Comment on Bitcoin mining is no longer profitable
Hirom@beehaw.org 3 weeks agolol it can’t adjust on public approval. It’s software that runs.
It can. Software is written by people. Its authors can build it wigh an update mechanism.
Crypto currencies such have Tezos have a vote-based update mechanism and a community that periodically submits algorithm changes for approval.
Bitcoin doesn’t have a update mechanism that allows smooth change. Its take it or abandon it (ak hard fork). Peole can move away from it, and, it’s sad that so many people still haven’t.
locuester@lemmy.zip 3 weeks ago
It’s the same with all the chains. An algorithm change is a hard fork. If you don’t implement it, your validating node will not continue with the rest.
Bitcoin has the BIP (Bitcoin Improvement Proposal) process. BIP-52 is an example of a proposal to change the algorithm due to energy concerns.
If the humans reach consensus it will change. However, I maintain that software can’t be programmed to adjust for social concerns - the humans have to change it.
Hirom@beehaw.org 2 weeks ago
Good point, with BIPs the Bitcoin community is more adaptive than I gave it credit for.
It still doesn’t prevent soft nor hard fork. My understanding is that a change in consensus logic require ALL users/miners need to deploy the new software to avoid hard forks. That’s impossible in practice. So a BIP to change the consensus logic would necessary cause a hard fork.
Not all chains handle this the same way nor suffer from this. Tezos for instance made its improvement proposal system part of its core. Using Tezos means automatically accepting chain and consensus logic change if they are approve.
Bitcoin sure have more hype and higher price, but appears to have more difficulty evolving compared to others.
locuester@lemmy.zip 2 weeks ago
Texas would still require all nodes to upgrade to the code which contains the new algorithm. It can’t just automatically know what the new code is.
Its behavior is no different from other chains.
Bitcoin uses version bits to perform these types of upgrades (see bio 9 implemented in 2016)
Ethereum uses something similar. Solana’s activation mechanism is called “feature gate activation”.
Hirom@beehaw.org 2 weeks ago
Code proposal, vote on new code activation of new code, are all Tezos on-chain operation. These operations include a hash of the new code to be deployed. There’s some off-chain work happening to update tools, which I guess include compiling said code. So you’re right, some off-cain action is needed for deployment www.tezosagora.org/learn#an-introduction-to-tezos…
My understanding is that compared to BTC governance, a larger part of the process happen on-chain. Also there is a relatively smaller portion of nodes (baker) involved in creating/verifying blocks that must update. This allowed various protocol changes without forks over the years.