May 31, 2020

3 min read

Bitcoin: Its Neutral Network

Bitcoin only has value if no one controls it. So, how can the network operate or function if there is no one controlling it?

The network operates through a system of competition. If there is no competition within a system it means the system is centralised & has no value to anyone other than the single entity controlling it. This is why Satoshi Nakamoto invented the consensus algorithm in Bitcoin called Proof Of Work (POW).

POW allows miners/payment processors to compete with one another for the economic rewards received in return for processing payments/transactions of the networks users. Without a competitive system, there is simply no way to keep a network neutral because control would be in the hands of a single entity.

The central point of failure on the network becomes increasingly diluted over time as more & more miners/payment processors join the network for the economic incentives.

This leaves one last central point of authority to neutralise which is control over the development of the network. This is done by making the creators & developers of the network accountable so that no one has the power to change anything that someone else wouldn’t know about. The network must be permissionless & scale for the entire market so that ANYONE & EVERYONE can build upon it. This is done by locking down the protocol, scaling for global use & maintaining a chain of signatures that Satoshi Nakamoto designed to keep everyone honest.

If a group of centralised developers were to hijack a network on the Bitcoin Blockchain like Blockstream have done with Core Coin (BTC) & Roger et al have done with BCrasH (BCH), Satoshi built in a system that enabled a chain split where the chain can continue with both chains leading back to the genesis block. Eventually, the chain split with the most utility/use will become the most valuable chain. This will attract the miners/payment processors due to the higher economic rewards/incentives & leave the other chain extensions to financially wither away & disappear altogether. Thus leaving a single chain that everyone uses.

The only neutral Blockchain network in the world that scales for global capacity & enables anyone & everyone to build on its locked, permissionless protocol is the protocol that Satoshi Nakamoto designed & described in his White Paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”. This protocol named Bitcoin Satoshi Vision is known as Bitcoinˢᵛ & has the ticker symbol (BSV).

To understand why the Satoshi Nakamoto’s Bitcoin protocol is known as Bitcoinˢᵛ & has the ticker symbol BSV read my Medium article titled: “Bitcoin: A Tail of Blockchain BTC/BCH/BSV” linked here — https://medium.com/@sirtoshitv/bitcoin-a-tail-of-blockchains-x3-eebb136457c7

Satoshi Nakamoto had a vision. That vision was Bitcoin. Bitcoin is Satoshi’s Vision. Bitcoin is BSV.


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