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The future of Bitcoin & 9 ways to improve it

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Last weekend (8-9 October) they came together in Milan, Italy at Scaling Bitcoin #3. I was not present, but I still wanted to add value as I fundamentally believe an open blockchain like Bitcoin's can make the world a better place. So I went through all the transcripts on scalingbitcoin.org to create a (hopefully) clear overview of the future of Bitcoin for (potential) Bitcoin users.

Interested in learning more? Check out my website or book me as a speaker: http://samwouters.com/

Twitter: https://twitter.com/SDWouters
LinkedIn: https://www.linkedin.com/in/samwouters

Published in: Economy & Finance
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The future of Bitcoin & 9 ways to improve it

  1. 1. @SDWOUTERS The future of bitcoin
  2. 2. @SDWOUTERS Bitcoin was invented in 2008 as a way to transfer value without “trusted” third parties bitcoin.org/bitcoin.pdf
  3. 3. @SDWOUTERS Media that predicted “The Death of Bitcoin” Deaths by publication: DailyPaulCNNCity A.M.ChronBroken Librarian BTC Feed Business Insider BloombergAbout.com Acton BizNews.comArduino TronicapenwarrAOL Financial TimesFester’s DenDavid Seaman FortuneForbesFool.com Fusion Gizmodo Australia IEX International Business Times Javamazon Moneygeek MyBroadBandMother Jones News.com.au NewStatesman NY Mag OUI Share The New York TimesThe KernelThe Calculating InvestorStreet Insider Sputnik NewsPYMNTS.com Reuters Robert Nielsen Salon Seeking Alpha The Underground EconomistThe Telegraph The Washington Post The Weekly Standard USA Today Valley News VICE News Wired YahooWall Street Daily bitcoinobituaries.com
  4. 4. @SDWOUTERS Bitcoin has been running non-stop for 7+ years 160M 434K $150M $105B Transactions Blocks in the blockchain in transactions per day currently Transferred over the blockchain 466M 16M 10B 100K bitcoins transferred over the blockchain Amount of Bitcoins that currently exist Value of all bitcoins companies that (indirectly) accept bitcoins
  5. 5. "Don't forget that the millions of people all over the world who are now part of the Bitcoin network were once very strong skeptics. This includes people with decades of experience in network security and cryptography." ~Andreas Antonopoulos
  6. 6. If Bitcoin is so great, 
 why isn’t everyone using it? @SDWOUTERS
  7. 7. @SDWOUTERS ‣ Bitcoin is only 7 years old, it still needs a lot of development.
 ‣ We have never tried THIS before and it is about MONEY, not info.
 ‣ It’s like the Internet in the 90s: 
 ‣ People don't get it. ‣ It looks ugly. ‣ We have few use cases. ‣ People don’t see how it will change the world. ‣ Those who are disrupted by it will do everything to stop it. ‣ Mainstream 10 years later ‣ Mass adoption 20 years later
  8. 8. @SDWOUTERS Today there are Millions, but not Billions of people using Bitcoin
  9. 9. @SDWOUTERS One of the main hurdles for mass adoption: Scalability of the network *As a trade-off to be decentralized 3-7 transactions per second* 185+ transactions per second Up to 24k transactions per second
  10. 10. So far this hasn't been a problem, but the blocks of transactions that get added to the Blockchain every 10 minutes are getting full @SDWOUTERS
  11. 11. So far this hasn't been a problem, but the blocks of transactions that get added to the Blockchain every 10 minutes are getting full There is less space to add new users that can use Bitcoin for tiny transaction fees. (Now around $0.12 per transaction) @SDWOUTERS
  12. 12. IDEA: Why not make the blocks bigger? @SDWOUTERS
  13. 13. You can try to keep expanding forever, but at some point you hit physical network limits @SDWOUTERS
  14. 14. It may be better to get people to carpool, 
 Build NEW layers or transport methods You can try to keep expanding forever, but at some point you hit physical network limits @SDWOUTERS
  15. 15. 10 100 1000 10000 7 185 24000 How can we still get Bitcoin to these levels to be usable by every human or program globally? @SDWOUTERS
  16. 16. To solve these and other complexities to make Bitcoin more successful, developers from all over the world come together every year.
  17. 17. Scaling bitcoin #3 took place on 8-9 October 2016 in Milan, Italy
  18. 18. Scaling bitcoin #3 took place on 8-9 October 2016 in Milan, Italy A private event for the technical community, though everything was livestreamed
  19. 19. @SDWOUTERS For most people it’s really hard to understand all THE technical talk that happens there. SegWit ECDSA MAST Coinjoin Tumblebit Mimble Wimble HLTC Schnorr signatures Lightning Covenants Jute braiding Flare routing UTXO zkSNARKs OWAS SPV wallets Merkle trees Hashing RSA ZKCP Onion routing MAC
  20. 20. @SDWOUTERS So I thought I’d help out by going through the transcripts on scalingbitcoin.org
  21. 21. @SDWOUTERS Based on the talks, I think the developers are trying to improve Bitcoin in 9 ways
  22. 22. @SDWOUTERS 9 WAYS to IMPROVE bitcoin
  23. 23. @SDWOUTERS Make transactions take up less space in blocks1 SegWit
  24. 24. @SDWOUTERS 2 Move less important transactions off the main blockchain in a secure way Lightning NetworkSidechains
  25. 25. @SDWOUTERS 3 Speed up transactions 10 100 1000 10000 7 185 24000 Lightning Network
  26. 26. @SDWOUTERS 4 Increase privacy so the user decides who sees their data TumbleBit MimbleWimbleMAST ZKCPOWAS CoinJoin Onion RoutingFlare Routing
  27. 27. @SDWOUTERS 5 Make the developer ecosystem grow
  28. 28. @SDWOUTERS 6 Enter new markets Finance Internet of Things? Energy? Supply chain? Identity? Intellectual property? Legal?
  29. 29. @SDWOUTERS 7 Make it easier/rewarding to run a copy of the blockchain so the network remains decentralized
  30. 30. @SDWOUTERS 8 Make it easier for small miners to compete so we have more decentralization VS
  31. 31. @SDWOUTERS 9 Make it easier and safer to store bitcoins on any device Covenants
  32. 32. @SDWOUTERS 9 ways to Improve Bitcoin 1 2 3 4 5 6 7 8 9 Make transactions take up less space on the blockchain Move less important transactions off the main blockchain Speed up transactions Increase privacy and put it in the hands of the user Make it easier for the developer ecosystem to grow Enter new markets Make it easier to run a copy of the blockchain Make it easier for small miners to compete Make it easier and safer to store bitcoins
  33. 33. @SDWOUTERS 1 2 3 4 56 7 8 9 There are discussions about if/in which order these should be implemented
  34. 34. While the road WILL BE BUMPY, the future looks bright! @SDWOUTERS
  35. 35. samwouters.com Speaker on Bitcoin & Blockchain Digital Transformation Consultant at Duval Union Consulting WWW sam.wouters@duvalunion.com Sam Wouters @sdwouters
  36. 36. ‣ We are a digital consulting company. ‣ Founded in 2009 as DearMedia. ‣ We work for large European clients. ‣ We have a strong vision on the impact of digital and act accordingly. ‣ We are advisors, writers, coaches and entrepreneurs.

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