A high-profile Bitcoin developer has said that the cryptocurrency has failed and will no longer participate in its development. Addresses are stored online in wallets that function like bank accounts.
Mike Hearn, a Zurich-based developer and longtime Bitcoin advocate, shocked many this weekend when he posted a blog in which he called Bitcoin a “failed” project. Hearn, who had until recently been working on new software for the coin, says that he has now sold all of his own bitcoins and will no longer be involved in the development of the cryptocurrency. In return, those computers receive bitcoins in a process known as bitcoin mining.
Computers have to solve cryptographic problems to add blocks to the blockchain, a ledger that records every transaction that has occurred with Bitcoin. Users have a “bitcoin address”, to which bitcoins can be sent or from where they can be used. Although most people refer to Bitcoin as a currency, it is worth noting that, for regulatory reasons, many countries, including the United States, have decided to define it as a commodity. processed.
The size of the blocks being added to the blockchain has been constantly increasing with the rise of Bitcoin. As a result, the speed at which transactions can be processed has slowed down. In fact, some transactions face significant delays, making payments difficult. Some fear that the network will eventually saturate and become unusable. Mike Hearn is a software developer who has worked on Bitcoin technologies for more than five years.
In 2014, he left his job at Google to focus on Bitcoin full time. He has worked closely with Bitcoin’s chief scientist Gavin Andresen on an alternative software for Bitcoin called Bitcoin XT, which aims to address the capacity issues facing the network. Andresen is generally thought to be next in the chain of influence over the development of the coin after the mysterious Bitcoin founder Satoshi Nakamoto. Currently each block cannot be larger than 1MB.
But in May of last year, Andresen said the larger ones should be adopted. He later wrote People are more likely to stop using Bitcoin because transaction confirmation becomes less and less reliable. The version of Bitcoin XT developed by Mr Hearn, Mr Andresen and others offers to increase the block size limit to 8 MB