Author
Andy Watson
Please check out latest news, expert comments and industry insights from Coinspeaker's contributors.
The importance of a mission statement when starting a business is impossible to overrate. Whenever an entrepreneur, be he an aspiring hot dog vendor or a Silicon Valley tycoon wannabe, no VC or bank will credit an enterprise without a clearly defined set of values that a business vows to uphold and protect.
The Blockchain Technology Foundation is the institution that is going to be doing just that for the entire space – uphold and protect the rights, widen perspective, provide guidance, assistance, and grants. In other words, bring order into an otherwise highly volatile environment.
A blockchain is decentralized by design. Rather than being an appointed authority, it’s a living organism of those, who are here to disrupt the modus operandi of the today’s economy. The Bitcoin and other crypto were supposed to have given those people an incentive to go out of their way and create a common economy and common future for us all. Unfortunately, Bitcoin is failing.
As disconcerting as it may seem to the majority of the cryptocurrency enthusiasts and the blockchain technology proponents, the idea of a multi-billion dollar decentralized industry run by a stray piece of software is, well, a scary one. It’s heartbreaking to watch the global community of the blockchain enthusiasts combing through hundreds of blogs, throwing accusations at each other in search of a party to blame for any malpractice on a given blockchain.
Whenever the code for whatever reasons needs to be altered, the entire space, seemingly, raises up to the occasion, which most of the time turns into months wasted on discussing an unattributed online proposal. There’s never a strong consensus, sides to a conflict appear irreconcilable, the implementation of the changes is slow, painful, costly.
Not only this should be addressed, it can and must be. The Blockchain Technology Foundation and the members of our community will dedicate every effort to showing to the rest of the space the difference between having Authority and creating Order; to bring order into a process making it run smoothly with good results in a short period, there doesn’t have to be a designated authority! We can all unite around an idea and elect representatives to carry that idea into masses.
Ours is a daunting task of creating a social equilibrium in an otherwise poorly conceived and ill-defined environment. The blockchain community is not constrained by rules other than those in the Satoshi paper, where the ephemeral Creator postulated that “…once version 0.1 was released, the core design was set in stone for the rest of its lifetime.” That line alone has given the blockchain community more grief than the infamous SEC ruling of July 25, 2017.
Scattered and disconnected from each other, the various investors, stakeholders, and cryptocurrency entrepreneurs have spent an enormous amount of precious time and resources figuring out ways of improving the Bitcoin’s transaction throughput. The result was a catastrophic offshoot of multiple blockchains and thousands of discouraged former adherents of the blockchain technology.
The BCTF invites you to be a part of creating new mechanisms for reconciliation and progress on the blockchain. Even though the modified protocols for on-chain voting are an improvement, the strategy is still wrong. We have to rewire and reboot the entire system. We must rethink the approach to crowdfunding, software developers’ contributions, and change rules for prediction markets forever. In other words, the Blockchain Technology Foundation is creating an entirely new form of collective online presence – Associated Governance. After all, in a world, where the digital money can scale globally in less than a decade, it’s the only feasible way of creating a real community.
Remember, though, that coordination does not entail collusion. There are hundreds of thousands of untrained cryptocurrency investors out there, who once mistook anarchy for the absence of human arbitration and paid dearly for it. The only valid response to this situation is the creation of an educational, promotional, and financial hub for everyone, who is ready to unite around the Blockchain Technology Foundation.
The practical reasons for the BCTF leading the charge on the blockchain technology throughout the world are apparent. The common misconception in cyberspace is that with a loss of one disciple, the next one comes along very easily and soon. The reality, however, is different. The more frantic the movements on a blockchain get, the lower is the exit cost for a former blockchain evangelist-turn well-paid programmer on the mainline.
That’s the reason why we seldom leave our homes; in the analog life, there has to be a significant reason for us to rethink our ways and a place of residence. Not on the blockchain where a single fork can make or break the entire communities of true believers. The BCTF is going to pay close attention to that circumstance providing the disgruntled former blockchain enthusiasts with additional training, employment opportunities, compensation of losses, and an executable vision for the future of the blockchain.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
