Bitcoin: merits and demerits.
Words: Decentralization, money primarily as a medium of exchange, simplicity and guarantee of honesty.
Bitcoin is (was) the biggest attempt to create a state-free money.
This must be considered, so one of the principles is that changes should not harm current participants.
What we propose is a fork on bitcoin, creating a new currency from the current one, keeping people's balance and without creating money out of thin air.
What is Bitcoin supposed to be? Decentralized money.
What is Bitcoin? Greed. A centralized betting game, dreaming of being a new gold. Bitgold.
How can we get it back on track to be an out-of-state money?
We have to solve 3 problems:
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Centralization. The best fight against this issue was given by Monero, with the RandomX algorithm. Keeping the currency decentralized is not just desirable, it's all that matters.
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Complexity. We need to return to the Bitcoin White-Paper, doing just the basics and doing it well, in order to attract a lot of developers who understand the source code and able to correct the path if they get lost again, maintaining decentralization. No more smart-contracts, which have proven to be just a useless token factory.
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Adoption by commerce. In the long term, the ideal is to have a certain stability with dollar price, otherwise the commerce will not accept it and we will be one more stupid attempt to be invisible gold.
How to make this thing works? 3 steps:
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Fork the project, setting a date (or block height) for the RandomX be the new mining algorithm. Also, we can recreate the genesis block (with the UTXO) from the chosen block, in such a way as to speed up the blockchain download, throwing away the old data.
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Step 1 does not solve the problem of infinite data growth, but it gives us time to solve it, while making it easier for new miners to enter.
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In the long term, think of a solution to get more price stability with dollar. Maybe we can increase the amount of it in proportion to what each one has. Thus, the gain for the user will be the same at the same time that it facilitates adoption by commerce. In another words, inflation will work in your favor.
Important questions before project starts:
The current bitcoin source code is very complex. We can start from it or start from other simpler project that has implemented a Bitcoin full node.
Possibilities: C++ project (current): https://github.com/bitcoin/bitcoin Rust Project: https://github.com/paritytech/parity-bitcoin Golang Project: https://github.com/btcsuite/btcd Project C: https://github.com/chjj/mako
Of all of them, it seems to me that the best solution thinking in more developers, is to start with the Go version.
Once the project has really started, that is, with the first block incompatible with bitcoin be mined, we will start preparing the code cleanup.
At another future date, we will remove the scripting language, segwit and anything else that makes the code bigger and complex.
Once that another fork takes place, we finally clean up the source code, making it 1% of the size and easily understandable by any developer.
After that, we started discussions on how we can achieve price stabilization, without harming users, keeping the currency strong and facilitating adoption by commerce.
Let's do it?