Bitcoin's Unlimited Potential Lies in Its Apolitical Core

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At the centre of the controversy is a mix of issues that surprisingly lend themselves to Blockchain technology - the newest technology on the planet. As previously discussed, Blockchain is the underlying technology behind the more commonly known cryptocurrency known as Bitcoin. Essentially they wanted a currency that is not controlled in the traditional way through centralised institutions like central banks.

Central banks exist because the users trust them to print reliable currencies. Commercial banks trust them as a central clearing house for customer cheques and transactions.

Central banks therefore must be trusted and are the only entities that have the holistic view of all the money supply in the market — both real and fake money. However, some central banks have been known to be unreliable, and they print fake money, or they occasionally rig the money supply to favour some interested big players. How do you deal with a centralised money system that has lost trust or credibility?

Bitcoin was born out of this question and it used Blockchain technology to essentially transfer trust away from a centralised system into a distributed or decentralised system. Through acts of negligence, omission or commission, the Independent Electoral and Boundaries Commission IEBC now finds itself with a huge deficit of trust.

Despite spending billions in technology, they were unable to convince the Supreme Court and a good chunk of Kenyans that the electronic figures posted as final presidential results were credible. But what if each party sent in their worst cybercriminals, commonly known as hackers, into those server rooms? Would that make the presidential results more acceptable and credible during the election rerun? There are no simple answers to the trust problem currently bedevilling the IEBC.

However, Blockchain technology was built and anchored to work specifically within such an environment. Such an environment has players and actors with zero trust in each other, zero trust in the central agency and zero trust in the records generated by their activities.

It's a bit too late too implement for the rerun election, but we hope that bythe IEBC electoral software would be based on Blockchain technology. Voters would have an IEBC mobile application that allows them to electronically vote for their candidates through their mobile phone upon authentication. However, unlike the currently available mobile voting systems, the Blockchain version would not record the vote until it has been verified through the in-built, distributed, cryptographic trust system.

Once the vote has been automatically cross-checked and accepted into the voting Blockchain, any peer or voter can actually confirm its validity — without necessarily knowing whom you voted for. That is why the Blockchain database is also called a public ledger. Whatever goes into it is instantly and openly available for scrutiny, without the need for a Supreme Court order. Does it mean we do not need the IEBC commissioners and secretariat after implementing Blockchain voting systems?

We will still need them to oversee the infrastructure. However, we will not need them to tell us who has won, since we will be able to tell directly from our handset as we directly access the Blockchain voting database.

We will also do away with voting queues and the massive amounts of personnel and logistics that go into manning the 40,plus polling stations. The ceremonial Bomas of Kenya gathering and its accompanying drama will also become obsolete, since the so-called national tallying centre will be right on our handsets. It may sound futuristic and science fiction-like, but for the small country of Estoniathis type of voting is becoming more of the norm than the exception.

We should join them. It's a bit too late to implement for the re-run election, but we hope that byIEBC electoral software would be based on Blockchain technology. Nurses react Commotion rocks legislative summit Tobiko extends logging ban Man in court for impersonating a veterinary surgeon.

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I am a miner in the cryptocurrency universe since late I have discovered steemit lately so i would like to share a thought regarding the BTC price, so i can get your feedback on the matter. A gentle reminder on how market capacity is calculated:. The main problem i see with the bitcoin price, is that it uses the Circulating Supply which is based on the Bitcoin algorithm that will generate bitcoins until it gets to BTC units. One of the most famous story is the one from that guy throwing his former laptop with 4 millions pounds worth of BTC on it: It sounds like a worst case scenario, but i don't think it is.

New cryptocurrencies are not that much impacted with 'destroyed coins' but stories of lost coins are still a thing, like Quadriga that sent ETH into a black hole lately [Reddit]. The new circulating supply would be: The price of a single bitcoin is underpriced, because there are less BTC in circulation than thought:. All those calculations were based on cryptomarketcap.

I think you are not very far off. I would assume it would only get worse as time went on too. Today is not the last day someone, somehow, will lose BTC. Upvoted and welcome to the platform! Does that mean that one day in the future if we use the same rate of loss as we currently estimate, most bitcoin will be lost forever?

You could forget to backup them or lost them without a second thought, not a big deal The bitcoin "issue" is that most of the actual circulating BTC were generated in the early years, and during those years, people were not cautious about something that was worthless. This is so true, and one of the reasons I have such faith in bitcoin and have no problems with 4k or even 5k bitcoin in shorter perspective. You have completed some achievement on Steemit and have been rewarded with new badge s:.

Award for the number of upvotes received. Click on any badge to view your own Board of Honnor on SteemitBoard. For more information about SteemitBoard, click here. If you no longer want to receive notifications, reply to this comment with the word STOP. By upvoting this notification, you can help all Steemit users.

Thanks for bringing this to our attention. The biggest group of uneducated investors in mankind get's a shot to determine the price of a crypto. It's an interesting world we live in. Does anyone know about: Sorted by team, product, company, advisors, previous investors, etc.

Hi, I am a miner in the cryptocurrency universe since late A gentle reminder on how market capacity is calculated: Bitcoin Circulating Supply The main problem i see with the bitcoin price, is that it uses the Circulating Supply which is based on the Bitcoin algorithm that will generate bitcoins until it gets to BTC units. BTC is underpriced The price of a single bitcoin is underpriced, because there are less BTC in circulation than thought: The price of a single BTC should be between: Authors get paid when people like you upvote their post.

You have completed some achievement on Steemit and have been rewarded with new badge s: Award for the number of upvotes received Click on any badge to view your own Board of Honnor on SteemitBoard.

For more information about SteemitBoard, click here If you no longer want to receive notifications, reply to this comment with the word STOP By upvoting this notification, you can help all Steemit users.