The following will be one of the biggest news of the year: Coingeek Funds Terabyte Block Initiative for Bitcoin Cash With 3.6M Euro.
Why? Because it means that cryptocurrencies, and Bitcoin Cash in this particular case, are ready to acquire a great deal of users. Scalability problems are a matter of the past. This means also that developing innovations are going to include all those people wishful for emancipate themselves from the common means of payment. Can you imagine it? A world without those third parties whose function is made possible by government privileges. Yesterday we didn’t know how to get rid of them, today we know. You see, cryptocurrency applications don’t include only money. There are other fields in which they could be useful.
For example, notary. Everybody that needed to resort to notary services knows how costly they are. No more with cryptocurrencies, and in this particular case with Bitcoin Cash. All is needed is to hash a file on the blockchain. In this way it is possible to demonstrate its possession in a certain moment in time. Let’s speculate that a musician wants to prove the possession of his/her songs. Instead of using a common notary service, he/she can use one based on Bitcoin Cash blockchain. This service hashes on the blockchain his/her file and in this manner the author can prove his/her possession at a certain time.
Another example is sale contracts. Jones wants to sold his house to Smith. They can generate a multi-signature transaction that contains the sale contract hash. Without the signature of both, unequivocally traceable to them, the transaction is not valid. You can also include a deadline by which the transaction must be published to be valid. Everything that is done by a notary can be done more easily and at a lower cost on the blockchain.
As it happened in 2013, when Buterin failed to gain agreement on proposing a development of a new platform with a more general scripting language (afterwards giving birth to Ethereum), Bitcoin Cash exploits the permissionless innovation inside the cryptocurrencies world. It forked from Bitcoin Core and now its team is trying to shape those projects that thinks will satisfy users needs. The more they will be satisfied, the more Bitcoin Cash will gain adoption and market share. For this reason, smart contracts are on the way. For this reason, block size will be increased.
Is this a paradigm shift? Not quite. This is the famous “consent by the people” that many times we heard of. A real one this time. This is the kantian fulfillment of what he called a “fully valid ownership”. In Metaphysics of Morals he states: “ [T]he rational title of acquisition can lie only in the idea of a will of all united a priori (necessarily to be united). . . .” However, Kant posits an ‘in-between’ type of ownership: provisional acquisition. One can provisionally acquire goods from nature without the consent of others, so long as one aims to achieve this consent as soon as possible.
Blockchain technology is a “categorical imperative” that fully entitle people of their private propriety without the authority of a state to grant them. After a long struggle, we demolished at last the infamous wishful thinking “The state is us.” Instead, free market is us.
