Who and What Will Determine Bitcoin’s Destiny in 2018

post image

The year of 2017 has been full of ups and downs for the bitcoin industry. And, as usual, the future of this cryptocurrency cannot be predicted easily. So instead of focusing on explosive value growth and forks failure, let’s better concentrate on people who stood behind the most prominent cryptocurrency and weak points in the sphere, as they have all the chances to determine bitcoin’s future.

Block Size and Forks

In the early November, the Scaling Bitcoin conference was organized in cooperation with The University of Stanford, which assembled developers, people in business and scientists from the field of the blockchain. During the event, the probability of Bitcoin Core optimizations was discussed as well as layer 2 proposals. However, as the javascript developer Ariel Deschapell points out in his article for the Coindesk, the participants of the conference ignored the disputable topics like block size and forks. In particular, it comes to the launch Segwit2X fork, which failed just a week after the event.

“As a result, and for better or worse, bitcoin would not increase its base block size. The incompatible vision of much larger block size limits for bitcoin would for now embody itself only in the bitcoin cash blockchain,” Deschapell explained. “This has led to many predictions that bitcoin cash and other alternative cryptocurrencies will overtake bitcoin as its block size limit becomes a bottleneck for adoption.”

Nevertheless, most participants agreed on the issue of the lack of developers’ education in the field.

Lack of Time and Professionals

Concerning the above-mentioned obstacle, the organizers of the Scaling Bitcoin also established The Dev++ workshop. Such famous names stood behind the workshop presentations as MIT's Thaddeus Dryja, developer Jimmy Song, Bitcoin Core contributor John Newberry and more. The course that they offered regarded the cryptographic basics of bitcoin as well as the theory and implementation of second-layer networks.

The workshop also pointed out at another problem in the blockchain technology which is just time. Dryja was asked whether a minor Lightning Network feature, which is a proposed solution to the bitcoin scalability problem, had been implemented yet.

"No. I had the idea over a year ago and just haven’t had the time to implement it... But it’s all open source so if anyone wants to make a pull request, like, please. That would be awesome. I just haven’t had the time," he answered.

The CEO of Lightning Elizabeth Stark played along with him, mentioning that the time is a real bottleneck in this case:

"There are 10 or fewer full time developers working across all implementations of Lightning. Getting more contributors and people building out the protocol would certainly help move things along."

“Lost” in Appraisal

Another concern in the bitcoin-related field is the appraisal of developers’ ideas and proposals. Bitcoin Core contributor Peter Todd once said: "You can never really know if something is secure. You only know when it’s been exploited and no longer secure."

It means that the only option which can show what finally functions and what doesn’t is the traditional method of trial and error. So no definite changes are expected in bitcoin’s foreseeable future unless there are enough of skilled developers who will agree on extra research in the sphere.

Though Path

Besides time and need for fresh talent, there is one more bottleneck in the development of bright future of bitcoin. Deschapell emphasizes that it is the intimidation is the biggest barrier for any student who aspires to master software development. But what each of them has to remember is that the most straightforward way for a developer to contribute to the repository is to review Bitcoin Core code.

“There is a very good reason for Bitcoin Core's rigorous approach to code quality, and achieving the knowledge level of contributors like Pieter Wuille and John Newberry may indeed seem daunting. However every programmer has to start somewhere, and it’s a massive mistake for aspiring blockchain developers to confuse the high bar of this single repository with the level of ability needed to make meaningful contributions to the larger ecosystem,” Deschapell stated.

One of the best ways for greener developers is to join projects besides Bitcoin Core. For example, it would be advantageous to join the currently developing Lightning network, which would use an off-chain protocol.

"Luckily it's a lot easier to learn how to build Lightning apps than to learn how to get involved in protocol development,” Elisabeth Stark pointed out. “That said, getting into Lightning app development can actually be a good entry point to learning more about the protocol."

Developing this kind of digital infrastructure is crucial not only for the bitcoin industry in general, bit for the developers with little skills too.

Brace for Future

No matter how Bitcoin Core or the Lightning Network is going to be developed, Deschapell believes that it lays with people, the artificers, who will determine the flow of the bitcoin industry in 2018.

UNICEF Funds Six DLT Startups to Solve Global Issues
UNICEF is both crypto- and blockchain friendly. A few months ago the French leg of UNICEF said it was accepting donations in nine types of cyber-coins....
Ohio Will Start Accepting Bitcoin For Tax Payments, BTC Plunges Below $3,600
The American state of Ohio appears to be the first one where people can pay taxes in bitcoin. A recent Wall Street Journal report specifies, however, that...
Malta’s Prime Minister: Blockchain Makes Cryptos Inevitable Future of Money
The leader of the Maltese cabinet Joseph Muscat has openly claimed that unaltered ledger will help bitcoin and its brethren become the future of money....
After Relocating Its Office to Malta, Binance Opens an Account There
The international cyber-money bourse Binance has opened a bank account in Malta. This information has been recently revealed by the company’s top exec as...
Chinese President Xi Jinping Called Blockchain Applications “Breakthrough”
China is known to be harsh when it comes to cyber tokens and ICO. Despite this, it is still a world's centre for the DLT evolution. Moreover, the Chinese...
Securities or Not? Israeli SAC Clarified its Position on Cryptos
Israel clarified how it is going to classify bitcoin and its ilks – as securities or not. The country’s Securities Authority Committee, which is focused...
Facebook Data Scandal Can Help Blockchain To Thrive, Analyst Says
As Facebook is trying to recover for the massive disgrace, related to what is believed to be one of the enormous tech giant’s data breaches, blockchain...
Nocoiners: What is Wrong With People Who Oppose Bitcoin?
Navigating through cryptocurrency websites, one can often encounter the word “nocoiner” on par with other crypto slang examples like “HODL,” “bear,” “bull”...
Ukrainians Will Be Able To Travel On A Single Blockchain Ticket
Until the end of the year in Ukraine, there will be a single through ticket for buses, railways, and flights. You can get it through a particular application...
Chechnya Leader Kadyrov Admitted Buying Bitcoin, Urged Not to Ban Cryptos
The leader of Chechen Republic, which is a part of Russia, Ramzan Kadyrov has unveiled that he piled into a portion of bitcoin and urged the authorities...
What Did Experts Say About Cryptocurrencies For 2018?
In the current year, crypto-currencies can show even more significant growth than in the previous year, and the capitalization of cryptology may exceed...
Genuine “Wolf Of Wall Street” Says Bitcoin Could Soar by $50,000 Ere Crashing to Zero
Jordan Belfort, a motivational orator and ex-stockbroker, whose story was put in Martine Scorsese’s movie “The Wolf of Wall Street,” has called bitcoin...
Bitfinex-Tether Flurry: Bitcoin Price Could Have Been Manipulated?
Not long ago Bloomberg revealed that back in December 2017 one of the most significant trading platforms in the world – Bitfinex – was summoned by American...
DigRate Created A "Weapon" For Investors
Fraudulent projects, stolen tokens and unscrupulous organizers - such problems that are often found in the ICO world. And if earlier the ICO risk assessment...
Bitconnect Closes the Platform For Cryptocurrency Exchange
"A financial pyramid" by Vitalik Buterin - the Bitconnect project, which caused a lot of doubts in the crypto community, announced that the platform for...