#Bitcoin #BTC #Etherum #smartcontract #NFT You can't peruse social media without encountering banter from Bitcoiners bashing cryptocurrencies. Rightfully so, the majority of these altcoins are utter garbage. While Ethereum (ETH)is known for its multi-million-dollar monkey pictures #boredapes, it also has practical utility with smart contracts and blockchain data storage. Bitcoin can’t store any information outside the scope of a transaction. Although users have the ability to add text, Bitcoin miners are not obligated to retain this data when generating new Bitcoin blocks. While Bitcoin is the most powerful decentralized supercomputer in the world, it’s only being used to send/receive and log transactions. To put it into perspective, the most powerful supercomputer(excluding Bitcoin) reaches a mere 143 petaflops.
Collectively, the Bitcoin network processes over 80,704,290 Petaflops on millions of nodes around the world. This glorious power is grossly under-leveraged. Say what you wish about Ethereum and Cardano, they can store the entire US Library of Congress, in which I own the copyrighted hit record, “Belief in Bitcoin”, on the blockchain perpetuity. Bitcoin needs the ability to store data. One, it’s embarrassing to mint Bitcoin NFTs on an Ethereum blockchain. Moreover, in the long haul to 2140, the ability to store data on a blockchain will become not only best practice but mission-critical for nations, corporations, and any organization storing valuable data. Bitcoin needs to accept this charge and shoulder the world’s most pertinent information. Centralized points of failure are the biggest threat to organizations dependent upon essential data. As the world flirts with yet a third global conflict, having disaster sites recovery on several hemispheres isn’t sufficient. We must leverage this powerful decentralized network and implement a means of data storage.
Proposal: Allow long text to be stored with BTC transactions in the form of a hash. Hash Char count TBD. The hash can be used to reference text or code stored elsewhere IE: on a sister blockchain. BTC Miners need to agree to store a number of characters in hexadecimal. Once consensus is reached, users can store text on the Bitcoin blockchain in the form of hexadecimal. As all data is code and all code is text, this will allow for smart contracts and NFTs. We may need a parallel blockchain to store the actual long text that was converted into hexadecimal. Miners should be provided an incentive to store the raw data.
This will add value and utility to the Bitcoin blockchain and allow for smart contracts, NFTs, and supercomputing. The drawbacks are that it may slow down transaction speeds and significantly increase the size of the blockchain. Still, it seems the strengths outweigh the weaknesses, and enhancing the Bitcoin blockchain is inevitable. Technology knows no bounds and will continue to evolve. How will Bitcoin behave in 2140? Let's use this tech to UPGRADE AMERICA! Definitions pe·ta·flop /ˈpedəˌfläp/ Learn to pronounce noun: COMPUTING plural noun: petaflops 1. a unit of computing speed equal to one thousand million million (1015) floating-point operations per second.
