Debate about Bitcoin Scalability has been the Hottest Topic these Days. Undoubtedly, The Biggest Challenge for this Block-chain Technology is Protocol Governance.
Coin-Voting Schemes are among the Solutions proposed. In this, Bitcoin User can Vote on Potential Protocol Changes using their Bitcoins.
Solution Implementation:
Bitcoincracy:
In this Method, A person holding Bitcoins can sign a message using associated private keys. This message behaves like a Vote and all Votes are finally Verified. This is One-Coin-One-Vote type of Voting System where every equals to an owner of bitcoin.
Drawbacks of Bitcoincracy:
- It doesn't cost anything to Vote,
- It is not Reliable.
- Exchanges, Hosted Wallets, Bitcoin Users have unequal Voting Power. For Eg. An Exchange might also Vote on behalf of their Customers by Providing Incentives.
HODL.voting:
It is developed by Bitrated CEO Nadav Ivgi. In this method of implementation, Bitcoin Users need to Lock Up their Bitcoins for Specific Period, hence Losing Access for some Time.
This means, Voters will not be able to Use their Bitcoins Tempororaily. Longer A Person wills to Lose this Access, More the Weightage alotted to the Vote.
Hence, A Vote is assigned Weight with respect to:
- Amount of Bitcoins Time Locked,
- Duration of Lock Period.
Working of HODL.voting:
CheckSequenceVerify ( CSV) is the Feature used in HODL.voting. This feature has already been Added to Bitcoin Protocol, almost 1 year back.
What is CSV?
It lets Users Lock Bitcoins in Bitcoin Blockchain. The relative Transaction will Turn valid only after a certain period in Future.
The transaction for locking the bitcoins with CSV can be created using HODL.voting website.
Weakness:
Person/Authority controlling website can fuzz the visible score or the final result.
Features:
- This methods helps in achieving Reliable Signaling.
- It Attaches Real Cost to Voting.
- Honest Platform - Any person can verify that votes are legitimate or not .
Bitcoin Price in Last 30 Days:
- Lowest Price in 3 Months: 2343.96 USD.
- Highest Price in 3 Months: 3018.10 USD.
- Price Today: 2343.96 USD.
Other Insights:
Hashing Algorithm: SHA-256.
Market Cap of $38,536,884,523.86. Huge, isn't it?
Official Page: http://www.bitcoin.org
Facebook Likes: 32645
Twitter Followers: 231368
Reddit Subscribers: 257331.0
Average Users Online at any point of Time: 3170.0 i.e. Huge. Right?
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