The Daily Decrypt began the week of January 18th, 2016, with an episode on Bitcoin Classic, a new Bitcoin variant that is gaining traction within the industry. Bitcoin Classic is proposing an increase in the block size from 1MB to 2MB. Many notable figures within the industry have thrown their support behind the variant, including mining pools like BitMain and BitFury, companies like Coinbase and Bitstamp, and notable personalities like Roger Ver. The variant is also being developed by some notable figures, including Gavin Andresen and Jeff Garzik. A voting section has been deployed to the variant’s homepage in an effort to bring some decentralized governance to the variant and its direction. The variant currently has just 8 nodes running its codebase, but that number is expected to increase as the code becomes more widely available. For more information or to get involved in the discussion, visit the Bitcoin Classic subreddit or request an invite to the Bitcoin Classic Slack team.
Tuesday’s episode taught us how to mine Ethereum on a Windows PC in 6 easy steps:
- Install geth – geth is the program that allows your computer to talk to the rest of the Ethereum network.
- Run geth – geth is launched via the command prompt. Upon launching geth, you will be prompted to select a passphrase for your account.
- Activate geth – an activation command is executed and the Ethereum blockchain begins to download.
- Get ethminer – download and install the Ethereum mining program.
- Configure ethminer – open a second command prompt you will use to configure your mining program.
- Start mining ETH – depending on whether you wish to mine with your GPU or CPU, different commands are used to start mining.
For more information, please visit CryptoCompare’s Ethereum mining guide.
On Wednesday, host Amanda sat down with us to offer some insight as to how she got interested in money, finance and ultimately cryptocurrency. She, like many others, became interested in learning about money and economics after the 2008 financial crisis in the United States. Her research ultimately led her to the Mises Institute, a notable organization promoting Austrian economics, where she learned that competition is healthy and a cornerstone of a free and evolving economy. Cryptocurrencies, Amanda believes, are significant because they are technologically superior to traditional fiat monetary systems and are creating fierce competition for fiat currencies and therefore fueling the evolution of our monetary systems.
Because governance and money are so heavily intertwined, Amanda believes that cryptocurrency technology is the future and that it has the power to empower us as individuals in the face of the broken economic and governance systems of today.
“If it were in any way possible to grant this right of self-determination to every individual person, it would have to be done. This is impracticable only because of compelling technical considerations, which make it necessary that a region is governed by a single administrative unit.” ~ Ludwig von Mises
Thursday’s episode was all about Dogecoin (DOGE). Dogecoin was launched in late 2013 in celebration of the popular Shiba Inu internet meme featuring comical broken English phrases in colorful comic sans font. The source of funding for Dogecoin development and the identity of its developers are unclear, yet development is ongoing with the last commit to its GitHub dated approximately 3 months ago.
At the time of publication, Dogecoin had the 6th largest market capitalization of just under $17 million. The currency is a fork of Luckycoin which was a fork of Litecoin and uses a Proof of Work Scrypt mining algorithm. There are currently 520 network nodes across the globe. There are currently approximately 103 billion Dogecoins in existence, with 10,000 new coins being created every minute. This inflation rate is set to continue indefinitely, which means that over 5 billion Dogecoins will be mined each year. This is why each Dogecoin is currently worth $.000163.
The Dogecoin community is perhaps its most powerful selling point. The community and its popular subreddit are known for being kind to each other, quite charitable, and excellent marketers. Dogecoin is undoubtedly the cryptocurrency of choice for those looking to be generous and have fun with their cryptocurrency.
The final episode of the week on Friday detailed DASH‘s recent feat of reaching consensus on a block size increase in less than 24 hours. The governance process in DASH is unique amongst cryptocurrencies and takes place in its ‘second tier’ where DASH’s master nodes put proposals to a vote. While nodes host a copy of the blockchain on their computer, master nodes provide additional services to the blockchain in exchange for compensation.
On January 18th, 2016, developer Evan Duffield submitted a proposal to DASH’s approximately 3500 master nodes seeking approval to double the block size limit. He stated that, in order for the proposal to pass, at least 33% of the master nodes would need to vote with a majority voting yes. The proposal did pass in less than 24 hours with just 4 no votes. The changes will be implemented in the next release.
This decentralized governance process in DASH is used for more than just development decisions. It has also been used to determine whether the block reward should be increased to pay for development or marketing. Anyone can submit a proposal to the DASH master nodes to get funding for any kind of DASH-related project. It costs 5 DASH to submit a proposal and those coins are burned and removed from circulation entirely.
DASH’s decentralized governance system is a great example of how other cryptocurrencies might structure their governance models into the future.
All episodes of The Daily Decrypt published to date can be found on their YouTube channel and weekly summaries will continue to be made available here at CORE Media.