David Schwartz, the Chief Technology Officer of Ripple, has raised a point that has drawn attention to the process of centralizing the Bitcoin (BTC) hash power. With his intervention, Schwartz challenges the conventional wisdom that it is the majority of hash power that determines who gets to control the name “Bitcoin.” Responding to tweets, he not only questions the understanding but goes on to raise a fresh question, the one about the authority to define what is popularly known as Bitcoin.
Ripple CTO questioned whether a rational user would blindly accept whatever is called BTC, regardless of its qualities, honesty, or integrity. Schwartz emphasized the importance of distinguishing between what is labeled as Bitcoin and what users actually desire, suggesting that the former does not necessarily align with the latter’s preferences.
Role of Hash Power in Bitcoin Consensus
Hash power, the computational power used for mining and confirming transactions on the Bitcoin network, has l
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