ZoneBitcoin EditorialProposals made to improve the Bitcoin network are called Bitcoin Improvement Proposals (BIPs). In French, BIPs can be translated as "Bitcoin Improvement Proposals".
Bitcoin is a decentralized network, secured by a consensus mechanism based on proof of work, in English (Proof-Of-Work). As a result, Bitcoin does not have a centralized authority to decide future changes to its protocol. However, there is a whole ecosystem of people with different roles participating in the network. Indeed, even if it remains software that runs by itself, there must still be people (miners, etc.) behind it to make it work.
Being managed by several users, its development is based on decisions made by the community through the Bitcoin Improvement Proposal (BIP). So what is a BIP and how does it work? This is what we are going to see here.
What is a Bitcoin Improvement Proposal (BIP) et how it works? ?
Le bitcoin(BTC) is renowned for its decentralization and its security protocol based on the proof of work consensus mechanism. Although the Proof of work attracts multiple criticisms to the network for its high energy consumption, it has always proven its efficiency. Like all blockchain, Bitcoin requires regular updates, from bug fixes to changes in algorithms or simplification of its code for efficiency.
A BIP is the standard method used to propose ideas, changes, and improvements to the Bitcoin protocol. A BIP aims to provide coordination of upgrade and development within the Bitcoin community, which has no centralized authority.
The first BIP (BIP 0001) was submitted by British-Iranian software programmer Amir Taaki in 2011 two years after the creation of Bitcoin. However, changes to the protocol are not the preserve of developers and programmers alone. Bitcoin allows anyone who wants and has the skills to submit a BIP. In contrast, not all changes to Bitcoin (BTC) require a BIP. For example, in the case of the user interface or small changes, bugs or fixes it is not necessary to go through a BIP.
What modifications are worth creating Bitcoin Improvement ProposedL ( BEEP)?
BIPs are typically implemented during significant protocol upgrades or large-scale system changes, such as new transaction types like followed ( THE separate witness which refers to a change to Bitcoin's transaction format where the witness information was removed from the block input field).
This may also concern transaction properties such as replacement by fee RBF (Replace-by-Fee). A Bitcoin transaction may be designated as an RBF to allow the sender to replace that transaction with another similar transaction that pays higher fees. This mechanism exists to allow users to respond if the network becomes congested and charges increase unexpectedly.
For example, the proposal BIP 0112 was submitted for the Lightning Network solution.
What is the procedure for proposing a BIP?
BIPs result from informal proposals and ideas generally generated during meetings, or in discussion forums or engagements on social networks, particularly on the CryptoTwitter (CT). For a proposal to become a Formal BEEP, the author must communicate it through communication channels such as Slack, Twitter, etc. where the first comments will be provided by the community.
Once the proposal receives significant support, the author can take it to the next stage and turn it into a BIP. The proposal must be written in BIP style and format and provide a concise technical specification and functionality justification. The author of the proposal says “the BIP champion” is responsible for promoting the idea and building consensus around it by responding to comments and questions.
If the proposal receives significant support, it must also get the green light from the editor before becoming a draft GDP. At this point, it is submitted to the BIP list as a draft, and an editor assigns it a BIP number and publishes it to the repository Bitcoin Core GitHub BIPs. The BIP is officially generated and ready for review and comment before moving to the testing phase. BIPs are also assigned a status that anyone can check to assess progress.
What is the approval procedure for a BIP?
Achieving meaningful consensus within the community is the first step in the process. Once a BIP is submitted in draft form to the BIP GitHub, the proposal is reviewed and worked on transparently so that everyone can see its progress and the resulting test results.
Due to the serious implications that some changes could inflict on minors, a change to the code requires acceptance by a large majority of around 95%, unless reasonable cause is given for a lower threshold. Ninety-five percent support will need to be reported by the last 2 miners (approximately 14 days of mining with 10 minute blocks).
Final and official approval of a BIP occurs automatically when users (node operators) choose which version of Bitcoin Core to download and run a node that reflects this change. Then all upgraded nodes can recognize and accept transactions made using this upgraded protocol.
🔌 To summarize the procedure, Anyone can submit a BIP to change the Bitcoin core; A publisher must support the BIP; The BIP must be approved by 95% of minors; and The community must upgrade to the new version of the software.
What are the types of Bitcoin Improvement Proposals (BIPs)?
There are three main types of BIPs: standard, informational, and consensus BIPs.
➡️ Standard BEEPs
They identify the standards used by Bitcoin software like wallets or exchanges and aim to change the protocol; therefore, they require consensus to be approved. For example, they may submit encryption methods to secure Bitcoin or are recommended in the case of interoperability, meaning wallets must be able to recognize and work with any Bitcoin address to be useful.
➡️ Informative beeps
They are for informational purposes only. They offer general guidelines to the community but do not introduce new functionality and therefore are not required to obtain consensus within the community.
➡️ Consensus BIP
Also called process BIPs, consensus BIPs seek to modify a process and, like standard BIPs, require universal consensus despite containing modifications outside of the Bitcoin protocol. Consensus changes require explicit activation on the Bitcoin network.
BIPs are an essential part of Bitcoin governance and represent an effective way to improve and upgrade the cryptocurrency star without profoundly improving it.
- –> Read the article to find out the different players in the Bitcoin ecosystem
- –> Learn more about the movement of CypherPunk, who are the originators of Bitcoin.
- –> Read the letter from "Hal Finney", the first person to receive BTC.
- –> Consult the Ultimate Guide to Bitcoin for beginners
🎓 You can browse other articles in the section Education.
