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Bitcoin And Blockchain Have Different Approaches To Block Management - Binaryx

Bitcoin And Blockchain Have Different Approaches To Block Management

Decentralization has always been extolled as a key advantage of blockchain technology. Thanks to this specification, blockchain has become popular not only in the world of cryptography and financial systems but also in other areas of public life. Whether there is a difference between decentralization of the blockchain and Bitcoin remains open.

Scott Stornetta, co-inventor of the blockchain, is convinced that the original blockchain functioning algorithm is significantly different from the Satoshi’s Bitcoin generation algorithm.

What is more important: rotation of producers or decentralization of inspection?

The main difference between the original blockchain and the system created by Satoshi is a different block management mechanism. The original blockchain is based on management by completely independent entities that are direct producers of blocks. This model provided for cash rewards.

Satoshi went the other way. According to Stornetta, the father of cryptocurrency decided to introduce a rotation of block producers into the Bitcoin ecosystem. This decision was dictated by the need to develop a system that would not cause a flurry of criticism within the crypto community.

Stornetta is sure that the original blockchain has the advantage of decentralizing the verification of financial transactions performed within the system. He is skeptical of the Satoshi’s model, which is based on maintaining the independence of block manufacturers. He also noted:

“Decentralized creation of block records is key to blockchain technology, ensuring its integrity and security as a system. The manufacturer’s rotation is not a decisive factor for enhancing cryptography. ”

Stornetta is convinced that decentralizing block checks are enough to ensure the safety and reliability of the blockchain system.

Did Satoshi borrow ideas from the co-founder of blockchain technology?

The personality of Satoshi Nakamoto continues to be unsolved and creates myths and legends around him. Also, many questions remain to the technical document on the creation of cryptocurrency. Stornetta is sure that Satoshi used his work on digital documents to write his document. This is evidenced by the theses taken from the article by Stornetta.

“Satoshi speaks of Bitcoin as a decentralized system that records the time of a transaction. In fact, this is a time-stamped server that I wrote about earlier. ”

Stornetta is confident that blockchain technology today requires improvement since there are some weaknesses in the system. It will allow the development of an updated, more efficient blockchain model in the near future.

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