Stephan Livera Podcast

Great Consensus Clean up, MEVil and LN isn’t dead - Steve Lee and Matt Corallo SLP565

Apr 18, 2024

Steve Lee and Matt Corallo of Spiral discuss the Great Consensus Clean Up in Bitcoin, MEVil, implications for miner centralisation, and address Lightning Network rumors. They highlight the importance of bug fixing, MEV concerns, and the continued relevance of Lightning Network in the Bitcoin ecosystem.

01:03:59

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Episode guests

Matt Corallo

Steve Lee

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Episode notes

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Quick takeaways

Fixing bugs with 'Great Consensus Cleanup' proposal improves Bitcoin's protocol reliability.

MEVel poses risks of miner centralization, emphasizing concerns over Minor Extractable Value dynamics.

Lightning Network offers faster and cheaper transactions, with Bolt 12 protocol aiming to enhance user experience.

Deep dives

The Great Consensus Cleanup Proposal

The podcast discusses the 'Great Consensus Cleanup' proposal by Matt Corallo from 2019, which aims to address significant bugs in Bitcoin. The proposal emphasizes the importance of fixing issues known for a long time but not previously prioritized. The discussion delves into the relevance of the proposal in the context of soft forks and potential improvements in Bitcoin's protocol.

Introduction

3min

The Great Consensus Cleanup in Bitcoin: Addressing Bugs and Vulnerabilities

18min

Exploring Minor Extractible Value (MEV) and Centralization Risks in Bitcoin and Ethereum Mining

11min

Discussion on Bitcoin sponsors and products

4min

Unpacking Miner Extracted Value and Rare Sets in the Mempool

9min

Exploring Out-of-Band Fees and MEV Concerns in Mining Pools

3min

Exploring the Current State of Lightning Network

11min

Exploring the Significance and Adoption Challenges of BOLT 12 in Bitcoin Payments

5min

Steve Lee and Matt Corallo of Spiral rejoin me on the show to talk about a range of topics. Firstly we discuss the Great Consensus Clean Up which relates to fixing some long standing bugs in Bitcoin. Secondly we talk about MEV and why it’s the wrong term, instead we should be talking about MEVil and the implications for Bitcoin miner centralisation. Finally we address the rumours of Lightning Network being dead or not useful.

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