by Vitalik Buterin on March 12, 2014
[…] Some people, initially including myself, are seeing this as a “changing of the guard” moment for the Bitcoin community, where it was amateur and badly managed services that were at fault for their own thefts and professionals would soon come in and take over. If this was a mere one or two thefts, then this would indeed be a reasonable, and fully satisfactory, explanation.
In reality, however, Bitcoin users and services are losing substantial sums of bitcoin every week, and without chargeback-like consumer protections there are several high-profile stories of companies particularly in the mining industry taking users’ bitcoins and only delivering a low-quality product several months too late, if at all. Given the sheer number of these cases, and the sheer difficulty that even highly competent individuals face trying to secure their funds, a large portion of the intelligentsia, and the press, is willing to pronounce Bitcoin 1.0 dead.
As it should be; Bitcoin 1.0 has been around for five years and given what we know now is already very much an outdated technology. Rather, now is the time for Bitcoin 1.5 to shine.
by Marie Dähnhardt
Keep in mind that the complexity of the subject makes a complete forecast impossible, which is why the text WILL contain errors. Nevertheless, the conclusions derived from this essay are likely to be correct. It might appear noncredible to the majority of its readers, especially those not familiar with the Austrian School of Economics and technological singularity. The developments to be depicted are inevitable. Only the result remains to be discovered. We’re free to choose between the total freedom of a voluntary (private law) society and a global totalitarian dictatorship, followed by worldwide chaos and the end of civilization itself. There is no third way left anymore. Lastly, I need to emphasize that this text does not endorse any form of violence or crime.
Human intellect used to be a gift of evolution, but these times are soon over. It will be upgraded, through technology. The point, at which artificial intelligence will be able to improve itself so rapidly, that no “normal” human would be able to catch up anymore, is called “technological singularity“. One of the most famous prophets of this event is Raymond Kurzweil, who has been commenting technological developments for ages and forecasted future developments quite accurately. He dates singularity for 2045. Other thinkers – leading experts in the technology field – estimate somewhat earlier or later, however, always before the end of the 21st century.
The emergence of DApps
A new model for building successful and massively scalable applications is emerging. Bitcoin led the way with its open-source, peer-to-peer nature, cryptographically-stored records (block chain), and limited number of tokens that power the use of its features. In the last year dozens of applications are adopting the Bitcoin model in order to succeed. Ethereum, Omni and the SAFE Network are just a few of those “decentralized applications” that use a variety of methods to operate. Some use their own block chain (Ethereum), some use existing blockchains and issue their own tokens (Omni Layer), and others operate at two layers above an existing block chain and issue their own tokens (SAFE Network).
This paper describes why decentralized applications have the potential to be immensely successful, how the different types of decentralized applications can be classified, and introduces terminology that aims to be accurate and helpful to the community. Finally, this paper postulates that these decentralized applications will some day surpass the world’s largest software corporations in utility, user-base, and network valuation due to their superior incentivization structure, flexibility, transparency, resiliency, and distributed nature.
BITNATION IS A COLLABORATIVE PLATFORM FOR DO-IT-YOURSELF GOVERNANCE
Bitnation provides the same services traditional governments provide, from dispute resolution and insurance to security and much more – but in a geographically unbound, decentralized, and voluntary way. Bitnation is powered by Bitcoin 2.0 blockchain technology – a cryptographically secured public ledger distributed amongst all of its users.
As we like to say – Bitnation: Blockchains, Not Borders.