CoreMedia: NXT: Start With a Solid Foundation, Allow the Architecture to Remain Decentralized

infinitechaos, Coremedia, writes:

Most people who have been exposed to blockchain technology are fully aware of the benefits and power of the decentralization movement and its decentralized technologies such as cryptocurrencies like Bitcoin. Decentralization makes systems more resilient by distributing the load such that there is no single point of failure. This minimizes the ability of authoritarian regimes and institutions to exert control over systems that are best left to the people, such as money.

Bringing decentralization into practice, however, can be much more difficult than it might seem in theory. If the system is distributed, then there is no single individual or group making decisions for how the system should evolve and be applied to our daily lives. Organizing decentralized technologies and systems in such a way that they function smoothly yet without any degree of centralized control can be quite a challenge.

The Bitcoin Foundation, an American nonprofit corporation founded in September 2012, with the mission to “standardize, protect and promote the use of Bitcoin cryptographic money for the benefit of users worldwide”, continues to struggle with such challenges. The Foundation operates under funding received primarily from for-profit companies who rely upon Bitcoin. This, from a foundational level, makes it difficult for the Foundation to operate in accordance with the principles of decentralization. The for-profit companies have their vision for how Bitcoin should be applied to the world that doesn’t necessarily jive with the principles of decentralization, yet because they fund the Foundation their vision impacts the decisions made by the Foundation more than it probably should. …

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