Why the Jasper blockchain is significant
So much has already been achieved
Blockchains have shown we can decentralize the production of a currency, the validation of transactions, fund-raising, security, data storage and many aspects of governance. Our capacity as a community to mindfully re-invent commerce brings in to the open new economic and social development that will re-shape the world.
The politics of decentralization
At the heart of this reinvention is an intensely political concept, decentralization; the ability to distribute then verify transactions and trust. But there are counter-forces; short-term economic efficiencies which push for centralization. In some cases these undermine the original intention or desirable possibilities that were not originally intended.
Satoshi Nakamoto would turn in his fictitious grave at the current state of Bitcoin mining.
In a classic ‘tragedy of the commons’, proof-of-work Bitcoin miners act in self-interest, aggregating processing power in order to win the reward of minting coins, and in the process increase the possibility of a 51% attack and chew up ridiculous amounts of electricity. It puts Bitcoins in the hands of a small number of corporates who hold it as a store of value, preventing the widespread adoption necessary to properly establish a currency.
The eventual triumph of cryptocurrency will be that we learned to guide its development around the economic forces that press for special advantage.
One miner, one vote
What initially seemed like a sensible idea, ‘one CPU, one vote’ has led us to a processor-hungry competition consuming as much electricity as a small European country. Not acceptable. It has meant that coins can only be minted by those with substantial capital. Not acceptable. It has prevented cryptocurrency from becoming widely distributed and used. Not acceptable.
A robust and well-thought out round-robin mechanism can deliver the necessary mining decentralization. We have constructed such a mechanism and call it Proof of Grant. It does not require a constantly adjusting difficulty level and will not require ever-increasing amounts of processing power.
The algorithm ensures each participant mines as much as the next; in this respect is can be described as democratic. The identity of the node owner is verified, they are granted a lifetime licence and the system checks that the correct amount of time has elapsed, given the number of nodes in the network.
Transparency of the platform
The hidden identity and location of miners is a shadow over the crypto world. Of course, cryptographers are going to invent a system which favours anonymity, but anonymity runs counter to transparency.
Let’s just set the conditions for becoming a miner. Let’s ask for permission and prove existence. Jasper Foundation will provide a service in exchange for a licence fee, where the miner applicant is reviewed and their existence established. If they are bona fide, the Foundation will recommend JasperChain grants them an irrevocable licence for life.
A low electricity network is a high adoption network
Jasper will always be a low difficulty hash network. We see no need to waste power on the creation of digital currency. With a small computer, every user of the currency can be a miner of the currency. The wide distribution of mining is good for security but not only that. Cryptocurrency in the wallets of millions of consumers will prompt industry promotion which in turn will make mining more attractive. That cycle makes crypto a medium for everyday transactions.
Who is the mainstream?
All new platforms aspire to reach mainstream users. Nobody talks about mainstream miners. But the two are connected. Jasper’s intention is to offer microcomputers that are low cost miners. These micronodes, branded Jaspberry, will open up a new market for mining; the non-technical. When people connect to their WiFi, the device automatically registers on the JasperChain and starts mining. Users track their JasperCoin balance on the display.
So, why significant?
Fully realized, JasperChain will demonstrate that mining need not consume electricity at high levels and that our community acts responsibly in that respect. The democratization of mining, through the Proof of Grant algorithm and the Jaspberry will put JasperCoin in the hands of millions of people, eliminating a major barrier to the uptake of cryptocurrency.
These fundamental improvements will show that our community is not a slave to economic forces but the engineer of future prosperity.
Please stay tuned to more Jasper news, soon we will deliver the White Paper, ICO Roadmap, Technology details, and Business Planning to bring aboard Vertical Markets to the platform.