A New Form of Governance
What the blockchain is doing is nothing short of revolutionary. More than the global purchasing power it creates for millions of people around the world, it has given everyone a voice. Bitcoin at its very core is decentralized and trustless.
Extremely wary of giving away an individuals power to any one controlling figure; determined to make sure every individual has a say in a system that the world has never seen.
Democracy
We have all been taught that the best system of governance is a Democracy because everyone votes, and majority rules. But this is not true. The very circumstances Democracy created give credence to doubt in this system; where a small group of white males who owned land, slaves, and women, decided what was best for thousands of people that had no say in any governance that happened to them. Today in the U.S., rampant corruption by politicians, big banks, and our own president makes the notion that the people have a voice laughable.
We need change
Hierarchal based leadership has failed us. Bitcoin’s decentralization and consensus rules are a complete divergence from the norm and it may be exactly what we need. In order to create change within the blockchain, a supermajority of the five major groups must be in agreement. If you have ever used a bitcoin in anyway you already belong to one of these groups.
Five major groups
- Miners
- Users
- Exchanges
- Developers
- Merchants
If you want to change anything in the blockchain you need at the very least three of these groups on your side. Four are recommended. — Supermajority
Because of this, no one group could ever try to take over the system or stigmatize another group. Everyone has equal power.
This way all changes done to the blockchain are for the betterment of everyone.
Proof of work
Because of Bitcoin’s consensus rules we have a system that gives everyone a voice, is decentralized, and trustless. But what is a trustless system? On the block chain it means that our ability to trust doesn’t rely on some third party to hold your money and can play with it any way they see fit. Now we have full control.
The blockchain accomplishes this by Proof of Work. The entire ledger of Bitcoin is very public and available for everyone to see. Every transaction is verified by the entire network and established to persist in the future.
The Puzzle
Picture all of the constituencies building a single puzzle. And every few hours this puzzle needs to come together but it has a missing piece. Through consensus with all of the constituencies the missing piece if filled. We call this proof of work.
Conclusion
With this new form of governance we all have control, and we all govern each other. It is a system where we all have the power, and we all are held accountable to making this system succeed. It goes against every system of governance we’ve ever had and it’s exactly what we need.
References
https://www.youtube.com/watch?v=TC3Hq76UT5g
https://www.youtube.com/watch?v=Jc7mrR6AAto
