In summary, under UK law, the original miners who created blocks in the early Bitcoin network have database rights because they invested significant effort in building and maintaining theThis is exactly what the original miners were doing—they were following the systematic process outlined in Satoshi Nakamoto’s White Paper, adding verified transactions to the blockchain. By doing so, they were expanding the database and making it more valuable. blockchain.
They were not passive participants; they were essential to the system’s growth and integrity. By following the original protocol and contributing blocks, they helped shape the Bitcoin blockchain into what it became. This is why they have legitimate rights to the database, not just Satoshi Nakamoto alone.
The law recognises that those who make significant contributions to a database deserve legal protection for their investment, and this applies directly to the miners who played an active role in Bitcoin’s early development.
While the original miners hold database rights due to their investment in the system, these rights are not absolute.
Unlike Satoshi, who created the initial system and established its framework, the miners’ rights are conditional and based on the terms laid out in the original protocol.
Miners have the right to continue within the system, but this right is contingent upon their adherence to the original rules.
The doctrine of promissory estoppel provides a critical lens through which we can understand the relationship between Satoshi, the miners, and the immutability of the protocol.
Promissory estoppel, a principle in English contract law, arises when a party makes a promise upon which others rely, and it would be inequitable to allow the promisor to later go back on that promise. In this case, Satoshi Nakamoto’s declaration that “Bitcoin is set in stone” can be seen as a binding promise.
This statement sets a clear expectation: the protocol should remain fixed, and those participating in the system have a reasonable right to expect that the rules will not change.
The promise of immutability means that miners and other participants are not simply bound by their contributions but have the right to rely on the fact that the system will remain stable, and they can defend its original structure against any proposed changes.
The concept of promissory estoppel was developed in Central London Property Trust Ltd v High Trees House Ltd [1947] KB 130, where it was ruled that a promisor cannot go back on a promise if the other party has relied on it to their detriment.
Here, Satoshi’s statement regarding Bitcoin being “set in stone” functions as such a promise.
The miners, in relying on this assurance, have continued to build the system and extend the database. Any attempt by Satoshi or others to alter the core rules of Bitcoin would be subject to estoppel, as miners have invested time, effort, and resources based on the belief that the protocol will not change.
It’s important to note that this reliance is not blind loyalty, but a legal safeguard that ensures those upholding the original protocol are protected.
2/4
S. Tominaga AKA CSW
Oct 20, 2024
https://threadreaderapp.com/thread/1847793720776937525.html
https://t.me/S_Tominaga/1540
They were not passive participants; they were essential to the system’s growth and integrity. By following the original protocol and contributing blocks, they helped shape the Bitcoin blockchain into what it became. This is why they have legitimate rights to the database, not just Satoshi Nakamoto alone.
The law recognises that those who make significant contributions to a database deserve legal protection for their investment, and this applies directly to the miners who played an active role in Bitcoin’s early development.
While the original miners hold database rights due to their investment in the system, these rights are not absolute.
Unlike Satoshi, who created the initial system and established its framework, the miners’ rights are conditional and based on the terms laid out in the original protocol.
Miners have the right to continue within the system, but this right is contingent upon their adherence to the original rules.
The doctrine of promissory estoppel provides a critical lens through which we can understand the relationship between Satoshi, the miners, and the immutability of the protocol.
Promissory estoppel, a principle in English contract law, arises when a party makes a promise upon which others rely, and it would be inequitable to allow the promisor to later go back on that promise. In this case, Satoshi Nakamoto’s declaration that “Bitcoin is set in stone” can be seen as a binding promise.
This statement sets a clear expectation: the protocol should remain fixed, and those participating in the system have a reasonable right to expect that the rules will not change.
The promise of immutability means that miners and other participants are not simply bound by their contributions but have the right to rely on the fact that the system will remain stable, and they can defend its original structure against any proposed changes.
The concept of promissory estoppel was developed in Central London Property Trust Ltd v High Trees House Ltd [1947] KB 130, where it was ruled that a promisor cannot go back on a promise if the other party has relied on it to their detriment.
Here, Satoshi’s statement regarding Bitcoin being “set in stone” functions as such a promise.
The miners, in relying on this assurance, have continued to build the system and extend the database. Any attempt by Satoshi or others to alter the core rules of Bitcoin would be subject to estoppel, as miners have invested time, effort, and resources based on the belief that the protocol will not change.
It’s important to note that this reliance is not blind loyalty, but a legal safeguard that ensures those upholding the original protocol are protected.
2/4
S. Tominaga AKA CSW
Oct 20, 2024
https://threadreaderapp.com/thread/1847793720776937525.html
https://t.me/S_Tominaga/1540
Comments
Be the first to add a comment
Log in to comment