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RE: The end of bitcoin will be the start of crypto.

in #steem5 years ago

Having a form of money resistant to change in general is valuable. The issue with DPOS chains is that they tie in governance into the foundation of the coin. The problem with governance in an asset is that it adds fragility to the underlying asset. Granted, proof-of-work coins do have forms of governance and consensus over protocol changes, but overtime, changes are harder and harder to make.

One may argue the pros of governance, but frankly I see echoes of the fiat system in those systems that are more reliant on governance processes than stable protocol rules. Bitcoin is boring, but it's secure and elegant. There's value there. Just because it sucks at being as a means of transaction doesn't mean it isn't useful.

Overall, DPOS chains and Bitcoin aren't really doing the same thing. The two function at different levels. I think that eventually a crypto protocol stack will eventually evolve out of this current period of development. As chains begin to fail, more developers will move to building this stack rather than trying to reinvent the wheel every time they start a new cryptocurrency.

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