Monday, September 12th, 2022 | Cryptostotle #18 | By: Brad Lathrop
Hundreds of thousands of Bitcoin transactions occur per day! In fact, over 300,000 bitcoin transactions happened yesterday alone, according to YCHARTS.
What makes these transactions possible? The key is the “Bitcoin network”, which is the infrastructure that enables peer-to-peer Bitcoin transactions.
Naturally, anyone developing an interest in Bitcoin should ask, “Who is in charge of the Bitcoin network? Who oversees its smooth operation? Its security? Its growth and improvement?”
In this article, we provide an overview of what the Bitcoin network is, who controls it, how improvements are made to it, and how its security is maintained.
Let’s dig in!
What is the Bitcoin Network?
The Bitcoin network (also referred to as the “Bitcoin blockchain”) is the infrastructure that makes Bitcoin transactions possible. The network consists of nodes (computers that run the Bitcoin software) that validate and process Bitcoin transactions.
These transactions are stored as “blocks”, and they comprise the Bitcoin “blockchain”. A block is added only once a node validates it.
According to crypto trading and exchange platform Phemex, the Bitcoin network’s size was 435 GB in October 2022, and has grown around 36% annually since 2016! That’s big.
Another interesting piece of information: Satoshi Nakamoto, the mysterious founder of Bitcoin, added a 1 MB limit to blocks shortly after releasing Bitcoin.
Who Oversees the Bitcoin Network?
In previous editions of Cryptostotle, we’ve discussed that decentralization is one of Bitcoin’s most important traits. Another important trait of Bitcoin is that the network’s software is open-source.
Let’s dig a little deeper.
Bitcoin Is Decentralized
Bitcoin is decentralized in the sense that there is no central authority that controls it – no overseer or governing body controls or regulates the cryptocurrency’s price nor its network.
This stands in contrast to fiat currencies like the United States Dollar, where the Federal Reserve influences factors like the supply of the currency.
No one person owns the Bitcoin technology. Instead, all of its users do.
Bitcoin Is Open-Source
The Bitcoin network is open-source, which means its original source code (its design) is publicly available. You, me, anyone can participate in the Bitcoin network if we want to!
Despite lacking a central authority, the network is constantly improving (this is common for open-source projects).
Bitcoin developers regularly improve Bitcoin’s software, oftentimes by helping fix existing issues or writing tests.
The most popular software that computers use to connect to the Bitcoin network is called “Bitcoin Core.” Bitcoin Core is open-source, and developers are able to contribute to its growth and improvement. But how?
How Code Improvements Are Made – Bitcoin Maintainers
To enhance the security of the ongoing development and improvement of Bitcoin Core, all code changes are thoroughly reviewed by deeply experienced developers.
As of today, there are four official Bitcoin Core “maintainers” who “perform a janitorial role merging patches that the team agrees should be merged” and “act as a final check to ensure that patches are safe and in line with the project goals” according to Bitcoin.org. They are the ones who can actually commit the software edits.
Interesting side note: one of Bitcoin Core’s most productive maintainers announced earlier this year that he was going to step down from his role but was still optimistic about Bitcoin’s future. For more information on this story, check out the article, Bitcoin Core Developer Marco Falke Steps Down From Maintainer Role by CoinDesk.
Conclusion
In short, no single person controls the Bitcoin network! Instead, all of its users do, as the network is decentralized and open-source.
We really hope you found this article interesting and educational! If you did, please feel free to share it with a friend or colleague. Thanks for reading!
References
- https://bitcoin.org/en/faq
- https://bitcoin.org/en/development#code-review
- https://bitcoincore.org/en/about/
- https://www.coindesk.com/tech/2023/02/22/bitcoin-core-developer-marco-falke-steps-down-from-maintainer-role/
Thanks for reading!
Thanks for reading this edition of Cryptostotle! We’ll be wrapping up our Ethereum series next week with Part 3 so stay tuned. We hope you’re learning a lot! We certainly are.
