Is There A Solution To Bitcoin’s Governance Problem – Part 2
More on the governance problems faced by Bitcoin. What is Cryptovoter?
Continuing From The Earlier Post
Agreeing on the strategy of forking the main software developers believe it is less than ideal whereas they disagree that both sets of developers feel they are acting in the best interest of Bitcoin users and as a result, the solution to this disagreement lies in the same principles governing corporations, a vote by stakeholders weighted by their respective stakes. An open-source blockchain voting client Cryptovoter enables Bitcoin users to place votes transparently based on how much Bitcoin they own. Requiring no changes to the existing Bitcoin codebase, Cryptovoter can be implemented immediately.
Requiring no trusted third parties voting is completely decentralized allowing anybody to audit the voting results using a blockchain explorer. The voting results thereby are nonbinding so devs still have the ultimate say whereas now everyone would objectively know coin holder sentiment throughput the entire process a user’s Bitcoin remains fully under their control with private keys never leaving their local computer.
Why Do We Need Cryptovoter?
The fact that it is enabling Bitcoin users to vote on any of the topics based on the amount of Bitcoin they own, Cryptovoter is specifically the software enabling Bitcoin owners to express their opinion on what course of action the developers should be taking regarding the current block size debate. While this is surely comparable to shareholder voting in public companies the shareholder's votes are based on the number of shares owned by a particular individual in case the concept works for thousands of corporations worldwide and it should then work for Bitcoin’s governance.
According to Jim Joseph, the chief executive of Blockchain Innovation Labs, the current Bitcoin and crypto coin governance model emphasizes developer and mining pool consensus leaving Bitcoin holders out with no real say. He then goes on to say that they developed Cryptovoter thereby changing by giving Bitcoin holders a public voice in the development debates providing the mandate developers need to implement controversial changes shifting the concentration of power away from developers and mining pools, Cryptovoter is hoping to empower Bitcoin holders and strengthen the blockchain along the way.
The Future Of Cryptovoter And Bitcoin
It was then that they launched the Crypto voter’s voting client and code, it will certainly go through approximately a one month test period holding development votes on a smaller cryptocurrency’s blockchain before hosting the first Bitcoin block size-related vote. As the company hopes to release the voting client as open-source, it will be joining in testing and evaluating the voting client before the first Bitcoin vote conducted to address any issues that may have slipped past them during alpha testing. Enabling truly decentralized Bitcoin governance, Cryptovoter will allow the network to grow over time as well as integrate new features as Bitcoin strives to be a global independent currency and store of value and to succeed it needs a decentralized governance system where all stakeholders have a voice.
Continuing The Discussion
More ideas are going around other than Cryptovoter whereby the Bitcoin ecosystem comes as robust technology underlining the best coins ever mined. This helps Bitcoin miners to fork more coins and thereby bring to the forefront the new developments in the Bitcoin mining industry. This implies that the miners get a chance to experiment with the best and the worst while being a coin of promise. No matter where they are located, their decentralized nature helps them bring the best out of the coins in the market. The crypto market is booming with coins either developed on blockchain technology or forked from existing coins. This is exactly why experts are reckoning on the blockchain technology as a promise of the future.
While the next generation relies on a digital currency there is more than just a promise, whereas the global currency concept is gaining momentum and helping the countries speak one language when it comes to financial instruments. This helps the developers’ world over to the bank on a single coin easing the transaction process. When it comes to governance, the lack of a regulatory authority does help it gain popularity but also speculations from financial authorities regarding the credibility of the coins. This makes it difficult to be adopted by many governments that are skeptical about the adoption of digital currency.
The Final Words To Conclude The Discussion
The concept of digital currency was developed ages ago and the reason behind its failure is the speculation of traditional financial authorities who require governance in case of any kind of currency offering the same service as the fiat currency. So let’s keep the fingers crossed and watch the game.