Regardless of zero downtime since its inception, Bitcoin (BTC), nonetheless has some catching as much as do with New York Metropolis’s subway system.
Might 6 2020 was the primary time in its 115-year historical past that New York Metropolis purposely shut off its important transportation artery. The downtime will enable staff to deep clear all transit vehicles in an effort forestall additional unfold of COVID-19.
Subway Map Of Bitcoin Forks. Supply: Bitcoin Journal
In the meantime, Bitcoin has been clogging alongside with none interruptions since its genesis block. Mined on January three 2009, the genesis block held the now-famous coinbase transaction:
“The Occasions 03/Jan/2009 Chancellor on brink of second bailout for banks”.
Bitcoin — unintended fork
That isn’t to say that Bitcoin has by no means had any hiccups. Maybe, probably the most notable technical glitch in its historical past got here in 2013 when an improve to the brand new model of Bitcoin Core software program prompted a blockchain fork — the place a series cut up into two. Miners who had upgraded to the newer model of the software program have been compelled to downgrade earlier than the bug was resolved.
This brings us to the difficulty of whether or not decentralized methods are inherently extra strong than the centralized ones. The argument depends on the truth that the previous don’t have, or at the least, in principle, shouldn’t have a single level of failure. Nonetheless, we don’t but have sufficient empirical proof to rule in decentralization’s favor.
If Bitcoin retains on operating for an additional 104 years with none interruption, we anticipate that consensus on the difficulty might be reached.