The main advances over BTC in MC2 are 51% attack-resistance, less blockchain bloat, and a democratic system of altering certain parameters; is that correct?
The democratic aspect worries me a bit. I'm not so impressed with the results of democracy in the real world, where it appears that democracies are susceptible to hijacking by wealthy factions, who then alter the laws to favor themselves. Eventually these factions make themselves into oligarchs. Isn't it better to have a philosopher-king dev who is committed and incentivized to "do the right thing" vis a vis the coin?
The democratic aspect worries me a bit. I'm not so impressed with the results of democracy in the real world, where it appears that democracies are susceptible to hijacking by wealthy factions, who then alter the laws to favor themselves. Eventually these factions make themselves into oligarchs. Isn't it better to have a philosopher-king dev who is committed and incentivized to "do the right thing" vis a vis the coin?
Voting by stakeholder for anything aside from voting on PoW will be unspecified from my prototype, I'm just laying the groundwork for the voting.
Update:
- Core consensus code for the PoW/PoS completed but virtually untested
- Auxiliary database code completed
- Supporting RPC calls at about 50% complete
- Simulation network for testing about 50% complete
- Test coverage approx. 15-20%
- New difficulty algorithm for PoS system
Will be moving onto simulation network testing this month, progress is more or less on time.
