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Bitcoin’s Blockchain Is The Timechain, Let’s Name It That

08/14/2021

Calling Bitcoin’s blockchain the “timechain” would honor Satoshi’s intention and assist clear up altcoin misdirection.

I’m pretty new to Bitcoin and I’m a boomer, which suggests I’m not certified to touch upon any technical points of the Bitcoin protocol.

However I do have a 30-year profession as a enterprise growth coach and I’ve written two enterprise books and, till lately, I revealed an digital publication that went out month-to-month to hundreds of pros in over 120 international locations. That writing background makes me hypersensitive to phrases and the way they’re used or misused. So, it’s on this context that I share my contrarian view on one thing: I don’t imagine we must always use new phrases with out good cause. However I’m a fan of precision in our use of phrases.

And I’ll even sheepishly admit that earlier than falling down the Bitcoin rabbit gap, I used to be very enthused about blockchain know-how and its potential makes use of in our economic system. Bitcoin was undoubtedly of curiosity to me, however not sufficient for me to go down the Bitcoin rabbit gap early like some. Bitcoin was like this new invention utilizing blockchain know-how. And to those that solely know Bitcoin at a floor degree, that is high quality. Boy was I fallacious like so many others.

Nonetheless, the extra you research Bitcoin, the extra you begin to see and admire its thoughts blowing uniqueness. It’s a zero to at least one invention on par with the invention of the quantity zero or the Gutenburg printing press. Each of these earlier innovations or discoveries have been watershed occasions in human progress. I now agree with many others who’ve been on this house far longer than I who say that Bitcoin is that very same form of invention or discovery. It’s a once-in-a-species invention.

What I’ve come to be taught from my hundreds of hours of research is that there’s just one Bitcoin. I’m not the primary to reach at this conclusion and I pray that there will likely be billions extra who agree with me sometime. The earlier, the higher. That’s to not say that bitcoin is for certain to final for hundreds of years and finally turn out to be the world’s reserve foreign money. I occur to imagine it would, however that’s not related to the purpose I’d prefer to problem Bitcoiners on.

Why don’t extra Bitcoiners use the time period “timechain” quite than “blockchain” when describing how Bitcoin works?

In my early days of learning and studying about Bitcoin, I occurred upon an article by Marty Bent that raised this very query. Right here is an excerpt:

What you are taking a look at is a piece of notes in a replica of the pre-release supply code of Bitcoin that Satoshi shared with just a few reviewers earlier than mining the Genesis block in January 2009. This copy of the code Satoshi had reviewed by some cypherpunks earlier than formally launching had[sic] was shared on Bitcointalk.org in 2013 and resurfaced by Francis Pouliot earlier this week on Twitter. As you’ll be able to see from his notes within the code, Satoshi considered Bitcoin as a “timechain” and never a “blockchain”, a misnomer utilized to Bitcoin by us lowly plebs after it had been launched.

Very fascinating factor to notice, particularly contemplating the popularization, commoditization, and bastardization of the phrase “blockchain” over the course of the final decade. How ironic is it that the one phrase that each marketer, snake oil salesman, and out of contact politician or company board member alike has taken and run with, spending an untold quantity of tens of millions to craft a story round, is a whole and utter sham that does not aptly describe what its creator supposed. Actually poetic. Everybody and their mom is in a race to craft a “blockchain technique”, sprinting blind right into a international area trying to justify the exploration of and (extra importantly) funds for a phrase that has been misapplied because it entered our lexicon.

Bent artfully factors out that Satoshi made reference to “timechain” on this be aware simply earlier than releasing it. I believe Marty is spot on. There are such a lot of Bitcoiners who turn out to be apoplectic when one other altcoin makes a declare about their blockchain being higher than Bitcoin’s. Or when members of presidency or central bankers do it. Bitcoiners really feel that these different folks and cash are hucksters and scams. Maybe many are, however that’s inappropriate. Bent makes a compelling argument for calling the Bitcoin blockchain a “timechain.”

A few of you may suppose, “Who cares? Does it actually matter? ” Completely! Should you’re a Bitcoiner who believes that the Bitcoin protocol is a zero-to-one invention just like the quantity zero, then begin speaking that approach. Satoshi handed us this chance on a silver platter!! There are millions of different “competing” cash out there at the moment which are claiming that their blockchain is healthier than the Bitcoin protocol.

I say it’s time to set the document straight. Pun supposed. It appears to me that Bitcoiners can go a great distance towards cementing Bitcoin’s one-of-a-kind nature by by no means referring to the Bitcoin protocol’s timechain as a blockchain, and as an alternative at all times use the time period timechain. Bitcoiners can bypass or “smooth fork” this variation to timechain at zero price and immediately with out hurting bitcoin the asset in any respect. The sign is “timechain,” the noise is present in “blockchain.”

It additionally makes it far simpler for me to clarify to my family and friends that there’s just one timechain: Bitcoin. Timechain is a part of its origin story, isn’t it about time we inform it precisely? Isn’t twelve years lengthy sufficient to begin together with it in on a regular basis speech? Should you agree, please ship Bitcoin Journal your tweet with one phrase: #timechainnotblockchain.

Each time we name Bitcoin’s timechain a blockchain, we’re permitting the confusion and obfuscation by altcoins to proceed. We’re enabling it! We’re additionally feeding the precise narrative that Bitcoiners detest! Extra importantly, I consider Bitcoin as a twelve-year-old who has patiently been tolerating us calling certainly one of its “physique components” or important components by the fallacious identify for 12 years. As somebody whose identify has been mispronounced my total life, I can relate to being known as by the fallacious identify hundreds of instances.

I don’t at all times right individuals who mispronounce it and we know bitcoin will NEVER right us. As Bitcoiners are fond of claiming, “Bitcoin doesn’t care.” Effectively, Bitcoin doesn’t care what you name it, however this marketing-obsessed, tech-challenged Bitcoin boomer does care. So, shout out to Marty Bent and others who’ve known as this out earlier than. And I’ll do my easiest going ahead to inform all the world the nice information concerning the Bitcoin timechain. It additionally permits us to say “timechain, not blockchain” which turns the tables on those that have been saying “blockchain not Bitcoin.”

To cement this concept, I’d suggest holding the First Annual Bitcoin Timechain Convention in Denver someday later this 12 months or on January 3, 2022. The Bitcoin timechain will likely be 13-years-old and able to announce itself to the world with the correct identify. Should you agree, please ship Bitcoin Journal your tweet with #timechainnotblockchainconference.

This can be a visitor submit by Mark Maraia. Opinions expressed are totally their very own and don’t essentially replicate these of BTC Inc or Bitcoin Journal.