The power of consensus displayed in decentralizationThe introduction of Bitcoin as the world\u2019s first cryptocurrency caught the imagination of the world in many countless ways as to how digital money could really work. Many other proponents came out with their own version of virtual coins and tokens with different purposes and uses. Those who remained loyal to Nakamoto\u2019s brainchild have found it not that too perfect to be reluctant to change, or changes, for that matter.And so came what was to be called the Bitcoin Improvement Proposal, or BIP, a set standard for those proposing alterations to the Bitcoin protocol, changes to the process, or source of information for the Bitcoin community. BIPs may contain soft fork or hard fork upgrade proposals, peer-to-peer layer changes, or new back-up mnemonic seed frameworks. Yet, not all proposals require a BIP, with simple changes such as a code run or changes in an interface.Amir TaakiThe first Bitcoin Improvement Proposal was first introduced by an early crypto developer named Amir Taaki, the widely credited creator of the world\u2019s first alternative implementation of the Bitcoin protocol \u2014 Libbitcoin. Taaki believes that if BIPs are used the right way, Bitcoin would be more structured and accountable, benefitting the entire Bitcoin ecosystem.Taaki\u2019s BIP is known to the Bitcoin community as BIP 0001 submitted on August 19, 2011. The document put forth the standard of how a BIP process should be conducted. Taaki based it on the process used to improve a famed digital programming language called Python, as described in the Python Enhancement Proposal, or PEP 0.The BIPAll BIPs were first drafted and then submitted by an individual or several authors. Usually, before it even gets drafted, it was already a topic of discussion on the Internet relay chat channels (IRC), Bitcoin development mailing list, and others.\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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