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Bitcoin Cash [BCH] community member proposes to add a different governance model

Priyamvada Singh

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Bitcoin Cash [BCH] community member proposes to add a different governance model
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On 15th September, a Bitcoin Cash community member on the Subreddit r/btc posted about the possibility of adding a new governance system in the coin’s mechanism. As stated by the user [BTC_StKN], the proposal is supposed to help Bitcoin Cash in the implementation of new features and upgrades. The post was titled ‘Bitcoin Cash Governance Model improvements’.

In the post, StKN began by stating that the community’s opposition against the miner voting seems to be stalling the project. In the past, miner’s vote proved to be a huge governance failure for the Bitcoin network after SegWit2x was proposed. A mining pool called F2Pool withdrew its support from SegWit2X, giving the proposal a major fallback.

Regarding the incident, the Reddit user said that the past failure is one of the reasons why the community does not trust the governance system of the miner’s voting. Furthermore, several members feel that miner voting pre-fork does not represent the true intent of the miner, he stated. According to StKN, a single failure does not break the usefulness of voting. The post further read:

“Due to the above, some feel Hashrate alone is the only Governance mechanism, but contentious hashrate fork battles should be the ultimate last resort. This has been a repeated, disruptive problem for Bitcoin based blockchains. There should be another option.”

The subsequent text also stated that the success of each Bitcoin fork is decided by the users through the coin’s price in an open market. This, StKN connected with hashrate and stated that price and hashrate, both go hand in hand. Therefore, he made a point mentioning that a network can reach its fall despite the miners having 51% or more of the network hashrate, if the users and the market price do not cooperate.



In the last bit of the post, StKN suggested the implementation of a new governance model for Bitcoin Cash and its road ahead. The conclusion included:

“Possible solutions: // Coin Holder Voting, which cannot be falsified. Coin Holder voting in support of development proposals could be the closest pre-fork indicator of community Market Pricing support. // Or some other type of stakeholder voting model?”

Earlier this month, the CEO of CoinEx, Haipo Yang also suggested a similar approach in the development of Bitcoin Cash. According to Yang, the community should form a standard organization. He also mentioned Bitcoin Cash Improvement Proposal [BCIP], wherein one can introduce a proposal on certain criteria for the betterment of the network.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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