Vitalik Buterin on Bitcoin Cash
Bitcoin Cash reviews by Vitalik Buterin
All Bitcoin Cash reviews by expert Vitalik Buterin.
12.5% of the BCH block reward is being redirected from miners to "a Hong Kong corporation". This [is being billed] as voluntary, but in reality it is of course a compulsory soft fork. It's worth noting the irony here: BCH, a chain that was born as a reaction to an ideology that claims that soft forks are the only legitimate way to make changes because they are "voluntary" is.... making a controversial soft fork and insinuating that it's voluntary.
The idea here is that miners should be proposing different consensus rules and trying to enforce them by forking off non-compliant blocks, and this will naturally stabilize toward consensus rules that the majority is okay with.
I disagree with this market-for-consensus ideology because it has nasty equilibria and could easily lead to entrenched interests. This miner group seems to respect the concern (after all, BCH largely gave up market-for-consensus for block size too) and made the fund time-limited....Full review