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Miners Creating “Bitcoin Protocols” – Who Controls the Network?

What would happen if BITCOIN

miners wanted to change the supply of BTC ? 🧐

First, who controls the network?

There are 2 relevant actors here: 1⃣Full Nodes 2⃣Miners

- Running a full node is very easy, can be done on a RaspberryPi

- Running a miner is hard & expensive

What would happen if BITCOIN

miners wanted to change the supply of BTC ? 🧐

First, who controls the network?

There are 2 relevant actors here: 1⃣Full Nodes 2⃣Miners

- Running a full node is very easy, can be done on a RaspberryPi

- Running a miner is hard & expensive

☝️Miners do not control the network, full nodes do.🚨

a. Full nodes validate transactions & verifying blocks sent by miners ✅

b. Miners receive transactions from nodes and add them to a block, using the PoW consensus.

Blocks are sent back to Full nodes for final validation

☝️Miners do not control the network, full nodes do.🚨

a. Full nodes validate transactions & verifying blocks sent by miners ✅

b. Miners receive transactions from nodes and add them to a block, using the PoW consensus.

Blocks are sent back to Full nodes for final validation

✌️ Miners cannot change the protocol rules.

a. Protocol rules are encoded into the software run by all nodes. 💻

b. Nodes have independent decision on which software to run.

✌️ Miners cannot change the protocol rules.

a. Protocol rules are encoded into the software run by all nodes. 💻

b. Nodes have independent decision on which software to run.

If miners, through their nodes, implement a change to the software. Other nodes could choose not to run that version and retain their current software version.

This would create a fork.🍴

🤟Forks don't affect the original version. A fork would create 2 versions of Bitcoin

If miners, through their nodes, implement a change to the software. Other nodes could choose not to run that version and retain their current software version.

This would create a fork.🍴

🤟Forks don't affect the original version. A fork would create 2 versions of Bitcoin

The original version of the protocol will still be available.

This happened in the past with Bitcoin Cash. It also shows the failure of any attempt to change Bitcoin protocol 🥊

So back to the initial question, what would happens if miners wanted to increase issuance of BTC ?

The original version of the protocol will still be available.

This happened in the past with Bitcoin Cash. It also shows the failure of any attempt to change Bitcoin protocol 🥊

So back to the initial question, what would happens if miners wanted to increase issuance of BTC ?

Miners would attempt to push a protocol update through full nodes 👇

Some full nodes will reject the change, and this will create a fork 👇

2 versions of Bitcoin will be created 👇

The original Bitcoin protocol would remain intact 👇

Miners would attempt to push a protocol update through full nodes 👇

Some full nodes will reject the change, and this will create a fork 👇

2 versions of Bitcoin will be created 👇

The original Bitcoin protocol would remain intact 👇

Bitcoin is immune to change. 21MillionClub

Bottom line: Any attempt to change Bitcoin will result in a fork where Satoshi's protocol will hold strong✊. AntiFragile

Bitcoin is immune to change. 21MillionClub

Bottom line: Any attempt to change Bitcoin will result in a fork where Satoshi's protocol will hold strong✊. AntiFragile

This post is based on this twitter thread.

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