Decentralized 2018 | Bitcoin Unlimited will be represented
The project that is at the base of all digital token economies is none other than the invention of Satoshi Nakamoto – Bitcoin. Since 2009, when the very first cryptocurrency emerged there have been various controversies regarding its use and credibility in becoming a mainstream means of settling financial obligations. Arguments have gone on and on regarding the topic of whether Bitcoin should become a public good and a common commodity used by everyone as a substitute to fiat money.
The adoption of Bitcoin as a mainstream method of payment would, of course, have a ripple effect on every other cryptocurrency that followed after the example of Bitcoin. In order to achieve this aim, an initiative like Bitcoin Unlimited was started.
Bitcoin Unlimited is a blockchain project that seeks to create a voice and an avenue for expression for all stakeholders in the Bitcoin space (ecosystem) through the provision of codes and hash power to these individuals. Another important goal of Bitcoin Unlimited is to solve the abnormalities experienced while executing Bitcoin transactions ranging from block size limits to high transaction costs.
Hash Power Voting Mechanism
Users will be given the ability to decide within the ecosystem what the utility of Bitcoin should be for them using the concept of hash power voting. Through this project stakeholders within the Bitcoin ecosystem can easily express their view regarding Bitcoin and cryptocurrencies in general.
A simple way of saying this is that Bitcoin Unlimited seeks to make Bitcoin a public good; more accessible by making it cheaper and giving users more control over it. The ultimate implication of this is that individuals, companies and groups with large investments in the ecosystem for the purpose of maintaining a positive curve of growth will have Bitcoin readily available to them as a public good. The application of this would be in a large number of ways such as;
- Exchanges
- Merchants
- Payment processors
- Micro-payment solutions and so on.
This is not to undermine the importance of the mining industry that seeks to increase the revenue generated from transactions in order to promote the growth of the Bitcoin network. Bitcoin Unlimited will make transaction charges cheaper and transaction processing time shorter but still ensure that all participants within the Bitcoin ecosystem benefit from that.
The actual impact of the Bitcoin Unlimited project on the entire Bitcoin ecosystem benefit the following people;
- Regular users
- Node-operators
- Investors
- Miners
Regular Users
Bitcoin was initially known for relatively low transaction fees; charged in a predictable manner. The confirmation times are also consistent in real-time. However, many network nodes as a result of manipulations by many node operators, transaction times began to increase; causing an increment in the fees per transaction. Apart from this, tons of backlogs of transactions have been created and the ultimate implication is the delay of transaction confirmation.
The replace-by-fee policy that was enforced to solve this has been adopted by a few nodes and has also been corrupted by misguided actions. However, with Bitcoin Unlimited, transaction fees will be reduced together with the maximum confirmation time for all transactions. This is done by enabling node operators to increase their block size limits. Bitcoin Unlimited will also correct the misguidance of the corrupted replace-by-fee initiative.
Node operators
With bigger block sizes emerging there is a great need to set up nodes that will be able to contain the transactions on these nodes. Bitcoin Unlimited clients allow you to track consensus defined by POW (Proof-of-Work) transactions in a secured manner. This will be carried out irrespective of the block size limit set by most node operators.
Investors
The only key to stability in the cryptocurrency space is the willingness of investors to hold cryptocurrencies irrespective of the market price actions. Bitcoin Unlimited seeks to bring stability to the market by enabling node operators to lift the block size limits that restrict transaction volumes. The effect of this would be an increase in the user base in the Bitcoin ecosystem. This will, in turn, increase the demand for Bitcoin and ultimately the price of Bitcoin will increase.
Miners
Bitcoin Unlimited would ensure that miners will be free to meet every demand for block space within the Bitcoin ecosystem. However, the goal of Bitcoin Unlimited is way beyond the creation of free market space; they literally make sure that miners are mining on the latest blocks. Coupled with this, Bitcoin Unlimited also ensures that the blocks that a miner solves would circulate across the Bitcoin network irrespective of their size this automatically increases the profitability of each transaction that a miner participates in. Bitcoin Unlimited also makes use of Parallel Validation so that the node of each miner will no longer be frozen during the process of validating new blocks.
All stakeholders will benefit from Bitcoin Unlimited and the ecosystem will be more bearable for incoming investors.
Updates on Decentralized 2018
source
The Bitcoin Unlimited team will be speaking at Decentralized 2018 in Athens, Greece on the 14th – 16th of November 2018 alongside other reputable project owners in the cryptocurrency space. The major representative of Bitcoin Unlimited is Dr Peter Rizun, a physicist and entrepreneur. He is the Chief Scientist at Bitcoin Unlimited and will be representing the team during the event. You should check out their website to see the new speakers recently added to the list of speakers (more than 70 in number).
Tickets are still being sold to those who would like to attend the event. You can book your tickets on the Decentralized 2018 website.