Bitcoin gets slower, smaller and more like Ethereum

Editor’s Note: Our novelist Galen Moore( who previously wrote its examination of STOs) attended the MIT Bitcoin Expo this weekend. These are his land greenbacks on his interviews with a cluster of the leading thinkers in the Bitcoin community, along with links to the full audio if you want to go deeper.~ Danny Crichton

The MIT Bitcoin Expo is not really about Bitcoin, per se. Many other cryptocurrencies are discussed. Sometimes, warring sects find themselves in the same room.

On the Friday night before the main event, a Boston Ethereum developers group hosted a bitcoiner VC and the CEO of a private-key detention corporation for” a dialogue on Lightning and the future of Bitcoin .”

It was a frank conversation in front of a area full of people who may have been skeptical about the future of Bitcoin. Castle Island Ventures general collaborator Nic Carter permitted that Bitcoin’s fixed money supply might become a liability. Jeremy Welch, CEO of Casa, acknowledged that Lightning is not going to solve all of Bitcoin’s problems.

For example, Lightning constructs sending and receiving bitcoin faster, cheaper and a little more private, but questions remain as to how such Bitcoin remittances will be useful.

Developing( and not developing) the future of Bitcoin

James Prestwich of Summa. Photo by Galen Moore

Carter and Welch’s conversation turned to ossification, a proposed drawdown of developer activity on Bitcoin to guard against future onrushes. One Ethereum developer leaned back to ask me what ossification means.” Turning into bone ,” I said. He seemed a little amazed. Misunderstands remain between adherents of the two most important cryptocurrencies. Ethereum developers remain in a kind of” move fast and break things” mindset, while Bitcoin developers consider their codebase like it was software for air traffic control.

There are some who are trying to bridge the gap. James Prestwich’s consulting conglomerate, Summa, facilitates Ethereum developers that want to use Bitcoin. Beyond reaching a bigger market, this has technical advantages, Prestwich said. We were boozing pineapple-strawberry Lacroix before his presentation about a better lane to handle cross-chain transactions.

” Most Ethereum developers work on contracts and not consensus mantle ,” he said.” Contracts are not as abstracted from consensus as we like to think they are. It’s a extremely messy, leaky stratum. The advantages here are more on the consensus stratum, but that’s going to affect how your smart contract runs .” The full audio of my interrogation with Prestwich is here and a recording of all the presentations at MIT Bitcoin Expo 2019 can be found here.