The MIT Technology Review at the Massachusetts Institute of Technology (MIT) published an article titled "Let's Destroy Bitcoin," which describes three ways to eliminate the most popular crypto currency.
State crypto-currencies
The first is to create the so-called fedcoin (Fedcoin, federal coin): the national digital currency on the basis of the Federal Reserve System (FRS).
"It's like paying taxes without filling in declarations - a special algorithm writes off the necessary amount from your electronic wallet in fedkoins," the authors of the article say.
In the Fedcine blockade, authorized nodes will be certified, trusted financial institutions, which will replace the model of P2P networks.
This concept was presented by the FRS researcher in St. Louis David Andolfatto and supplemented by Bachelor of Yale University Sahil Gupta. In the opinion of the Yale graduate, the digital currency of the central bank will allow the payment network based on the block account to be much more efficient and faster, and also to save considerably. The article also notes that the Bank of Canada built an imitation of such a system on the basis of the Etherium in 2016.
Crypto currency of popular social networks
The second way suggests issuing your own crypto currency or creating a bitcoin-purse for every user of the largest social networks in the world - Facebook and Telegram.
"If they convince most of the users of bitcoin and miners to use their blockrooms, they will be able to establish rules that will turn bitcoin into a corporate version of fedcoin," the article says.
Niche Crypto-Currency
The third way to make bitcoin irrelevant is to create a lot of new crypto currency for each product or service.
"You are at the grocery store. In the digital purse of your phone you will find not only Fedcoin and Facebook Coin, but also AppleCash, ToyotaCash and coins, which this particular store uses. There will be a coin, which you can pay for certain types of services, for example, the metro ", - the researchers write.
According to MIT Technology Review, this option is already being implemented, as companies create their own coins or tokens that will be used only for their services, for example ICO Kodak, which issued its own token-share for the licensing of photographs.
In this case, the obvious advantage of bitcoin will be the anonymity and impossibility of censorship, although, according to Edward Snowden, the US National Security Agency (ANB) has long been monitoring the users of bitcoin.
The authors of the article insist that if in the future the crypto currency is used universally, it is the masses, and not the pioneers of bitcoin, that will determine the viability of the first crypto currency and modify the idea of Satoshi Nakamoto.
State crypto-currencies
The first is to create the so-called fedcoin (Fedcoin, federal coin): the national digital currency on the basis of the Federal Reserve System (FRS).
"It's like paying taxes without filling in declarations - a special algorithm writes off the necessary amount from your electronic wallet in fedkoins," the authors of the article say.
In the Fedcine blockade, authorized nodes will be certified, trusted financial institutions, which will replace the model of P2P networks.
This concept was presented by the FRS researcher in St. Louis David Andolfatto and supplemented by Bachelor of Yale University Sahil Gupta. In the opinion of the Yale graduate, the digital currency of the central bank will allow the payment network based on the block account to be much more efficient and faster, and also to save considerably. The article also notes that the Bank of Canada built an imitation of such a system on the basis of the Etherium in 2016.
Crypto currency of popular social networks
The second way suggests issuing your own crypto currency or creating a bitcoin-purse for every user of the largest social networks in the world - Facebook and Telegram.
"If they convince most of the users of bitcoin and miners to use their blockrooms, they will be able to establish rules that will turn bitcoin into a corporate version of fedcoin," the article says.
Niche Crypto-Currency
The third way to make bitcoin irrelevant is to create a lot of new crypto currency for each product or service.
"You are at the grocery store. In the digital purse of your phone you will find not only Fedcoin and Facebook Coin, but also AppleCash, ToyotaCash and coins, which this particular store uses. There will be a coin, which you can pay for certain types of services, for example, the metro ", - the researchers write.
According to MIT Technology Review, this option is already being implemented, as companies create their own coins or tokens that will be used only for their services, for example ICO Kodak, which issued its own token-share for the licensing of photographs.
In this case, the obvious advantage of bitcoin will be the anonymity and impossibility of censorship, although, according to Edward Snowden, the US National Security Agency (ANB) has long been monitoring the users of bitcoin.
The authors of the article insist that if in the future the crypto currency is used universally, it is the masses, and not the pioneers of bitcoin, that will determine the viability of the first crypto currency and modify the idea of Satoshi Nakamoto.
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