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Steve Shadders
CTO at nChain
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CoinGeek London Conference 2020
February 20, 2020, London, UK
CoinGeek London Conference 2020
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Steve Shadders discusses Bitcoin ecosystem and the return to Genesis at Coingeek London
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About the talk

Topic: FinTech

CTO at nChain & Technical director at Bitcoin SV Node project, Steve Shadders gives his The Algorithmic Transformation presentation at the CoinGeek London Conference held at Old Billingsgate in London last February 20, 2020.

Subscribe to the CoinGeek channel to watch more CoinGeek videos on Bitcoin and blockchain. https://www.youtube.com/coingeek

⏰ Time Stamps ⏰

2:50 2019 The Year of Infrastructure

9:40 Bitcoin Script

12:52 The Algorithmic Transformation

15:56 The Genesis recap

==========================================================================

Get more information about Bitcoin SV today! https://bitcoinsv.com/

Buy BSV using your credit card. https://buybsv.com/

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Sign up to CoinGeek newsletter to the latest cryptocurrency news and blockchain information! https://coingeek.com/

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About speaker

Steve Shadders
CTO at nChain

Steve Shadders has been involved in Bitcoin infrastructure since early 2011. Today, Steve heads up nChain’s engineering team and is the Technical Director of the Bitcoin SV Node project. In his role, he contributes his ecosystem-wide perspective, to support building the mining and UX infrastructure, needed to enable Satoshi’s Vision. He is passionate about the future role of Bitcoin reshaping the world.

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Ladies and gentlemen, thank you. I'm going to say ladies. I do mean both of you. Something I love to observe actually is, is how these these events kind of evolved over time. And one thing I have been noticing is that was not quite at 50%. The the number of the parrot gender in the in the room is growing as, as time goes on. And speaking of that Jen. Let me introduce you to peanut. Peanut is a guinea pig is in fact, my guinea pig now. Why? The hell am

I showing a picture of my guinea pig in a presentation that is supposed to be about the algorithmic transformation of Bitcoin? This particular fight, I represent something. It represents I guess a concept of freedom when I moved out of its London, a couple of years ago, we brought being out with us and to the vagaries of the British Civil Service, who had probably not encounter the situation too many times before. Peanut was classified miscellaneous and that meant that she had the longest possible quarantine. Full months.

It's not as bad as it sounds. The quarantine facility was like a palace bicycle e, a five-star hotel. And I think she was a little bit pissed off when she came home with us and found. It wasn't quite the same reason why I had to buy a car so that we can drive out there for 2 hour drive, every single weekend to go and visit her. This particular photo was actually taken the day that she was released from quarantine. It was the day that she was set free. I don't know if she was particularly happy about it, but she's actually standing right outside the

quarantine facility. This fighter also happens to be what I believe to be the first fire. Sorry, that was put onto the blockchain after the rising of the Opera, 10 limit, the circled on fuckening. And that particular event meant something for Bitcoins that I think we can we we can make white to Freedom, it set, free the Pala of daughter on shine and it's set in motion. A series of events that enable people to really stop kind of exploring what what can be done with Bitcoin.

And here we are today, just off to the return to Genesis and a whole lot more. Has now been unlocked and a whole lot more freedom for Bitcoin is is is it now crossed? Sir. A little recap 2019 was for some of us a year of infrastructure, the Bitcoin ecosystem was reset back home as near to its starting point. It was a point where the circumstances actually had a lot in common with what Satoshi himself faced back in the very beginning of Bitcoin. We had very few Miners and Bitcoin is supposed to have many

but for a long time to talk she was the majority mana and much of that time. The only minor keeping the Bitcoin Network, a lot of it had to be bootstrapped but over the last year the mine is have grown. We had very few developers who understood the Bitcoin card. That this is a cool Bitcoin, kurs Bitcoin, di text Itachi, and this time with Satoshi, we had to build their skills from the beginning, so that the Innovative projects could flourish on top of that. Cool face of card. We had very little supporting infrastructure. Libraries and other critical ecosystem components likes it.

So we had to support people, that understood the Satoshi Vision to build those things. And here we are after being reset back, almost to the beginning, to the very beginning of Bitcoin, 11 years ago. And we were told that restoring satoshi's Vision. Could never be done yet. Only one year after wondering, if the Satoshi Vision that we pushed for, whatever be realized it is here. The return to Genesis has happens. Bitcoin is on Fox. 8 coins is back. And it's stronger. Now, a year after its rebirth, than it has ever been. 2020 is the year of realization. Realization

of the Satoshi vision. The infrastructure is now solid and it's perfectly clear to all involved with the protocol is not a plaything. No one is debating this. This diagram here is a bit of a timeline and the loops that you say represent. Ecosystem going around in circles, the amount of effort that has been wasted on some of these protocol. Level debates is extraordinary and you can see in the in the. Between the the creation of Bitcoin cash and the time. When we adopted the BSA to pick up over and over again many, many different issues, each and every one of these

didn't necessarily actually result in a try and split or a hash wolf. But behind closed doors. I can tell you the wood was mentioned every single time for all of these issues. And even now Bitcoin cash is engaged in yet another one of these devices and there's a real chance that they will they will end up having a hatchable or a tank split. But Lucas what how what's happened to bitcoin SV? Since we took the particle off, the table is a point of debate that has been exactly zero. We had hominy for 15 months and in that time, we've been building building an extraordinary

right free of distraction. And so we've rebuilt with the benefit of understanding the original Satoshi model and it's a model that's working. Now I'm missing link that makes two pussies. Original Ip to IP protocol, much more feasible, storing the store and got her on Shane and and recording events on Shea and all of these things are possible and it being properly explored for the first time in Bitcoin history. People are daring to try daring to experiment with wildly original business. Models to put Capital at risk for potentially extraordinary gains. In exchange for

making their customers lives better. They couldn't do this before because I simply will not allowed that. Will they operated in that was not Bitcoin? Bitcoin was always meant to be an art canvas, a canvas on which people could write write their experiments, write their successes write their failures, right? Things that could transform Industries governments, and even whole societies I must importantly of all right, their own personal Chronicle. I'm going to drop a little announcement on you here today. I said it a few times before that Genesis

represents an almost complete return to the original Bitcoin protocol. There's one or two, so the small details that that that couldn't be addressed at this time and so they will be one more hard fork. And after that it's all about. There is no more, hot full King, there's a protocol modification. It's locked. It set in Stein forever. That hard Fork will be named Chronicle. The definition of Chronicle is a, global is an immutable time allotted record of events and I think if you looking for a definition of Bitcoin, I don't want to be a

doctor write too much but I think that said that's a pretty clothes fit, sorry, Chronicle is coming. We can't tell you the precise date right now because one of the significant changes in that will be adjusting the difficulty adjustment, Saco back to the original and that requires a certain amount of transaction volume. So we will be monitoring that very closely and when the time is right, will will will begin the planning for that change. So the infrastructure is there farts and now it's time for us to step up and

build. In 2019, we unlocked the power of daughter on shine in 2020, with Genesis, we unlock the full potential of Bitcoin and that is functionality. The unlocking a script opens. Boundless possibility, boundless capability. It's an entirely new industry full of unexplored potential waiting for the Pioneers. The explorers of Tomorrow who will mirror the actions of the explorers of yesteryear. Throughout history. There have been professions that have been born through some Innovation. An example

of these professions that were a product of one of the greatest inventions of mankind. The printing press The software engineer. So many of you here in the room today and millions of them around the world, it's a job that he specialized in but it would not be possible where it not for the genius of Alan Turing and his contemporaries And today I'll be at 11 years late we stand on the precipice of the birth of yet another new profession that's one of the most transformative in history the Bitcoin script engineer.

And I want to call on all of you, develop is here in this room and any that might be watching on the last great live stream. Please recognize this opportunity. This moment that should have happened, eleven years ago, should happens? But finally, it's at least happening. Now, this opportunity is here because script is unlocked. Bitcoin is back and this new profession. Now has half a chance of becoming useful in any field. There are fine. He's a Pioneer is often someone of great courage, great, mental stature and bravery, but usually, they're

also one of the first right now. There are exactly zero script experts in this world, and that needs to change. This is the time, when the Pioneers will be defined, the youth developers, want a chance to be the next Gavin Anderson, and I call a Bitcoin. Will the next Beatles Nirvana Run DMC icons of their respective music genre is the next Adam Smith and icon of Economics. I am here appealing to your baser instincts, I'm appealing I'm tired, I'm dangling. The carrot of notoriety and fame in front of you and I'm doing it for one

simple reason. I know you. I'm the same as you. I'm subject to these baser instincts myself, even if I try to control them. Occasionally, I don't But I want some motivate you. I want some might invite you in exactly the same way that Bitcoin motivates. Mine has to act honestly to secure the global Ledger might invite you by making it easy for you to do something to benefit the world's because it does something valuable for you. That's what big coin is about. It's about harnessing the base instincts of people and turning them

towards an outcome that is useful for everybody. You might have other reasons for doing it better reasons, reasons. I hope you do but it's a good start but I do make no apology for using the mechanisms of Bitcoin to incentivize you to become useful to bitcoin because by doing. So I'm encouraging you to become useful to yourself and everyone around you. It's time to build. You hear this phrase, a lot over the next couple of days, I'm sure commercialization It's time for a pivot of the whole ecosystem.

What you see of ensuring publicly is very much infrastructure-related off until now. But I'm sure, you know, there are things that we are working on that we haven't talked about in public as 2020 unfolds more of that will come to light and the N Train Commercial junk and will roll out. But it's not just an shine across speaker system. I see developers and businesses. Peabody from an infrastructure Focus. The business development activities. Now, let's get back to the title of this presentation. The algorithmic transformation. What on earth, does? That mean?

It means that all of the activity that I've just talked about, is what drives Bitcoins naturally full name into the network that the network configuration that Satoshi described The Advent of Genesis and it's scaling related changes also paves the way for the Bitcoin Network to start reforming itself into the structure that it was intended to be. It happens because of economic incentives. Pushing people towards the kinds of interaction with the Bitcoin Network that are most efficient for them? But it also happens to be the most efficient configuration and end on top of

activity. For the network itself, is part of the genius of the design. So this is what happens in an unscaled world. You end up with a mesh Network because no one wants too many connections because too many connections cost money. I separated them on this image to show the noise that remaining in the nose that are not when scale happens. Now, it's become more expensive to run. No, it's just supposed to be expensive to run because knows that I am being paid by the revenue stream of mining are actually doing nothing useful. But I can see human

resources. Allow others to know. They are in fact, parasitic and Bitcoin disincentivizes them away from operating nodes and toward being spb clients on the edge of the network, simply because it's more efficient to do. So, is running a note does not make you money. Stop running a node. And now, this happens. The transformation of the configuration of the Bitcoin network is algorithmic but it's not the type that we know when we talked about algorithms, this is an economic and a behavioral algorithm. And what does it mean to us? It

means S TV becomes a better option. It's almost like a self-reinforcing cycle. The densely connected center of the network Mike's, Mike's, spb what better simply because everything propagates so much faster. And because of that Faust propagation, of course, there are cough becomes real sirakoff. If it come safe, if it comes to cure, you can get an answer to. Your question. Is my transaction going to get settled within a fraction of a second? And of course, all of this happens by harnessing, natural behavior of these Transformations and market-driven not by Design.

When I say design, I mean by Central planning and someone actually actively choosing to cause all of these changes, it's very much faith into the design, a Bitcoin, to incentivize these things to happen, Bitcoin transforms itself as a natural consequence of His Brilliant incentive system, and that's why I'm getting ready for this. It's ready now. It took all of you here to get us there and some of your public and some of you are not. It took Genesis,

which was a colossal engineering effort to make happen in a time frame that people said was impossible. And there is one group of people who have made an extraordinary contribution to this effort. In fact, many of them are here in this room today. You probably don't know them. They will probably hate me for what I'm about to do. But it's time you did know them. I see a few of you in the audience, some from London, slap some from some from Slovenia. If you are a member of the Bitcoin SV team, would you please stand up? I just like to warn you all, I know

where you're all sitting. Coming up to the science place. I do know where you're all sitting. So if anyone thinks they're going to going to sneak out of this, someone's going to tap you on the shoulder for a second. So save us all the trouble and just come on up. How is your day? She just the one or two of them, I don't have time. Sister kind of goes through the mole of this is Richard. He's probably the one at least once to be up here. Do I see? Why is one of those kind of understated positions

that sometimes people forget about the Q. I actually gives us the one thing that was most important to its guy particularly going into the hospital, but it's still important to us today. And that is confidence confidence, that a software is solid confidence that a software. I will not live up at the time that we need it. The most sorry. We thank you for all of your RAM in your entire team showing here. Probably also released the least likely to want to be up here is the product of the Bitcoin SV project. And he's the glue that holds holds the project

together. Heads up the Slovenian part of the of the team. And I've said it before and I'll say it again, is the best. Damn Carter I've ever seen in my life, and of course, many others. And I'm going to get in trouble for doing this. But Calvin, are you in the room that you are, would you mind standing up, please. Without Calvin, are who made the Bitcoin SV, team possible. And without these people, we would not have Bitcoin today. It would have died fifteen

months ago, the ladies and gentlemen. These are the people that gave tickling back And my monitor is now telling me to shut up, cuz I feel when I have a time. So, thank you, everybody.

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