Similar to other open source initiatives, the software that runs the Bitcoin network bitcoin mining for beginners 2015 ford managed and improved upon by a group of volunteer developers. In theory, the developers answer to Bitcoin users who choose whether or not to run a particular version of the Bitcoin software. In reality, majority mining power is what drives adoption of new versions of the Bitcoin software, taking the approval mechanism out of the hands bitcoin mining for beginners 2015 ford Bitcoin users and putting into the hands of the mining pools.
This Bitcoin development consensus mechanism provides lose oversight over the developers, but ultimately they have final control over what features they choose to add to the protocol. It was whatever Satoshi decided at the beginning. We had one source code. So, if I get hit by a bus, it would be clear that the project would go on. With other types of open source software, such as Linux, if users disagree with the path the developers take, they can take the code and fork it, adding whatever features they desire into their version.
Then users can choose which version of the software they would rather run. This forking mechanism is possible with Bitcoin as well, but since it is a financial network worth Billions, forking is a much riskier endeavor than with other open source projects. A two network situation would most likely not last longas one network should take bitcoin mining for beginners 2015 ford the other relatively quickly, but it is a less than ideal situation.
Put simply, if a Bitcoin fork can be avoided, then it should be. If you go back in history, it was really simple. We had one [pseudonymous] person who made all the decisions about what should Bitcoin be, how should it evolve, and what should it do. Gavin Andresen, Bitcoin Chief Scientist. As a result of perceived developer inaction, two main developers have chosen to create a fork of the Bitcoin software that implements an increase against the wishes of the majority of developers.
All the developers agree that the bitcoin mining for beginners 2015 ford of forking the main software is less than ideal, but where they disagree is that both sets of developers feel that they are acting in the best interests of Bitcoin users. As a result, the solution to this disagreement lies in the same principles that govern corporations, a vote by stakeholders weighted by their respective stakes.
Gavin Andresen - Bitcoin Chief Scientist. CryptoVoter is an open-source block chain voting client that enables Bitcoin users to place votes bitcoin mining for beginners 2015 ford based on how much bitcoin they own. CryptoVoter requires no changes to the existing Bitcoin codebase and can be implemented immediately. Voting requires no trusted third parties and is completely decentralized, allowing anybody to audit the voting results using a block chain explorer.
Vote results are non-binding so devs still have the ultimate say, but now everyone would objectively know coinholder sentiment. CryptoVoter enables Bitcoin users to vote on any topic based on the amount of bitcoin they own.
Specifically, the software will enable bitcoin owners to express their opinion on what course of action the developers should take regarding the current block size debate. This is comparable to shareholder voting in public companies, where shareholder votes are based on the number of shares owned by a particular individual. By shifting the concentration of power away from developers and mining pools, CryptoVoter hopes to empower Bitcoin holders and strengthen the blockchain along the way.
The company hopes that by releasing the voting client as open-source the community will join in testing and evaluating the voting client before the first Bitcoin vote is conducted to address any issues that may have slipped past them during alpha-testing. CryptoVoter will enable truly decentralized Bitcoin governance that will allow the network to grow over time and integrate new features.
Bitcoin strives to be a global independent currency and store of value, for it to succeed it will need a decentralized governance system where all stakeholders have a voice.
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