The co-founder and CEO of prominent bitcoin miner BitFury, Valery Vavilov, has penned an impassioned blog to highlight the merits of bitcoin and the bitcoin blockchain at a time when infighting within the bitcoin community is making all the headlines. The executive has also opined that there is the only blockchain that matters, with its immutability, the bitcoin blockchain.
The co-founder of the best-funded miner in the industry revealed his thoughts in a recent blog that aims to educate certain fundamental facts about the Bitcoin Blockchain.
Taking ‘Bitcoin’ and ‘Blockchain’ apart momentarily, it’s easy to see where headlines are made with the two in present times.
Bitcoin is close to clocking up a hundred deaths, with the most recent high-profile dismissal coming from former Bitcoin Core developer Mike Hearn, who labeled the cryptocurrency and its wide-reaching project, “a failure.” He endorsed Bitcoin Classic, citing scaling concerns, and the hard fork’s code that doubled the block size was launched a month ago in February.
Bitcoin Core developers and miners, including Vavilov, agreed on a scaling roadmap to scale Bitcoin soon after bitcoin mining pools rejected Bitcoin Classic.
Suffice to say, the talk of civil war and the lack of a common consensus has some predicting the derailment of Bitcoin entirely.
Blockchain technology is easily the darling poster child of the current fintech industry. Global banks via R3, global stock and securities exchanges such as the ASX via Digital Asset, central banks including the People’s Bank of China and the Bank of England and even consumer technology giant Phillips is either exploring or already implementing blockchain technology solutions within their respective realms.
The private investment into blockchain-tech is predominantly commissioned despite or because of the glaring omission of the most widely used blockchain there is, the bitcoin blockchain.
It is here that Vavilov finds a reason to express his opinion that “private blockchains, like the ‘intranets’ of the ‘90s”, do not provide the security of the Bitcoin Blockchain.
In a Medium post, he opined:
There is one Blockchain. It is the Bitcoin Blockchain. Just as there is one Internet. Even so, I encourage financial institutions and corporations to develop Blockchain technology and bring it into their infrastructure, as it enables a shared single source of truth, which is a powerful innovation.
However, without the security provided by the computing power of the Bitcoin Blockchain, the property prized most — immutability — is no longer a given and is just one hack away from someone corrupting not just identity information, but real value as well.
His entire list of fundamental facts, further detailed in the blog, is as follows:
Images from Shutterstock and Twitter.
Last modified: March 4, 2021 4:47 PM