Fixing Cryptocurrency's Technical Difficulties

SteemSteem
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steemit.com5y ago

My name is Andrew Kamal, and I am the inventor of CrowdCoin. Before I go into what that entails, I want to describe to you some of the current problems cryptocurrency has. Right now, a huge problem is network reliability. Block confirmations are eventually going to either keep getting slower in speed, or have higher network fees while slower server down time. Another huge problem is security. We are still using standard SHA-256 or AES. We as a digitized economy need to start relying more on better encryption such as multi-path layer security or ring signatures.

Stability

Another huge problem is the stability of price. We need to create either some sort of standard to measure cryptocurrency against or figure out a way where it is less prune to market vulnerabilities. I believe one of the ways to do that is to create a mathematical standard that can measure against difficult targets, epoch time, and hash type. Predict when the network can solve a difficulty target and value added on with all of these. This would be revolutionary because nobody yet knows when a computer solves a certain problem mathematically, but now we can have a standard.

Democracy

I believe true cryptocurrency should have a DAO type organization. (Democratically Autonomous Organization). The organization will be responsible for a series of duties including:

Making sure an ICO is legitimate That means that ICOs are given a benchmark test by non-bias organizations that include whitepaper peer review among other things, so that less scams saturate the market Making sure they meet the user's needs The user's needs and desires may not be the same as the developers. Having democratic or stake based contributions on a certain feature can better help meet the demands of a growing market Making sure cryptocurrency benefits humanity Cryptocurrency is a valuable asset and should be treated as such. Using it in a wrong way will have negative consequences. It should be used as an alternative means to fiat, a choice, and a valuable way to transact goods that overall benefits society. Miners vs. Investors Debate

Right now, there needs to be a way to make mining more profitable. This doesn't just include removing ASIC vs. Non-Asic limitations but also speeding up the process of block erupters. If we can perhaps have a 5 times fold speed for average miners that would be great. An even 20% increase would be great. People mining Bitcoin with GPUs or mining Ethereum with CPUs and it being profitable would be great. You know, breaking these barriers in the mining world.

This among others, are things I plan to fix with what I am developing for my company's ICO. Whether having a successful crowdfund or not, I want to pursue this greatly for the cryptocurrency world. I believe we as users of the next big thing can make cryptocurrency profitable and truly decentralized enough for the real world. Once you fix security, stabilize it, and democratize it, then it is truly a P2P electronic cash system. It is truly decentralized.