Topic: Crypto currency with no founder (Read 171 times)
I think you are right. With the change of rules of blockchain system, a complicated process started. Immutability is a feature that claims that blockchain technology is a public ledger which can never be changed. I think Bitcoin is a coin in the market that has the immutable feature.
Due to this I couldn't gather the courage to invest in cryptos other than Bitcoin which is really immutable. Though It does not depend on the ownership but according to experts sometimes immutability stops the developers from planting new upgrades and make changes according to the technological advancements. So, immutability remains as a myth in case of a lot of other coins.
Blockchain sholud remains immutable in all situations; if for some reason something need to be adjusted, it must be done following the blockchain protocol, not rewriting the past blocks.
Of course, cryptos are too new to manage long term troubles since those had not happened yet, and basically bitcoin was not developed to be as apopular as it is rigth now.
Of course, cryptos are too new to manage long term troubles since those had not happened yet, and basically bitcoin was not developed to be as apopular as it is rigth now.
Though there are lot of coins out there in the market that promises to be decentralized and immutable but in reality they are not totally immutable, the developers can make changes to them if they wish to. But, we also need to think about the cost of changing the ledger of a blockchain, other than a huge capital and expensive operation it is impossible to edit or change the records of a blockchain.
Zilliqa has been made immutable after the implementation of recent sharding technology to their coins. However, this remains a point of concern for all the crypto enthusiasts since these coins which are promising to be immutable or not changeable but there are loopholes that can be utilized to edit the records. This should be looked upon as soon as possible.
Both Brian Hatch and Frank Cardenas trust that advanced cash ought not to be totally restricted, but rather if this proposition is acknowledged, the following extortion turns into the most concerning issue.
everything has a founder nothing just appear just like that, cryptocurrency also have creators but yes because of something legal issues they couldn't come to the users but that never fall any impact on the market security or price
The main value of crypto currency is its immutability. Immutability, as it pertains to blockchains, is the idea that the public ledger can not be altered. This is an important trait for blockchains to have for several reasons:
1)The moment the rules of the protocol change for reasons outside of technical improvements, you open up pandora's box: Who's to determine what the criteria is for reversing transactions? Why does one situation fit but not another? Is there a difference between someone who had their coins stolen or sent to the wrong address? If not, how do they prove their LTC was stolen?
2)Without immutability, the blockchain itself is no longer a useful tool for verification because it's transactional history is subject to the community and/or developers. The reason for this is because those who break the rules will most likely break it again.
For example, in June 2016 after the DAO hack, the Ethereum community had a choice: 1) fork away the stolen coins 2) deal with the consequences of the fork remain immutable. The community split which ultimately created Ethereum Classic and Ethereum.
Fast forward a year and a half later and they are once again considering another fork to refund people their ETH. Not only that, EIP867 is a proposal to develop a standard to recover funds in the future. Therefore, they expect and are even preparing to optionally change a ledger which is supposed to be used to reliably record transactions.
3)It maintains fungibility. If a protocol were changed to suddenly "blacklist" LTC addresses because it is assumed those belonged to a thief, 1 LTC would no longer equal 1 LTC. 1 LTC would only equal 1 LTC as long as it's not associated with certain addresses.
4)It removes the "god-like" powers of developers. They are no longer able to determine the fate of the blockchain no matter what their intentions may be.
Currently, the only 2 coins i know that have immutability are Bitcoin & Monero, which coin do you know other than these two ?
What about the dogecoin? it should be included in your list consider that will not get the development anymore. The founder of dogecoin has decided to leave that coin and move to the another new coin and it has no developer to develop the dogecoin. It should be on our list,. 1)The moment the rules of the protocol change for reasons outside of technical improvements, you open up pandora's box: Who's to determine what the criteria is for reversing transactions? Why does one situation fit but not another? Is there a difference between someone who had their coins stolen or sent to the wrong address? If not, how do they prove their LTC was stolen?
2)Without immutability, the blockchain itself is no longer a useful tool for verification because it's transactional history is subject to the community and/or developers. The reason for this is because those who break the rules will most likely break it again.
For example, in June 2016 after the DAO hack, the Ethereum community had a choice: 1) fork away the stolen coins 2) deal with the consequences of the fork remain immutable. The community split which ultimately created Ethereum Classic and Ethereum.
Fast forward a year and a half later and they are once again considering another fork to refund people their ETH. Not only that, EIP867 is a proposal to develop a standard to recover funds in the future. Therefore, they expect and are even preparing to optionally change a ledger which is supposed to be used to reliably record transactions.
3)It maintains fungibility. If a protocol were changed to suddenly "blacklist" LTC addresses because it is assumed those belonged to a thief, 1 LTC would no longer equal 1 LTC. 1 LTC would only equal 1 LTC as long as it's not associated with certain addresses.
4)It removes the "god-like" powers of developers. They are no longer able to determine the fate of the blockchain no matter what their intentions may be.
Currently, the only 2 coins i know that have immutability are Bitcoin & Monero, which coin do you know other than these two ?
The main value of crypto currency is its immutability. Immutability, as it pertains to blockchains, is the idea that the public ledger can not be altered. This is an important trait for blockchains to have for several reasons:
1)The moment the rules of the protocol change for reasons outside of technical improvements, you open up pandora's box: Who's to determine what the criteria is for reversing transactions? Why does one situation fit but not another? Is there a difference between someone who had their coins stolen or sent to the wrong address? If not, how do they prove their LTC was stolen?
2)Without immutability, the blockchain itself is no longer a useful tool for verification because it's transactional history is subject to the community and/or developers. The reason for this is because those who break the rules will most likely break it again.
For example, in June 2016 after the DAO hack, the Ethereum community had a choice: 1) fork away the stolen coins 2) deal with the consequences of the fork remain immutable. The community split which ultimately created Ethereum Classic and Ethereum.
Fast forward a year and a half later and they are once again considering another fork to refund people their ETH. Not only that, EIP867 is a proposal to develop a standard to recover funds in the future. Therefore, they expect and are even preparing to optionally change a ledger which is supposed to be used to reliably record transactions.
3)It maintains fungibility. If a protocol were changed to suddenly "blacklist" LTC addresses because it is assumed those belonged to a thief, 1 LTC would no longer equal 1 LTC. 1 LTC would only equal 1 LTC as long as it's not associated with certain addresses.
4)It removes the "god-like" powers of developers. They are no longer able to determine the fate of the blockchain no matter what their intentions may be.
Currently, the only 2 coins i know that have immutability are Bitcoin & Monero, which coin do you know other than these two ?
1)The moment the rules of the protocol change for reasons outside of technical improvements, you open up pandora's box: Who's to determine what the criteria is for reversing transactions? Why does one situation fit but not another? Is there a difference between someone who had their coins stolen or sent to the wrong address? If not, how do they prove their LTC was stolen?
2)Without immutability, the blockchain itself is no longer a useful tool for verification because it's transactional history is subject to the community and/or developers. The reason for this is because those who break the rules will most likely break it again.
For example, in June 2016 after the DAO hack, the Ethereum community had a choice: 1) fork away the stolen coins 2) deal with the consequences of the fork remain immutable. The community split which ultimately created Ethereum Classic and Ethereum.
Fast forward a year and a half later and they are once again considering another fork to refund people their ETH. Not only that, EIP867 is a proposal to develop a standard to recover funds in the future. Therefore, they expect and are even preparing to optionally change a ledger which is supposed to be used to reliably record transactions.
3)It maintains fungibility. If a protocol were changed to suddenly "blacklist" LTC addresses because it is assumed those belonged to a thief, 1 LTC would no longer equal 1 LTC. 1 LTC would only equal 1 LTC as long as it's not associated with certain addresses.
4)It removes the "god-like" powers of developers. They are no longer able to determine the fate of the blockchain no matter what their intentions may be.
Currently, the only 2 coins i know that have immutability are Bitcoin & Monero, which coin do you know other than these two ?
The main advantages of crypto currency are its anonymity and transparency in the movement of funds. How can I personalize accounts without losing anonymity?
The instances cited for Ethereum and litecoin may have been valid at the time those decisions were made but they really messed with the fundamentals, it should been avoided to preserve immutability
Well for me I only know of bitcoin and the level blockchain technology has develop to the present time, people normally see new currency with no founder as a scam,In the past it was not like that, but things changed when some agreed and scam people started to use the means to scam people, so now it is norm for coins to have a team and office.
Founder is really not important and vital though; what matters is the purpose of the project
And whatever drives the project too
The people, the project, the token , the market and further developments are a reason for a successful projects
Let’s overcome the bearish moment
And whatever drives the project too
The people, the project, the token , the market and further developments are a reason for a successful projects
Let’s overcome the bearish moment
Cryptocurrency gives you full ownership of Bitcoin in your wallet. But in fiat currency bank can confiscated your total asset or currency at any time. So, cryptocurrency is the best.
If you allow the transaction on the blockchain, then it means that the bitcoin may be invisible in your wallet. And you have said about immutability, it is really important for the cryptocurrency.
You have said about immutability it is really important for the cryptocurrency. If you allow the possibility of a change in the transaction on the blockchain, then it means that the bitcoin may be invisible in your wallet. Cryptocurrency gives you full ownership of Bitcoin. then you can confiscate your property.
Probably you should change the tittle of the topic since it does not match the content and you are touching in something that is really important, immutability is key and without it there are no cryptocurrencies, if we allow the possibility of changing the blockchain and chargeback confirmed transactions then this means that the bitcoin in your wallet could disappear and this touches another characteristic of crypto which is full ownership of your coins, something not possible with fiat since your assets can be confiscated by banks at any moment they want.
The main value of crypto currency is its immutability. Immutability, as it pertains to blockchains, is the idea that the public ledger can not be altered. This is an important trait for blockchains to have for several reasons:
1)The moment the rules of the protocol change for reasons outside of technical improvements, you open up pandora's box: Who's to determine what the criteria is for reversing transactions? Why does one situation fit but not another? Is there a difference between someone who had their coins stolen or sent to the wrong address? If not, how do they prove their LTC was stolen?
2)Without immutability, the blockchain itself is no longer a useful tool for verification because it's transactional history is subject to the community and/or developers. The reason for this is because those who break the rules will most likely break it again.
For example, in June 2016 after the DAO hack, the Ethereum community had a choice: 1) fork away the stolen coins 2) deal with the consequences of the fork remain immutable. The community split which ultimately created Ethereum Classic and Ethereum.
Fast forward a year and a half later and they are once again considering another fork to refund people their ETH. Not only that, EIP867 is a proposal to develop a standard to recover funds in the future. Therefore, they expect and are even preparing to optionally change a ledger which is supposed to be used to reliably record transactions.
3)It maintains fungibility. If a protocol were changed to suddenly "blacklist" LTC addresses because it is assumed those belonged to a thief, 1 LTC would no longer equal 1 LTC. 1 LTC would only equal 1 LTC as long as it's not associated with certain addresses.
4)It removes the "god-like" powers of developers. They are no longer able to determine the fate of the blockchain no matter what their intentions may be.
Currently, the only 2 coins i know that have immutability are Bitcoin & Monero, which coin do you know other than these two ?
1)The moment the rules of the protocol change for reasons outside of technical improvements, you open up pandora's box: Who's to determine what the criteria is for reversing transactions? Why does one situation fit but not another? Is there a difference between someone who had their coins stolen or sent to the wrong address? If not, how do they prove their LTC was stolen?
2)Without immutability, the blockchain itself is no longer a useful tool for verification because it's transactional history is subject to the community and/or developers. The reason for this is because those who break the rules will most likely break it again.
For example, in June 2016 after the DAO hack, the Ethereum community had a choice: 1) fork away the stolen coins 2) deal with the consequences of the fork remain immutable. The community split which ultimately created Ethereum Classic and Ethereum.
Fast forward a year and a half later and they are once again considering another fork to refund people their ETH. Not only that, EIP867 is a proposal to develop a standard to recover funds in the future. Therefore, they expect and are even preparing to optionally change a ledger which is supposed to be used to reliably record transactions.
3)It maintains fungibility. If a protocol were changed to suddenly "blacklist" LTC addresses because it is assumed those belonged to a thief, 1 LTC would no longer equal 1 LTC. 1 LTC would only equal 1 LTC as long as it's not associated with certain addresses.
4)It removes the "god-like" powers of developers. They are no longer able to determine the fate of the blockchain no matter what their intentions may be.
Currently, the only 2 coins i know that have immutability are Bitcoin & Monero, which coin do you know other than these two ?
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