On June 28, Bitcoin Cash supporter Javier Gonzalez announced the launch of an interesting protocol called Bitcoin Mining Parliament (BMP). The theory behind BMP supports the Nakamoto consensus concept in which "miners are the executive force of Bitcoin" and "any required rules and incentives can be applied using this consensus mechanism."
A virtual and transparent mining parliament will be created from Bitcoin
The Satoshi Nakamoto system created more than 10 years ago has revitalized many people's lives and changed the course of history. The technology launched by Satoshi has many benefits, but one of the fundamental innovations in Bitcoin is the Nakamoto consensus, a method that keeps the network in a state of correct consensus despite incomplete information. The Nakamoto Consensus uses proof of work, block selection, and incentive structure to motivate network participants to work in harmony.
Over the past few years, there have been tons of arguments about non-mining strengths that you may or may not possess and focus the strengths behind mining points that manipulate blocks. Javier Gonzalez believes miners are the executive branch of Bitcoin for a variety of reasons. The developer has launched a new open-source protocol called Bitcoin Mining Parliament (BMP) and a group called Bmp.virtualpol.com for miners to take advantage of the protocol. For now, the BMP Whiteboard specification details that the platform is still in early beta form but the tool is currently in use. At the time of writing, there are 124 miners participating in the BMP pool and the dashboard shows how certain things can be voted on with hashpower.
“Miners can write - in proportion to their computing power - in the Blockchain of a Proof of Work-based network - and also - with enough compatibility - they can write legitimate blank blocks in a chain of minorities in order to provoke their collapse,” explains BMP Gonzales' theory paper. "And they can do so if they see that this extreme decision is appropriate for the network and thus in their long-term interests."
Miners can wield their power in real time, in an agile and eminently operational manner, recording their decisions in a publicly verifiable manner, thanks to the safest and most reliable voting system available and known. Therefore, miners are in command in Bitcoin. They will not act alone because they form a group of allies without conflicts of interest (except for competition for computing power).
According to Gonzales' BMP theory paper, in time, he believes it will be imperative to establish a "Parliament for virtual and transparent Bitcoin mining." BMP can reach agreement on specific features, resolve future disputes, and even appoint legitimate spokespersons for the network. “They will have a much closer and more accurate connection with Bitcoin's user and developer community,” the paper explains.
The Nakamoto Consensus ensures that rules and incentives are enforceable
According to the project philosophy, Bitcoin miners estimate consensus with insufficient coordination. Gonzales insists that Satoshi invented the role of miners because the network governance model should be entrusted to a higher entity that is stronger than a single individual or a small group of developers. Miners are rewarded for doing so, and Gonzales believes their interest will always be the same. Gonzalez asserts that understanding this pattern and the predictable relationship is "a manifestation of what is known as the Nakamoto consensus".
"Ignoring these facts will lead to a fragile Blockchain with a tendency to collapse with all disagreement - accepting the consensus mechanism means enabling miners to exercise their legitimate authority over the Blockchain to its set limit," BMP Creators paper explains. Likewise, accepting this fact could indefinitely guarantee compliance with the last line of the last page of the original Satoshi Nakamoto paper, which states:
Did we put the Nakamoto Consensus to the test during the conflict?
Of course, the topic comes with controversy, especially from those who do not believe miners are the executive branch of the network. In many people's view, the Nakamoto consensus has not really been tested in times of conflict like Segwit2X for example. For example, User Activated Launcher (UASF) never occurred because Segwit2x was shut down. With over 80% of the workforce having the ability to implement Segwit2X after being able to activate Segwit, miners have never tested their strength by moving forward with increasing block size. This is because the mass gain event (Segwit2X) has been canceled due to the USAF threat that has turned into nothing more than just social media. So the question remains: Will the majority of miners at that time be able to increase the block size and avoid UASF problems by taking advantage of the Nakamoto consensus? We will never know until the Nakamoto Consensus is used during a dispute of this kind.
With a concept like BMP, a mining governance model can avoid such conflicts or end a weak minority chain without giving it a chance to survive. "Better than anyone else, miners can be held responsible for preventing such events from happening again," notes the BMP White Paper. Gonzalez believes that it is a human tendency to get involved in such conflicts, and that "multiple development teams compete, confrontation is only a matter of time - to solve this problem, miners must assume their executive role." Gonzalez says BMP will be a binding force when most of the hashpower is involved.
A parliamentary group of ruling miners could operate without changing the BCH protocol
Gonzalez is convinced that the BMP idea can be implemented in various ways that will not change the Bitcoin Cash protocol or the mining operations. The basis for BMP will be the registered users who can verify their hashpower. Gonzalez explains that in the coinbase transaction for each block (metadata that information can be stored in block reward), the clusters will publish "the addresses of major miners in multiple outputs, indicating in OP_RETURN the percentage of hashpower corresponding to each miner." The originator also emphasizes the fact that BMP is "an open source tool that bears no responsibility for actions taken by third parties". Gonzales adds:
The individual hashpower is calculated for each miner with his share indicated with the hashpower registered in the block. The group will not be able to control its power greater than that shown in its blocks. In this way, each miner will be able to show his effort, beyond the mass of the chain, in proportion to his percentage.
What do you think of the Bitcoin mining Parliament (BMP) created by Javier Gonzalez? Do you agree with his theory of miners being the executive within the Bitcoin network? Do you think the Nakamoto consensus has already been tested? Let us know what you think about it in the comments section below.
Disclaimer: This introductory article is intended to provide information only. Readers should exercise due diligence before taking any actions related to the said mining tool or any of its subsidiaries or services. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.
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