The following opinion piece was written by Jonald Fyookball.
In part 1 of this series, I highlighted the importance of education. A community that is educated will be less influenced by propaganda. The second principle is that of clarity. The community needs to be “on the same page”. There is never going to be a perfect alignment of opinions among a large group of people, but… we need to have the same basic vision for Bitcoin Cash.
Also read: How Bitcoin Cash Can Avoid the Same Mistakes as Bitcoin Core, Part 1
It’s Not Complicated, Bitcoin Cash is Money
If you have something of value to offer me, and I’m willing to pay for it, then I send you bitcoin cash. No middleman and low fees.
Done. Instantly.
That’s the vision.
The Challenge of Distributed Consensus
In bitcoin, everyone needs to be using the same set of rules — also called consensus rules, network rules, or protocol rules. What happens when we need to upgrade or change the rules?
We have this nifty thing in bitcoin called “Proof of Work”. It secures the network, and it keeps everyone on the same set of rules.
It’s also a voting mechanism: The miners can vote on changing the rules because the “longest” chain (the chain with the most accumulated proof of work) is accepted by convention.
In other words, the ultimate decision as to what rules the network follows are in the hands of the largest combined group of mining power. This is commonly known as Nakamoto Consensus.
Forking Off
Because of Metcalf’s Law, commonly referred to as “the network effect”, miners with a dissenting opinion are highly incentivized to capitulate and rejoin the majority.
Their only
