Requirements for Self-Sustainable Blockchain, Part 3

New York University economics professor and leading Bitcoin skeptic, Nouriel “Dr. Doom” Roubini, has repeatedly issued pessimistic warnings about cryptocurrency on twitter [1]. On October 11th, he spoke at a hearing at the U.S. Senate on cryptocurrency, claiming that the crypto market is having a meltdown: the major cryptocurrencies such as Bitcoin, Ethereum, and Ripple have depreciated 70–85% since the beginning of the year, and thousands of “shitcoin” have dropped by 95–99%.

The cryptocurrency industry may be turning a blind eye to him, but I think his argument is somewhat reasonable. His argument coincides with the Nicolas Courtois’ concerns in “the Self-destruction of Cryptocurrencies” written in 2014 [2]. What they see is that nearly all cryptocurrencies at this point in time are designed to be self-destructive.

In regards to this, although I have already addressed self-destruction at the international conference held on September 18th(https://bit.ly/2OwJs4O) [3] and written on the ICON debate in two previous blog posts, it is apparent in subsequent discussions that many still undermine the idea of self-destruction[4],[5]. In other words, as the idea of decentralization gets damaged, all sorts of problems arise, such as internal hacking and abuse from those who are dissatisfied with the unequal concentration of wealth (only the rich get richer). This is why blockchain and cryptocurrencies inevitably have self-destructive properties and why there’s concern for its harm to crypto investors.

So, in order to solve the structural problems of existing blockchain cryptocurrencies and become a secure technology in the future, “self-sustainability” should be a key issue in the blockchain industry. Instead of undermining the concept of decentralization under the pretext of improving performance, technology should develop in a way that strengthens decentralization and contributes to making a healthier ecosystem.

To this end, the EcoVerse™ project team, as led by the author, has identified 3 problems to be solved and 3 future challenges:

○ 3 Major Problems of Existing Blockchains
 ▶ Poor commercial processing
 ▶ The unfair distribution of wealth
 ▶ Damage to decentralized ideology

○ Top 3 Challenges for the Future
 ▶ Establishing an environment for the daily use of cryptocurrency
 ▶ Complimentary, mutual support and balanced growth for the dApp ecosystem
 ▶ Implementation of self-sustainable governance and mechanisms

First, the 3 major problems of existing blockchains, including the lack of commercial processing capability, the unfair distribution of wealth, and the damage of decentralized ideology are not independent but interconnected. To solve these issues, unlike existing projects that have failed to solve these problems by separating technologies and governance, the EcoVerse team has integrated block creation, verification framework, and network architecture for performance enhancement and decentralized governance [6].

We call this new methodology AI-DPoC (Artificial Intelligence-Delegated Proof of Contribution). We have also developed an ecosystem mechanism design model called CONFIRM™ to achieve our goals for the future. EcoVerse™ blockchain platform is the first project to do what the other leading projects have not: to implement “self-sustainability” using two new approaches, AI-DPoC™ and CONFIRM™.

The next post will explain how EcoVerse™’s unique methodology of AI-DPoC can solve the 3 problems of current blockchain.

PS. This article is Part 3 because the previous articles are written in Korean. I will post at least the Part 2 very shortly.

References

1.Forbes. Economist Nouriel Roubini Says ‘Blockchain Is Useless, All ICOs Are Scams’ https://bit.ly/2DYNRYK

2. Nicolas T. Courtois. “On The Longest Chain Rule and Programmed Self-Destruction of Crypto Currencies”, https://arxiv.org/abs/1405.0534

3. Youngwhan Lee. Sustainability and EcoVerse’s Challenge. Self-Sustainable Blockchain International Conference Fall 2018.

4. Youngwhan Lee. Requirements for Self-Sustainable Blockchain-1. https://bit.ly/2pK2RAk

5. Youngwhan Lee. Requirements for Self-Sustainable Blockchain-2. https://bit.ly/2CHtX3C

6. EcoVerse homepage. https://ecoverseglobal.io/

This article has been translated from its original Korean text, viewable on Steemit: https://steemit.com/ecoverse/@nicklee002/3