In today's episode Steve Lee and Ren break down their latest research paper on Bitcoin's consensus mechanism and power dynamics. They analyze the six key stakeholder groups that influence Bitcoin's future and discuss why covenants could trigger the next major chain split. The conversation then explores the unique powers of self-custody Bitcoin holders, the growing influence of ETFs, and why application developers might push for contentious changes in 2025. Thanks for tuning in!

https://github.com/bitcoin-cap/bcap/blob/main/bcap_v1.0.pdf

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Explore the SKALE Ecosystem at skale.space/ecosystem and stay up to date with the gas-free blockchain on X at @skalenetwork

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It's time for an on chain Binance to emerge.

Magic Eden is getting into token trading and their vision is to become on chain Binance and then much more as the entire world ends up moving on chain

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The self-custody wallet that's built for swapping. Created for a multi-chain world by the most trusted team in DeFi.

Available on Chrome, iOS, and Android.

https://blckwrks.co/UniswapWallet

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$cmETH, a Mantle native liquid restaking token, will launch together with Season 2: Methamorphosis, allowing users to easily participate in restaking, and earn $COOK rewards in addition to other yields.

$COOK, the governance token of mETH Protocol, will allow holders to play a pivotal role in directing the strategic future of mETH Protocol.

Learn more: https://x.com/mETHProtocol

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Ledger, the world leader in digital asset security, proudly sponsors Empire podcast. Celebrating 10 years of protecting over 20% of the world’s crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today.

Buy now at Ledger.com

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Timestamps:

00:00 Introduction

02:58 Bitcoin's Block Size Wars

14:07 Bitcoin Consensus Overview

21:25 Stakeholders in Blockchains

51:24 Skale Ad

52:03 Magic Eden Ad

52:47 Uniswap Ad

53:19 Mantle Ad

54:13 Ledger Ad

54:56 Protocol vs App Devs

58:59 Who has the Power?

01:04:17 Value of Self Custody

01:09:45 Who Pushes for Changes?

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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Inside the Hidden Power Struggles of Bitcoin Upgrades | Steve Lee & Ren

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