delvingbitcoin
On consensus changes in bitcoin 2024
Posted on: February 16, 2024 21:12 UTC
In the realm of Bitcoin development, the traditional perspective that miners are the primary decision-makers in the process of activating soft forks may not fully represent the dynamics at play.
The activation of the taproot softfork serves as a case study, revealing that miners, despite generally holding positive opinions, depended on external catalysts to signal their agreement. This indicates a more complex interaction where developers first reach a consensus on a final proposal, which is then presented to miners for consideration. Upon signaling agreement, a proposal for activation is made to the miners, leading to the eventual activation of the proposal. This sequence underscores the essential role of developer consensus in initiating change within Bitcoin's protocol.
The difficulty developers face in reaching consensus is not due to opposition from miners or the user community, but rather stems from the absence of trusted figures to guide and make judgments on proposals until they are deemed sound. This leadership vacuum has left developers indecisive on significant issues. To address this challenge, the discussion explores two main governance models: direct democracy and representative democracy. However, given Bitcoin's foundational ideals, direct democracy poses risks of core ideals being easily compromised. Representative democracy, as implemented in various forms by alternative coins, could offer a solution, relying on technical or financial barriers to entry and code enforcement, with possible supplementation by formal foundations for extracode enforcement.
Historically, Bitcoin's governance has benefitted from the presence of trusted figures, primarily early cypherpunks who were both accessible and knowledgeable, thereby garnering trust within the community. The current absence of such figures raises questions about how to fill these roles effectively. Criteria for new trusted figures include alignment with Bitcoin's ethos, a proven track record of caring for Bitcoin, and proficiency in game theory to identify potential abuse vectors. The selection process for these positions might involve informal elections, focusing on roles with significant impact, such as maintaining key repositories or chairing nonprofit organizations representing Bitcoin developers.
Ultimately, the paralysis in decision-making on important matters highlights the necessity for trusted voices capable of offering constructive criticism to refine proposals until they are ready for approval. The dialogue on establishing clearer definitions for the roles of trusted figures and devising strategies for filling these positions reflects a broader quest for effective governance mechanisms within the Bitcoin community.