- January 13, 2022
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Discussing the importance of Bitcoin as an open-source software project that is transparent and auditable.
Listen To This Episode:
“Bitcoin Bottom Line” podcast host C.J. Wilson presented a solo episode to break down the topic of open-source software.
The concept of Bitcoin being an open-source software projects means that everything about Bitcoin must have visibility and auditability, meaning that anyone, including average non-coders, has access to download the entire language. This encourages folks to participate in an open, Socratic manner, having conversations with logic and not necessarily emotion.
Wilson explained the BIP process, which sees Bitcoin Improvement Proposals run on GitHub by Bitcoin Core developers. The developers are working on Bitcoin Core, posting the proposals written by Bitcoiners to the network. After these are posted, a formative argument is made to discuss the process and decide whether or not it should pass.
Since all Bitcoin iterations are reverse compatible, if a BIP is approved, each user can choose whether or not to upgrade to that version of the Bitcoin software.
Another aspect of open-source projects is that they include the transparency of all transactions on the blockchain. This explains that there is a lever of power between the developers, nodes and miners. Developers work on the programming, the nodes are validating the programming and agreeing to run the programs.
Wilson explained that a node is for folks to run their own transactions, and to receive them. A node can also be used as a wallet. In the past, folks would have their node on their laptop, also used as a wallet, and if they lost their laptop, they lost everything. Now, folks might have a Lightning Network wallet on their phone, a node on their laptop, mining equipment, etc.
Bitcoin Core developers have decided that the safety of the users is more important than the novelty of the use. Wilson closed out the episode describing the speed, efficiency and security of the Bitcoin network, and more.
