The Next Decade, Part 1: The Road Behind

It’s a new year, You can also find out more about the following: with that new year come all the normal social media circle jerking centered around predictions of “what will happen in 2020!” I wanted to extend that out a bit, and look at the next decade. But first, I wanted to spend a minute going over the last (yeah, I know I’m a year late, blah blah) to really drill in how far things have come.

Mining and Network Security

In In 2010, the security of the network relied on desktop CPUs owned by enthusiasts, which were easily overpowered by large actors. At By 2020, the hardware will be worth billions and provide the electricity needed by entire nations. The operators are supplied by companies that have a value of billions (these estimates, however, may not reflect reality). In In the last 10 years the focus of network security has shifted away from hobbyists and consumer hardware to ASIC equipment, and data centers that are professionally run and managed.

Protocol Development

In What you can send in 2010 Bitcoin Timelocking transactions, (ONLY the transaction itself, NOT the UTXO), doing raw multisig that was expensive and massive to send, as well as anyone being able to spend money using OP_RETURN, due to a glitch. And yes, I know the script system had much more back then, I’m talking about what was practically doable for an average person. In 2020…well I think I have to bullet point this:

• Use P2SH allows the sender to pay less for sending advanced scripts like multisig.
• Timelock A UTXO is a blockheight absolute or UNIX timestamp.
• Timelock an actual UTXO to a relative blockheight or UNIX timestamp interval from it’s creation.
• Construct The TXIDs of transactions which do not support second layer protocols/chained payments can be changed to the malleable ones. Segregated Witness. (AlsoSegWit’s versioning makes it easier to update the script. There There are a limited number of undefined OPs. Bitcoin Script that allows for the addition of new functions. Bitcoin script. SegWit versions allows you to add new functions using new Witness Versions instead of using very few undefined OPs.
• Utilize Basic version under development Lightning ProtocolA second layer is enabled by SegWit’s malleable fix.
• Have The sidechains can also be used to test and deploy more advanced or experimental features.

Ten Years has brought us a large number of primitives to work with. Bitcoin’s base network and blockchain. Especially It is difficult to reach a consensus when it comes to upgrades.

Political Relevance

In 2010, Bitcoin It was a small blip in the radar. The The CIA was only now becoming interested in the story. Their The developer was invited to give a presentation, which resulted in the removal of Satoshi Nakamoto. Other than that, people weren’t paying attention, politicians weren’t paying attention, most agencies weren’t paying attention (except Alphabet We may not be aware of them now. Bitcoin It was a void.

In 2020…Bitcoin The emergence of a market and an industry with a value of hundreds of billions dollars has created countless opportunities. Exchanges Trading fees have generated billions of dollars in revenues. Miners Collectively, these companies have earned billions in revenue from their operations. Tens Many millions or even hundreds of thousands of people are owners Bitcoin It is hard to discern meaningful information in the metrics presented here. We’ve gone from the CIA barely taking interest, to essentially every meaningful government in the world regularly having legislature or committee meetings to discuss Bitcoin What it means in terms of macro-economics and geopolitics, how to deal with them. Nations There are now a number of cryptocurrencys. Nations Have sanctioned cryptocurrency address. They The table is officially open. Back In 2010 we only knew of one famous agency who was notorious for following their noses everywhere. Today, the world pays attention.

Things The world has changed. As As the saying goes: “Good luck stopping the trains.”

(This Just a few words to describe what you are looking for Part Read the rest of this article tomorrow. 

This This is a post written by a guest. Shinobi. Opinions BTC does not endorse the views or opinions of any third parties. Inc You can also find out more about Bitcoin Magazine.

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