What is this about a Nakamoto Bitcoin Upgrade - page 2.

pooya87

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Quote from: JiiBs on August 30, 2024, 03:10:51 AM

Some of the reasons why Bitcoin have taken a back seat on serving as an actual currency aside from the fact that, there isn’t many merchants out there to accept it for a means of exchange is it’s scalability, given the fact that it’s highly volatile and takes some time for confirmation of transaction.

The only reason for bitcoin not being used as a currency as much as it was expected is the fact that its price keeps going up in the long run. People don't tend to spend something that is worth $15k on Jan 2023 and $70k by March 2024 (360% in 14 months). It doesn't matter how scalable bitcoin is.

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Now the question is:
Was this expected?
Is this how to solve the scalability of Bitcoin?
How is the creation of more and more hard fork helping Bitcoin?
Is this something Bitcoiners would like?

Considering the fact that people don't use Stacks to transact bitcoin, they use Stacks to create shittokens, I have to say no it is not the way to solve scalability.

It is not helping bitcoin either, because this is a separate network having its own separate protocol changing through a hard fork. And Bitcoiners don't usually like this sort of stuff (ie token platforms).

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Quote from: JiiBs on August 30, 2024, 03:10:51 AM

Now the question is:
Was this expected?
Is this how to solve the scalability of Bitcoin?
How is the creation of more and more hard fork helping Bitcoin?
Is this something Bitcoiners would like?

Short answers,
1. I don't know, since i don't really follow Stacks development.
2. It's just one of many ways to solve scalability.
3. You're asking wrong question, since the hard fork happens on Stacks (the Layer 2), not Bitcoin network itself.
4. Who knows. But it's not part of Bitcoin protocol, so Bitcoiner who don't like it could just not use it.

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Quote from: JiiBs on August 30, 2024, 03:10:51 AM

Is this how to solve the scalability of Bitcoin?

Stacks seems to be more about adding smart contract functionality rather than increasing scalability. But yes, generally speaking I'd reckon Layer 2 solutions, though not Stacks specifically, would be the way to go.

Quote from: hugeblack on August 30, 2024, 03:40:20 AM

It is not a hard fork so it does not need network consensus.

To clarify for OP: The hard fork is happening on the Stacks Layer/Sidechain, not Bitcoin itself. So the Stacks team can do all the changes they want, without affecting the Bitcoin base layer.

hugeblack

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We have Lightning Network, MAP Protocol (MAP), Liquid Network, Rootstock and Stacks in addition to sidechains so the features provided by these networks are what will determine the number of users but the majority will prefer Lightning Network for low cost daily transactions. It is not a hard fork so it does not need network consensus.

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Nakamoto Bitcoin Upgrade

Running through the news, I found this update from coindesk

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Stacks, a layer-2 blockchain that augments the Bitcoin network, has begun its Nakamoto upgrade with the aim of making transactions even faster.

The Nakamoto upgrade, which is named after Bitcoin's pseudonymous creator, Satoshi Nakamoto, will decouple the block production schedule on Stacks from Bitcoin's.

Network operators now have a two-week window to implement the Nakamoto upgrade, after which there will be hard fork that completes the process. Nakamoto introduces a new way of producing Stacks blocks, using a proof-of-transfer consensus algorithm. Users burn bitcoin (BTC) to mine Stacks blocks and receive rewards. This process began its implementation in April, with block "signers" coming online to validate "tenures" of transactions.

Bitcoin Layer-2 Network Stacks Begins Nakamoto Upgrade

Some of the reasons why Bitcoin have taken a back seat on serving as an actual currency aside from the fact that, there isn’t many merchants out there to accept it for a means of exchange is it’s scalability, given the fact that it’s highly volatile and takes some time for confirmation of transaction.

The news as it is has it that, Stacks which would serve as a layer 2 network to Bitcoin network would bring the gap between confirmation of transaction to ensure faster transactions, using Stacks as the reward to miners who are assigned mining periods to produce as many blocks as they could which would be settled on Bitcoin. All these would be done using a POT (Proof-of-Transfer) protocol with Bitcoin for a base currency.

Now the question is:
Was this expected?
Is this how to solve the scalability of Bitcoin?
How is the creation of more and more hard fork helping Bitcoin?
Is this something Bitcoiners would like?

I don’t know what you guys think but, I’ll like to read of it and encourage you guys to visit the link for more detail and a proper understanding of the article as, I might not be all grasping on how this could apply.

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