To solve the problem of separation, bitcoin need to return to democracy
At first glance, bitcoin has experienced a very good year. After a crash, the price of digital currency in successive years of stagnation after more than $10000, a record high.
More than two years of infighting, so many companies, the global alliance for code and control of the bitcoin network speculators, invariably standing on the edge of mutiny. Basically, the bitcoin network is to slow speed mobile data, however, members of the community and can not reach agreement on how to solve the problem. Thus, a growing threat groups are trying to carve up the project. In other words, they are trying to bitcoin is divided into two separate digital currency.
This ongoing battle is not only the fatal defect of bitcoin, but also many other ideas based on block chain technical shortcomings, and this technology is contributed to the birth of bitcoin. Block chain is designed through the network machine, with no central control, security and transaction record operation. It does not need the government, the bank or the management of the company. Across Silicon Valley and other areas, many people think this is a great idea to greatly streamline the currency trading, it may even change the meaning of business. But at the same time, the dispersion of these projects is a burden, because the participants cannot easily change the underlying technology.
Another on the impact of the part is the etheric Fang (Ethereum) a group behind. After the error code theft by hackers, they carried out this project recently. This is their best choice. But bitcoin is now facing the same problem. This is a digital currency may eventually bring down the entire system defects.
But Catherine Bratman and Arthur are trying to eliminate this defect. They are building a new area like chain, which makes the stakeholders can change basic technology through an online voting system, and this system can according to the community will evolve. “If we have a way to deal with differences, let us move forward, then we will not see the collateral damage of bitcoin.” The 35 year old French financial traders, technical expert Arthur Brietman said, he worked at Morgan Stanley (Goldman Sachs) and other big banks for many years. “The biggest risk is that bitcoin community split. This will inevitably lead to the damage of the network. So we try to avoid this happening. “
This project may provide a better way to construct this system widely distributed, and the possibility of creating a new business. But it has also led to fundamental properties for these projects, especially the problem of the nature of democracy.
Brietmans is located in the Silicon Valley couple entrepreneurs. That is full of vitality, dreams, and sometimes even some strange young thinkers emerging community, the company is committed to create a block chain, they call their innovation for Tezos. In a laugh under the pseudonym LM Goodman (limited evidence shows that this is a mistake to estimate the founder of bitcoin news weekly reporter) behind, they released the first a description of the project in 2014. Now, since they are ready for the war announced bitcoin technology, it will have a new meaning.
In the bitcoin block chain, trading by large “miners” network to manipulate and record. These “miners”, it is a special machine to provide computing power for operation. Once the miners won bitcoins, they can begin to work. But Tezos does not work. It to the world and then sell tokens, token holders will help processing and record each transaction. In the record of each transfer, the system basically is to seek the help of the random token holder.
In addition, the holders of these tokens changes of the network itself can also put forward suggestions, and vote. The more tokens you have, you have the right to vote more. In other words, the token holder full control of the system. Therefore, Tezos has become a work of democracy. In this environment, everyone can vote results. Some strong “veterans” that can change the dynamic changes of Tezos block chain technology fundamentally, help the project closer to their pursuit of the the Peach Garden.
The first employee Olaf Carlson-Wee is Silicon Valley’s most important bitcoin company Coinbase said: “it is like American democracy, he invested to Tezos by hedge fund Polychain. “When you vote, even if the candidate did not win the game, you have to accept the Democratic action. When people participate in the Tezos network, they will accept the other token holders of democracy have the influence on the results of the activities. “
You can think of bitcoin itself is democracy. But the system running in a special way. Participants must run separate manual upgrade miners and other machine software program. This will lead you now see the digital currency type: people spend months, online and offline debate how to network evolution. Tezos eliminated the organization without struggle. The voting system Tezos, stakeholders can also change the voting system. “We must not be regarded as a management system,” Breitman said. “Each part of the system can be developed, including the management system itself”. He will be the self correction method and the amendment to the constitution, have to say this is another great idea for bitcoin dispute.
Once the Tezos starts to work, the chain effect may be huge. Like Ethereum, the Tezos data block chain is designed for the operation of “smart” contract, computer code generation online protocol can be used to guide the business and various other applications (for example, Ethereum is distributed to the super computer promotion of hedge fund).
Tezos can expand this growth trend. But it is also a new start for the invitation. Although Bitcoin and Ethereum are menacing, but Tezos in the code and agricultural companies to enter another block chain. Anyone can guess the outcome. Breitman and Ethereum believe that bitcoin is still relatively small. But in the next few years, the distributed network will significantly increase. “If compared with any other industry, the degree of their capital is very small, but the programming workload is still small.” Breitman said, “it’s still early in the game.”
In the next few weeks, Breitman and his company will keep this attitude in the test. First of all, they will launch a ICO (initial coin offering), which will each customer to buy digital tokens bound directly on the Tezos network. This product is now common practice in the block chain in the world, this is a new way to provide funding for the On-Line Company, is also a kind of new operation mode. Hold the token people really have the right to operate, and can control the operating characteristics, especially in Tezos.
However, the Breitmans and their ideal might be realized. Create a bitcoin alternative to the ZCash Zooko Wilcox said: “it will make a deep study of programming language theory.” “But this is just a test”. Of course, Wilcox will refer to DAO, the project is working on Ethereum to create an automated risk investment fund.
DAO is by far the largest scale of large-scale projects, but due to the existence of intelligent contract mistake, the company was hacked, and lost $50 million. The disaster eventually led to the splitting of Ethereum. “Imagine you have been upgraded to a wrong version,” he said, imagine the future potential of Tezos. “If this bug hinder future upgrades, then how to do?”
Brietman admits that his democratic system may be wrong. But he also pointed out that the same is true of any democratic system, including the American democracy. “Democracy is not necessarily to make good choices,” he said, “this decision is to avoid conflict.” Of course, there are other ways to avoid conflict, but in the Internet era, after the Trump era, is worth asking is whether the real democracy is the best way to solve the problem. Most does not always mean right. Our hope is that at least democracy benefits more than the problem.