Friday, July 21, 2017

Using Blockchain to Vote On Blockchain Governance

(Updated 7/24) The recent SegWit2x drama in Bitcoin world has been an interesting study.  In addition, the voting has also been interesting to watch.  Currently at vote are two technical improvement to the bitcoin Blockchain.  This decision needs to be agreed upon by more than 50% of the Blockchain miners but really you want 80%+ to agree to reduce the chance of a “hard fork” or split.  This entire saga is a demonstration of how to galvanized a global group of governors to make a decision and how to use the blockchain to conduct voting in a trusted way that guarantees immutability and transparency. Any blockchain can be used but in this case, we are referring to the one used by bitcoin (and therefore, why it’s capitalized).