid fix that gives us more time to fix the real issue.
Totally agree with that. No one system is going to fix all and having many systems that are redundant will only help in making bitcoin even stronger as we continue to push forward.
That was my initial reaction as well about LN. If it isn't built into the blockchain, then rather sooner than later an in-blockchain solution will be needed.
Schnorr sure seems interesting but as you say it might take a year or two. Do you think its still gonna be an "upgrade" to the transaction capacity in a few years if it takes that long? Thanks for the post, didnt know about schnorr before!
A good question, I think the project might be taking on far to much and most likely be to late or end up forking due to an error somewhere. when you get humans involved who knows lol I have a feeling other systems will launch before this one does but still it is a good learning platform at the moment for developers.
Yeah, I agree, this is a fast-developing world - blockchains and cryptocurrencies - a lot can happen in one or two years. But maybe that's where LN finds its use? To fill in the gap?
Seems that Bitcoin's volume is really low...I almost could see Ethereum or Ripple in the near future taking over the lead.
Very possible I would prefer Ethereum to doing it instead of Ripple, Ripple just gives me a really bad feeling when you look into how its built out.
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Reading this post and all the comments, really makes me feel like a idiot when it comes to bitcoin. That's why I am so glad that there are people out there like yourself @bitcoinflood to keep me in the loop of what is happening. Once again thanks for the post and upvoted. Super Star ha