Original | Odaily Planet Daily ( @OdailyChina )
Author: Golem ( @web3_golem )
On the evening of May 18, Jack Dorsey, founder of social platform X (formerly Twitter), posted a message mentioning bip 177, a mysterious string that attracted widespread attention. It is reported that BIP is the abbreviation of Bitcoin Improvement Proposal, which means Bitcoin Improvement Proposal; what Jack posted was not a mysterious meme symbol, but a Bitcoin Improvement Proposal numbered 177.
BIP-177: Make Bitcoin More
BIP-177 was proposed by John Carvalho , CEO of Synonym. The proposal aims to redefine the basic unit and representation of Bitcoin, and does not involve changes to the core consensus protocol. The key points of the proposal are as follows:
The basic unit of Bitcoin is changed from satoshi to bitcoin, and satoshi or sat are no longer used;
The currency code BTC is not affected by the change and can continue to be used. 1 BTC = 100,000,000 bitcoins.
The “₿” symbol can be used to represent the base unit Bitcoin, 0.345 BTC = 34,500,000 bitcoins = ₿ 34,500,000;
The application should allow the user to switch between the traditional BTC format and the new integer format.
Simply put, the BIP-177 proposal aims to make everyones bitcoin more in terms of display and format. The total amount of bitcoin changes from display to 210 trillion bitcoins, but does not actually change the supply of Bitcoin.
Benefits of BIP-177
Although it is only a change in display and format, John also believes that BIP-177 will have obvious benefits:
Reduce cognitive load
Due to the appreciation of Bitcoin, whether it is daily payment or use of Bitcoin on the chain, it often appears in decimal form. By redefining and displaying the basic unit of Bitcoin (BTC) as one bitcoin, the cognitive burden of users can be reduced. The interface that only displays integers can simplify mental arithmetic and reduce potential confusion or user errors. For example, compared to users spending 0.00002 bitcoins, it is easier to recognize that they spend 2000 bitcoins.
Eliminate unit fear
At present, the price of one Bitcoin is about 104,000 US dollars, which can easily trigger peoples unit fear, thinking that the price is too expensive, but it is a bit embarrassing to say that you can only afford 0.1 Bitcoin. At the same time, for newcomers who have just come into contact with Bitcoin, the high unit price in perception can easily trigger ceiling anxiety, thinking that the price is too expensive and it is too difficult to continue to rise.
However, if the new format is used, one Bitcoin is only $0.00104, which makes it easier to increase compared to the price of $100,000 per Bitcoin, eliminating unit fear.
Simplify the user experience
Abandoning the original base unit satoshi can simplify the user experience, and removing the artificial decimal format can also make users understand that the Bitcoin protocol is essentially a counting discrete unit. Satoshi is a secondary currency unit relative to Bitcoin, which increases the complexity of Bitcoin counting. Understanding bitcoin and satoshi becomes two problems, which is not conducive to the more convenient dissemination of Bitcoin.
Opposing voices
Of course, there are also voices of opposition in the community regarding the BIP-177 proposal.
Destroyed the smart culture
The strongest objection to the BIP-177 proposal is that it proposes to abandon the basic unit satoshi named after the Bitcoin creator Satoshi Nakamoto, which creates a cultural obstacle.
Easy to be confused
For users who are used to using BTC as a unit, it is easy to be confused, especially in the process of verbal expression. It is also a challenge for Chinese translation. If BTC and the basic unit bitcoin are both translated into bitcoin, there will be serious confusion in the expression process, affecting consensus.
Impact on Bitcoin brand awareness
This is a huge contradiction. In essence, the reason why Bitcoin can attract attention and become popular is that it is getting more and more expensive. However, if a new format is used, the price of a Bitcoin will become not expensive in perception, which will easily affect the brand recognition of Bitcoin by newcomers.
Prestige jobs in a bull market?
In fact, in a bull market, as the price and purchasing power of Bitcoin increase, people will start discussing the basic unit of Bitcoin.
In December 2017, when the price of Bitcoin exceeded $10,000, community members proposed BIP-176, proposing the introduction of a new Bitcoin unit, bits, with the conversion formula of 1 bits = 100 satoshis = 0.000001 BTC. The reason for this proposal is exactly the same as BIP-177, reducing cognitive burden and facilitating daily use (no wonder the two proposals were compiled together), but the proposal was ultimately not passed.
Today, the price of one Bitcoin has exceeded $100,000, which is 10 times more expensive than 8 years ago. The purchasing power of Bitcoin has increased significantly again. In the United States, one Bitcoin can buy a Tesla Model S Plaid, in China, one Bitcoin can easily buy a Xiaomi SU 7 Ultra, and in El Salvador, one Bitcoin can buy an entire villa.
These expenses are already luxuries for ordinary people, so it is reasonable for people to pay attention to the basic unit and representation of Bitcoin again. But in essence, such upgrades have no practical effect on the Bitcoin network, and are more like people doing face-saving work in a bull market. If it falls into a bear market again, the value of Bitcoin will drop, and people may care less about it.
According to the estimated implementation schedule of BIP-177, even if the proposal is passed, it is estimated that it will take 2 years from the first stage of introducing the concept to the second stage when mainstream services and media adopt the format that only displays integers by default, and finally to the third stage when the integer format representation becomes the standard. However, the enthusiasm for promoting this proposal may also change with market changes.
Interestingly, Bitcoin Pizza Day is coming soon. 15 years ago, someone bought two pizzas with 10,000 bitcoins, which was only worth $41 at the time. Now, these 10,000 BTC are worth more than $1 billion. Today, if BIP-177 passes, people will still have to spend 35,000 bitcoins to buy these two pizzas. How can this not be considered another reincarnation?
If it doesnt improve my life, change the unit of measure.
