Miss Bitcoin ask Eric Lombrozo about Bitcoin and Segwit!!


Thank you for your time, Eric.
Thanks for coming over here.
UASF was successfully activated today. I know you and Peter worked hard for this as a contributor of segwit.
How do you feel now?
I feel great.
I mean, I think segwitís been something that weíve really been trying to get into Bitcoin for a long time.
Peter was the main guy that actually proposed this idea.
But he proposed in a way that would have been hard to add to Bitcoin, because it required a sidechain,
And then Luke junior discovered that it was possible to do with the soft fork and we didnít need sidechains for it.
So that really got us really excited because we could get a bigger block size increase, so we could support the lightning network with
Transactional relatively fix and we could support better scripting and more sophisticated smart contracts and add better crypto.
So, all these things are really great stuff.
I feel great that this is happening. I think this is a great thing for Bitcoin, I think it has a very bright future ahead.
Thank you.
And, what time is it now?
Itís almost 9pm in Japan.
And people are waiting to see what will happen at 9.20 tonight.
Bitcoin cash website delayed activate time.
Do you think US UHF is calm or not?
Well, I mean, for all of us, it kind of seems more or less like any other altcoin, thatís been
at any point in time people can always create a new version of Bitcoin, and try to get people use it.
And, basically creates a new coin.
I guess people are giving this one a little more publicity just because of the
whole context of everything thatís happened in the last couple of years.
I think most of the protocol developers donít really see this as any different than any other Bitcoin fork thatís happened in the past.
So, I donít really consider to be that special of a moment in that sense.
What do you think about the future of Bitcoin?
I think Bitcoin has super super great future.
I think that itís a,
Right now weíre starting to discover a lot of things we can do with it.
When I first started working on Bitcoin, I thought it was more of a proof of concept or prototype.
I didnít really see it as something that was final, in itís final form.
I thought that eventually might get replaced by something that was better.
One of the things that really got me very excited about is,
Bitcoin, more recently and seeing that it has more long term future prospects is the fact that we can do these
backwards compatible upgrades to the protocol. Like segwit.
And then build second layer solutions on top of that, which I think allows for much more of the type of
permissionless innovation that we saw with the world wide web,
where people could develop their own applications on top of it without having to change the base layer of protocol all the time, right.
So, I see that happening more. And the more we go in that direction, I think weíre going to start seeing more and more creative people
come up with really clever applications and use cases that, you know, for things that we canít even come up with right now.
That are really going to do really interesting stuffs that people are going to do. So, Iím really excited about that, yes.
Okay, thank you.
And so, what do people misunderstand the most about segwit?
There are a lot of stuffs.
I think, it came about in a context where I think there was a certain framing of issues,
people wanted scalabilities, and people were realizing that the Bitcoin canít really, you know,
in itís current form, couldnít really scale to handle millions of transaction all the time.
You know, billions of people.
I think, itís still going to take a while for the technology to fully mature.
So, I think that if youíre expecting mass adoption by billions of people within the next few months, thatís not going to happen.
Iím just being realistic here, right.
The protocol is really designed with security as a top priority
and the ability for people to be able to verify for themselves whether their transactions are valid.
So then, you donít need to rely on a third party to do that for you.
I think thatís the main feature of Bitcoin.
And I think sacrificing that just to get more users kills the
Really killer feature of Bitcoin that makes it so special and then you end up computing with other payment systems that are much better at doing other stuff already.
So, I just donít see the Bitcoin will have a competitive edge if you lose that.
So, I think itís very important that we keep that feature in Bitcoin.
Thank you.
So, I wanted to ask about Bitcoin design, but you already talked about that. Thank you.
Next question:
There are many stakeholders like miners, investors and developers in Bitcoin.
What is the best scenario to achieve the final goal?
Bitcoin is inherently an adversarial network. Thereíre people trying to attack it all the time. Thereís different interested play.
The amazing thing with Bitcoin is that it works despite that and without any central authority to control any of that.
I think, as long as the incentives remain balanced, it keeps on working by itself.
Itís really hard to get all the interest align, and I think whenever you change any rule in the protocol,
especially rules that affects the economics, itís possible youíre going to create some winners and losers.
Some peopleís business model might be better suited to certain types of features and otherís might actually suffer if we change Bitcoin in that way, right?
So, that means thereís an inherent tension and itís being able to manage all these different interests and find a way to get all these kinds of interests to align.
Thatís the real challenge in Bitcoin. Because,
I mean, obviously, writing the code is difficult. Right? But I think writing the code is,
I mean, this is something thatís already been done with a lot of open source projects.
But here we have something thatís novel, thatís new which is trying to get all these different interests to align naturally and to have users and markets,
kind of work together to promote, to help the network continue to grow organically.
And rather than requiring like a central authority to design entire network, it kind of can evolve more organically
where people are incentivized to contribute to the network, because they get something for it.
They get rewarded for it.
And then the network is kind of like a living organism that kind of grows by itself and evolves and adapts to whatever the situation is.
Thank you. So, the next question is:
What do you think about the future of Bitcoin cash? But maybe, you wouldnít want to talk about that?
I mean,
If itís you know, I think this is what any other Bitcoin fork if it can prove to have some kind of unique features or
something thatís attractive that distinguishes it from Bitcoin in some way.
I think versus litecoin might have done that a little bit by being the first activate segwit
and by being the first to try a different group of work function.
So, it had a little bit of distinguishing feature that way.
Obviously, other projects that I did and started from scratch that are not Bitcoin forks
like ethereum have other features that maybe people want in that.
If itís able to distinguish itself in some way, then it could potentially grow a user base.
But I think that it has been framed, I guess. I donít really think of it as a Bitcoin fork in the sense of like, you know,
itís not that thereís a hard fork of the Bitcoin network. Itís really that a new coin in you know,
if it actually does go through, itís just like creating a new coin. Itís going to be listed on exchanges and people will trade it.
Whether itís going to affect the value of Bitcoin or not, I donít really know.
But I really think that the true value of Bitcoin comes from the support base that it has.
The users, they run it and the developer base. I think that the most talented minds in the space right now are working on Bitcoin
and this roadmap to be able to work on multi-layered solutions and I think that users are going to tend to try to gravitate towards wherever the talent is,
thatís building the most interesting things.
But I think if people have different ideas or different visions for the way that a peer-to-peer network should evolve,
thereís nothing to stop them from doing that and Iím not against anyone trying that as long as you donít try to stop us from doing what weíre trying to do.
So, yeah.
What was the most difficult part of segwit migration?
Thank you.
One of the nicest thing about segwit is the fact that it is backwards compatible.
So, older programs are going to continue working. Theyíre not going to be able to use the new features unless they upgrade.
So, from the userís perspective, the migration is actually very simple and they donít need to all migrate at once.
Itís one of the nicest features of segwit. And the way it was designed as soft fork means that different parts of the network can upgrade at different times.
And that allows application developers to gradually move their applications to be able to support the new features.
But I think that itís been hard to communicate a lot of these benefits and to get people to understand really the potential of all this,
and really would just allow, because itís hard to imagine something before you see it, right?
So, yeah.
I think from a network migration standpoint, I think itís going to happen very smoothly, like we saw in litecoin, you know?
It got activated, and litecoinís been running super smooth.
So, I donít foresee any major problems like that.
And I think that application developers are very excited about it. Weíve talked to many many many application dvelopers and wallet developers.
And theyíre all very excited about new features that theyíre going to be able to do in new use cases.
So, Iím very excited. I think that itís going to go very smoothly.
Great! Thank you.
And the last question is:
I think you worked on ethereum in the beginning, right?
I was an early contributor, yes.
Okay.
And, what do you think about ethereumís feature?
So, etheruem was,
When I first started working on ethereum, or when I first got invited to participate in that project, I was very excited.
Because, I felt like, it was a chance to fix a lot of thing with Bitcoin that weíve done wrong with Bitcoin.
It was a chance to start from scratch and there was an actual movement that could lead to this bootstrapping.
Because itís not just about writing software and getting it out there.
You need to create the conditions and thatís really the magical thing that happened in 2009
when the Bitcoin was first launched from Satoshi first published the genesis block.
The conditions were right for people to actually be incentivized to participate.
And ethereum was another one of these kinds of magical moment, I felt really excited about.
But I feel that it kind of went in a direction that maybe isnít exactly the direction that Iím looking to go in.
I think itís very heavy on the base layer, very large attack surface, very different kind of,
itís not a programming model that lends itself to the kind of scalability that weíre looking for.
I think weíre going to have to find very different programming paradigms and a new kind of developer
to really be able to write smart contacts that work well as weíve seen a lot of smart contracts have gotten hacked.
Itís really really difficult to write smart contracts that actually do what you think theyíre going to do.
We need better languages for this, we need better runtime environments,
and we need an architecture that can support making it much more inexpensive for people to be able to validate stuff.
Even if computation is expensive, the real trick here, the real innovation is not really like the whole turing completeness or statefulness or stuff.
Thatís existed for decades. People have been working on compilers for this kind of stuff for long time.
Actually, building a system this turing complete is actually really simple.
The hard part is making it easy to program and make sure that it doesnít have bugs, and to make sure you can verify that the results are correct.
I think ethereum is going to struggle quite a bit in that front, in scaling.
I think Bitcoin has a very different kind of roadmap where smart contracts donít necessarily execute on the blockchain itself.
Smart contracts can execute anywhere.
And the only thing the blockchain is really useful is to verify that the result is correct.
You know, like someone computed something on some computer somewhere, who cares where, this is the result they got.
Is the result correct?
Thatís all the people care about, right?
In the end, all you care about is whether the answer is right.
So, weíre trying to find ways to build the system to scale it so that it requires as little computational power is necessary to be able to actually verify the result.
Even if the computation is super expensive.
And ethereum was not developed in that way. So, thatís a really big challenge, I think that thereís probably better ways to do it.
Thank you.
I think you can talk core and minor and user.
Maybe you are very nice people to connect everyone. So, please do Youtube and media. Please keep this for Bitcoin people.
Iím trying my best. Itís hard. Itís very difficult to communicate all these material.
Thereís a lot of information scattered all over the web. Lots of gems of people have come up with and itís been really great information,
but itís just been really hard to communicate all this stuff to everyone, so.
But I think people are starting to understand better and Iím excited about that.
I think weíre going to see moreÖ
I think your position is very important for Bitcoin community.
Yeah, I mean, I tried to make this work. Itís definitely been a challenge though.
Iíve had to learn a lot of new skills that are not really my main background to be able to do this, but.
So, I know you on Youtube.
And finally I met you today. Iím so happy I met you.
Thank you so much.
Likewise, yeah, thank you so much.
Thank you so much for doing this.

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