Questions tagged [future-proof]

"Future proofing" is the process of trying to anticipate future developments, so that action can be taken to minimize possible negative consequences, and to seize opportunities. As such, a system which is described as "future proof" has passed such validation. This tag should be used for questions related to the future-proofing of Bitcoin (and related projects).

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61
votes
11answers
10k views

Will Bitcoin suffer from a mining Tragedy of the Commons when mining fees drop to zero?

One issue that I haven't seen clearly addressed is the possible Tragedy of the Commons in Bitcoin's future (see this answer). 40 years into the future, the only significant direct benefit for honest ...
34
votes
7answers
14k views

How to generate a valid bitcoin address for destroying bitcoins?

(Following up to this question.) In order to put a bitcoin beyond use, the answer was to select a made up address. As this isn't a formal destruction of bitcoins, there's a risk that the private keys ...
13
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4answers
463 views

Scenario: disaster splits the Internet into dozens unconnected fragments

Major US cities restore connectivity locally for a couple of days, but the internet islands are separated (or have very poor interconnectivity). Two days later, connectivity is restored resulting in, ...
4
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3answers
1k views

How can market-based transaction fees scale?

Can someone please explain to me what I am missing? I don't see how variable, market-based transaction fees can scale. I go to a merchant's website to buy, how do I select a mining peer to pay ...
24
votes
6answers
3k views

Can a bitcoin be destroyed?

Its the hypothetical future and BTC2 is being designed. Everyone loves BTC2 and no-one wants the old BTC1 any more. People who have BTC1 would be annoyed that their assets are suddently worth a lot ...
14
votes
2answers
3k views

What happens when NameCoins stop being generated?

When Bitcoins stop being generated it won't be a problem: prices can gradually be lower. Namecoins, however, have a more-or-less set price, which is the domain register price. If Namecoins stop being ...
16
votes
5answers
2k views

Is Bitcoin future-proof?

As I understand things, the security and integrity of Bitcoin rely on the assumption that its hashing is "hard" in some sense. However, in the past, processing power has increased exponentially. ...
9
votes
3answers
6k views

How does Proof of Burn work?

I have been trying to make a comparison between PoW, PoS and Proof of Burn. While I understood the other two, I want to know how exactly Proof of Burn helps in attaining the consensus. One burns ...
3
votes
2answers
1k views

Is there a future-proof method of encoding messages in the blockchain?

There are several "reasonable" modifications to the Bitcoin protocol that would make some methods of encoding messages break (e.g. pruning). Are any of the existing encoding methods future proof, in ...
15
votes
3answers
988 views

Can the number of transactions per second ever overwhelm the network?

I'm coming at this from a point of view that assumes Bitcoin has been widely adopted as a currency worldwide and is essentially mainstream. Every day people are using Bitcoin in the same way that they ...
1
vote
1answer
214 views

Possible to temporarily reduce the supply of a cryptocurrency?

Does a cryptocurrency that can have its supply be reduced based on some factor currently exist? If not, is this possible? If so, how?
8
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2answers
619 views

Can the Bitcoin system be changed?

Are we stuck with what is here now? or if 10 years down the road serious changes need to be made to the system; can that be done with a decentralized system? How would you make changes to a ...
4
votes
1answer
463 views

Is proof-of-stake a viable alternative / augmentation to proof-of-work? [closed]

Meni mentioned Proof of Stake as a possible way to augment Proof of Work as the underlying mechanism powering Bitcoin confirmations. Is it viable? What are its downsides? Who has analyzed it? (I don'...