Bitcoin Core Code Administrator Leaves: Implications on Decentralization

02/17/2023 05:07 • Tech Ticker • 161 views

On February 17, it was reported that a Bitcoin core code administrator had left on Thursday. Currently, only 5 people have the right to modify the code. According to the previous statistics of Andrew Chow, the Bitcoin core developer, only 17 people including him have obtained the right to change the Bitcoin core code since its launch in 2009, including Nakamoto, Martti Malmi (Sirius, sirius_m), Gavin Andresen, Gloria Zhao (glozow), etc.

A Bitcoin core code administrator left on Thursday. Currently, only 5 people have the right to modify the code

Interpret the above information:

The departure of a Bitcoin core code administrator on February 17, 2021, has significant implications on the decentralization of the popular cryptocurrency. Currently, only five individuals have the right to modify the Bitcoin core code, and with the departure of one, that number has decreased. As per the data from Bitcoin core developer Andrew Chow, only 17 people, including the latest administrator, have had the right to alter Bitcoin’s core code since its launch in 2009.

The departure raises concerns about the concentration of power and centralization of the Bitcoin network. The cryptocurrency was created as a decentralized currency with no single central authority controlling it. However, the centralization of power in the hands of a few, as seen from the reduced number of code administrators, could undermine this fundamental principle.

Moreover, Bitcoin’s history shows that centralized control has led to undesirable consequences. For instance, in 2013, the popular exchange, Mt. Gox, which at the time was responsible for 70% of all Bitcoin transactions, filed for bankruptcy after losing 850,000 bitcoins, worth over $450 million at the time. The debacle, believed to have been caused by centralized control, had severe repercussions on the Bitcoin market and caused a drop in Bitcoin’s price.

The departure could also affect the development of the Bitcoin network. With only five administrators holding the code modification right, the pace of innovation, and the ability to resolve issues and vulnerabilities may be affected. This situation could expose Bitcoin to market volatility and cybersecurity threats.

In conclusion, the departure of a Bitcoin core code administrator highlights a broader issue of centralization in the cryptocurrency world. Despite its aspiration to be a decentralized currency, concentration of power and control can lead to adversarial outcomes, including volatility in the market and cybersecurity threats. The issue highlights the need for more widespread decentralization and greater participation in the network’s critical decision-making processes.

Key takeaway: Bitcoin’s highly centralized code modification system could undermine the network’s foundational ideology of decentralization. A departure of one of the five code administrators could lead to the slow pace of innovation and increases the potential for security threats. The cryptocurrency’s history also reveals that centralized control is hazardous.

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