Episode 7 of cryptorace’s podcast Bittalk mentioned the potential dangers and advantages of introducing new adjustments to Bitcoin. Hosts Akiba of his cryptorace, James of the cryptorace analysis staff, and Nick of Mercury Pockets talk about varied matters associated to the present state of Bitcoin, together with the event of Bitcoin infrastructure, Nostr Enchancment Protocols (NIP), and the Lightning community. I touched on the subject.
The podcast additionally coated Ordinal, a database that permits customers to put in writing chunks of information to Bitcoin, and whether or not Bitcoin may very well be thought-about safety sooner or later. One of many details of dialogue was Nostr’s potential use instances, reminiscent of his Zapper, Nostr’s total micropayment system. With the rising variety of nodes and exponential development in community capability, the Lightning Community can also be set to profit from his Nostr improvement.
One of many details of rivalry is the worry of change amongst Bitcoiners, who imagine that including one thing like an ordinal might disrupt the purest type of hard-money digital belongings. There was additionally Nick identified that the historical past and complexity of consensus layers could also be a key issue behind this worry. Bitcoin has had bugs prior to now, and altering the protocol may very well be dangerous, like altering the engine of an airplane whereas it’s in flight.
The dialog additionally touched on the controversy surrounding the necessity for inflation charges that miners want to guard the community. Some specialists like Peter Todd have prompt that some sort of inflation price is required, however Nick stated Bitcoin continues to be in its infancy and including inflation now can be a good suggestion. He added that there may very well be tiers of Lightning Channels that might present sufficient safety to justify the charges to justify mining.
Hosts have additionally mentioned rising curiosity in ordinal numbers and NFTs, with some even going as far as to buy ordinal numbers by way of Lightning. Nick identified that whereas most of the NFT Ethereum officers are leaning in the direction of Bitcoin for his NFT, they’re more likely to keep for lightning pace.
The BitTalk podcast is at present streaming weekly, and Akiba might be becoming a member of the podcast from Denver on the subsequent episode. BTC hit new lows on the day the podcast was recorded, however the host nonetheless noticed nice potential in Bitcoin’s future.