What the Brexit Voting process can teach Ethereum

What the Brexit Voting process can teach Ethereum

The penny has dropped: the UK will leave the EU, after 51,89% of the voters decided for leaving the EU.

As many experts had already predicted and what we are now seeing unfold, the immediate consequences are bad, and the long term consequences are grim.

What strikes me as more relevant however, is that this referendum (more neutrally named: “United Kingdom European Union membership referendum”) shows just how weird things can get when you start deciding issues with a huge impact by a simple majority vote amongst a large population, some of whom have imperfect access to all the fact, whether by choice or by circumstance.

A few hours after the poll was decided, we started seeing interviews with people who were genuinely shocked that their vote had mattered. Had they’d but known it did, they would have voted remain, but they actually thought their voice would just be a protest cry against whatever they felt was worth protesting against.

What is important to note here is that a poll cannot take into account the lack of knowledge on the part of the voter: it is assumed the voter has had the opportunity to make an informed choice, and decide accordingly.

However, with decision this large, and which have such complex issues, this is all but impossible. As humans will do, issues will become focused around certain themes, which down the line will even become more strongly focused, after which people will just vote for one specific issue,…

It’s not easy to keep silent, we must

It’s not easy to keep silent, we must

Last week has been an absolutely wild week for anyone involved in cryptocurrencies, blockchains and related topics.

I am convinced it will be considered a watershed moment for the industry due to the sheer magnitude of what has happened and what the follow-up will be.

In short: due to a bug in the coding of the DAO, a hacker could siphon off about $ 60,000,000 worth of Ether, the native token of the Ethereum project.

It’s a simple sentence, and if you just told this to someone in the street, he would most likely just gawk at you with a vacant stare, unable to take in the message. I myself still have difficulty, and going by the reactions from the communities, most of us can’t.

Sixty million dollars! I am not even going to try to break that down into manageable chunks to wrap my mind around.

For me, with two and a half year in the Nxt community, the whole episode felt like a rerun of a problem our community had, namely the theft of 5% of the toal supply early in our development. We, too, had to come to terms with a third party messing up our system by sloppy security and were offered a forking choice. Luckily, our devs only offered the choice and then refrained from any comment on the matter.

Why do I say “Luckily”. I answered that question almost two years ago in an interview about the issue which i just dug up.


Students are setting up Nxt nodes

Nxt Foundation is approaching Academics and Universities, giving talks about the Nxt blockchain and how to run Nxt nodes and participate in the Nxt ecosystem. Damelon gives us an update.  

Bas Wisselink writes:

Dave participated in a workshop for students of the Royal Academy of Arts in the Hague yesterday: http://www.kabk.nl/

I gave a talk to IT students (3rd years) about Nxt at the Hogeschool of Arnhem and Nijmegen: http://www.han.nl/international/english/

The students were impressed with our platform, and they are going to set up raspi nodes and start a pool service for their students :)

Some of them will also be at the next Bitcoin Wednesday, which will by the way feature Poofknuckle speaking about Freemarket! Write down the 6th of April in your agendas!

Next up will be speaking to design students at the same university.

Feel free to refer people to us if they are interested or if you would like to set up a local chapter of Nxt, too. We are always willing to help. Local chapters are a great way to socialise and inspire and take little to no time to set up. :)

Read more about Nxt Freemarket:
Nxt Freemarket launches with no fees
[Audio interview] Nxt Freemarket vs. The Silkroad

Read more and join this conversation on Nxtforum:

Nxt Foundation has joined Linux Foundation and HyperLedger!

You may all have seen the news about HyperLedger.

What we couldn’t tell you until the PR from the Linux Foundation had gone out is that the Nxt Foundation has joined the Linux Foundation as an Affiliate Non-Profit Member and has also been accepted as a Affiliate Member of the HyperLedger Project!

We are happy to be a part of this, especially as we take the Linux Foundation as our model for our Foundation and the communication has been very cordial.

You cannot see us in the BIG list as we are not a Premium or Corporate Member as we do not have the capital to be one at the moment.

HyperLedger is just starting, and we expect this will have a very positive effect on our market position.

We are of course also talking to several other parties, but please understand that we cannot confirm anything until we get a “go” from any organisation. That’s just the way things work.

Suffice to say we are working hard at all times to solidify our position in upcoming or existing collaboration projects. We hope to come out with more news soon!

This post was originally posted on nxtforum.org.

Join the discussion here:

NXT Ventures that you should keep an eye on

A lot of the projects that are being hyped or anticipated in the bitcoin ecosystem sometimes fill me with a feeling of “why are they doing it in such a convoluted way?”. Many of the projects would be much easier to do on the NXT blockchain, for the simple reason you do not need an extra layer on top of the bitcoin blockchain.

Personally, I’d rather do things natively in one system, than build something else on top of another to make things work. In NXT, a lot of the functionality, like authentication, account security, Proof of Existence, and multiple ways of trading etc are already built in, for the simple reason that we can.

As I’ve said in my previous article, the new year is a time when we look forward to see what is on the horizon.

I’d like to add my own choices to your lists of companies or initiatives to keep an eye on in the coming year.

#1 Open Trade Docs

Open Trade Docs is a company that was started by the startup DeBuNe and with it they received a place in the Singapore Startup Bootcamp. Open Trade Docs develops solutions for document tracing, verification and security.

#2 Scriba

Sweet and simple, Scriba uses the NXT blockchain to provide very simple solution that will have big repercussions. Their blockchain notary is a very simple example of how easy it is going to be to record data in a non-falsifiable and time-stamped way. I am looking forward to seeing how they develop their other products.

#3 Notifile.me

Another application from …

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Who needs permission?

Bas Wisselink, Nxt Foundation, writes:

It’s still tentatively the start of the new year, which means predictions are being made and many people are being asked about coming trends.

It’s a harmless enough passtime, even though we all know that predicting the future is a mug’s game and there are many stories of experts hilariously getting it wrong:


These days, I am of course following the predictions and opinions about cryptocurrencies and blockchain technology closely. And my, oh my, I think we are on the way to a few big ones again.

We heard Willem Buiter of Citi say:

“We know that bitcoin itself is a complete failure and shows the number one law of programming and software: that anything that can be programmed can be hacked. So nothing is completely secure.”

A rather hilarious assertion, as it doesn’t actually make sense. Does Buiter means that because software can be hacked that all software needs to be considered a failure? Or is he trying to assert that bitcoin has been hacked and therefore has failed? Or that anything that isn’t completely secure is a failure? Let’s hope he manages to express himself more clearly next time.

John Cryan of Deutsche Bank went on record with

“Blockchain technology is interesting. Bitcoin, I don’t think is.”

Which is like saying you are interested in paper, but don’t like what is being done with it.

As far as technology goes, it seems the gentlemen suffer from the fact that they haven’t actually grasped the true innovation (not unique to blockchain technology, by the way) that is being made here: decentralisation and safety without external controls. …

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