It is a new year, however, the new year, the regular social media circle that revolves around the predictions of “what will happen in 2020!” I wanted to extend this a little, and look at the next decade. But first, I wanted to spend a minute to go to another (yes, I know I am late for a year, Blaah Blaah) to really drill in the extent of the arrival of things.
Mining and network security
In 2010, the network was secured by the Amateur CPU, which is trivially operated by any great actor. At the beginning of 2020, it is secured by billions of dollars from devices that consume the requirements of collective electricity in the entire small countries, which are provided by many different companies estimated at billions of dollars (given, a pie in heaven's assessments, but still). In 10 years, the network safety mechanism of consumer and amateur devices has turned into specialized ASIC equipment and professionally managed data center operations.
Protocol development
In 2010, you can send Bitcoin to public switches (or IP addresses), Timelock transactions (only the transaction, not UTXO), and the RAW multiple doing, which was huge and expensive even to send, and oh yes: anyone can spend any coins using any currencies Metal using OP_RUTURN due to an error. And yes, I know that the script system had more at the time, I am talking about what could have been done in practice for an average person. In 2020 … well, I think I must reach this:
- Use P2SH to make money to more advanced textual software (such as Multisig) cheaper for the party sending.
- TimestmP Blockhealight or UNIX.
- The actual Timelock Utxo to a relative or unix Timestamp interval from its establishment.
- Building transactions that do not contain txids are drawn for second layer protocols/transactions restricted by chains thanks to the separate witness. (Also, we can now upgrade the text program is easier due to its own version. There are only many unlimited processes in the Bitcoin text program that can be defined to add new text functions to the Bitcoin text program. The Segwit version allows adding new functions using a new view of versions instead Using very unlimited operations.)
- Use a basic version of the Lightning Protocol, a second layer enabled by the flexible repair implemented in Segwit.
- It has already been published from the side sides where more advanced and/or experimental features can be spread and tested easier.
Ten years have produced an impressive amount of primitive to build on the basis of the basic Bitcoin network and Blockchain. Especially looking at the complexity and difficulty of trying to ensure that opinions are compatible with the promotions, then implement and publish these promotions if they are.
Political importance
In 2010, Bitcoin was just a slim Blip on the radar. It was the Central Intelligence Agency Only only I noticed and took care of it. Their response was to have a developer and a conversation, which led to the disappearance of Satoshi Nakamoto. Other than that, people were not noticing, the politicians were not notice, because most agencies were not noticeable (except for that alphabet that we might not know now). Bitcoin was a mysterious thing.
In 2020 … Bitcoin generated an entire market and industry worth hundreds of billions of dollars. The stock exchanges made billions of revenues from trading fees. Miners achieved billions of dollars collectively for their operational investments. Tens of millions, and possibly hundreds of millions, from people who own Bitcoin (the standards here are very mysterious and are really difficult to distil them with meaning). We have moved from the CIA to barely attention, to every meaningful government in the world that have held legislative meetings or a regular committee to discuss bitcoin and everything was born in terms of its total economic and biological consequences, and how to respond to it. The countries launched cryptocurrencies. Countries have imposed encrypted currency addresses. They are officially on the table. In 2010, the agency was only one famous that its nose everywhere was paying attention (we teach it), and now the whole world is noting.
Things have changed. Also, the metaphor goes, good luck stopping the train.
(This is only part 1 of 4, read the next part tomorrow).
This is a guest post from Shinobi. The opinions that are expressed are completely property and do not necessarily reflect the views of BTC Inc or Magazine Bitcoin.