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BitCoin’s tail wags the green dog
How did we screw it up? The original bitcoin protocol incentivizes maximum energy conservation for the computational grid.
Dedicated to: Jerry Chan, CPO of TAAL, who’s knowledge of BitCoin Node interworkings is only eclipsed by his modesty (He contributed a nifty thought in this article: BitCoin’s scaling might allow Nonce-usage to decrease as well as explaining BitCoin’s relay fee)
The purpose of this article is to use knowledge of what the BitCoin protocol incentivizes to predict the future of BitCoin Nodes and their use of energy. By doing this one should emerge even MORE enthusiastic about BitCoin as the ultimate energy-efficient computational commodity. After studying the nuances of the BitCoin white paper, reviewing how the many facets of the code works, and observing the experimental evidence of 11 years of operation and 2 forks, it is interpreted here that Satoshi Nakamoto’s goal must have been creating the most efficient computer network the world has ever seen. In fact, the BitCoin protocol’s emphasis on long-term competitive socio-economic incentives DEMANDS an energy-efficient computational network or else it fails entirely.
Bonus: The intention is to also leave you with unparalleled understanding of “Proof of Work” as it pertains to BitCoin…
