Confronting Bitcoin Network Issues Using Nakamoto Consensus and a Mining Parliament

On June 28, Bitcoin Cash proponent Javier Gonzalez announced the launch of an interesting protocol called the Bitcoin Mining Parliament (BMP). The theory behind BMP is backed by the concept of Nakamoto Consensus where “miners are the executive power of Bitcoin” and “any needed rules and incentives can be enforced with this consensus mechanism.”

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A Virtual and Transparent Bitcoin Mining Parliament Will Be Established

The system Satoshi Nakamoto created over 10 years ago has invigorated many people’s lives and has changed the course of history. The technology Satoshi unleashed has many benefits but one of the core innovations of Bitcoin is Nakamoto Consensus, a method that brings the network to a state of valid consensus despite imperfect information. Nakamoto Consensus uses proof-of-work, block selection, and an incentive structure to motivate network participants to act in harmony.

I’m excited to announce the Bitcoin Mining Parliament:https://t.co/djipPly53e

— Javier González González (@JavierGonzalez) June 28, 2019

Over the last few years, there’s been a lot of arguments about the power non-mining nodes may or may not possess and the concentration of strength behind mining nodes that process blocks. Javier