author introduction: David Cohen (David Cohen) is the world’s number one Internet startup incubator satellites, founder of the current executive director; William moga yell (William Mougayar) is a Startup founder of Management, entrepreneurs from angel investors, is currently the first fund for him.
“blindly attacked the status quo is unlikely to change things. Only by establishing a new model for existing become a thing of the past, you can change the status quo.” Buck the fowler Westminster (Buckminster Fuller)
COINS standards of industrial chain based on the currency, and use the “monetary programmability” this principle: distributed technology based on block chain and the principle of decentralization and implements the fused two monetary and financial revolution.
both are rooted in a similar encryption technology, but also have different branches. Two roads to start-up companies, investors, consumers and corporate customers to create a disruptive and innovative opportunities and challenges existing system. Both have established a “military alliance” inseparable links, and its foundation is block chain, encryption is the backbone for the foundation.
if you want to get a comprehensive understanding of block chain concept as well as the benefits of cryptography of computer science, we must first clear consensus “decentralization” (decentralized consensus) this concept, it is also based on the encryption key principles of computing revolution.
scattered consensus broke the traditional mode of centralized consensus: as a central database for the effectiveness of the trading rules. Distributed consensus (agreement) based on the currency is to convert the power and the trust to the distributed network, and allows the node which is open to individuals and enterprises, in the “block” on continuous record deals of their own, creating a unique “industrial chain” or “block chain”. (hash code) encryption technology to ensure that the transaction trading source is reliable, and does not require any certification in the middle of the intermediary. The combination of cryptography and chain block technique, make sure not repeat the same trading records.
resolution to this level can help create a new way of software development, inspire and monetary and non-monetary diversify application about the wave of innovation.
the existing related to cryptography technology, each have each characteristic, some of them are based on the currency block chain itself, and some scattered technology based on the independent; Some of them are based on the currency currency, while others are based on selection of encryption. The basis of all these different arrangement for encryption monetary innovation created a rich ecosystem environment.
if you think the currency and its unique block chain monopoly will encrypt the development of the currency in the future, it can be said in 2006, LinkedIn is the only one in this field in a commanding position of social network, and at that time, Facebook, Twitter and other social networking platform is still in the initial stage of development.
we need to consider what happened today is diverse ecosystem, is the best integration of computer and encryption science, not just in the currency as the center technology ecosystem.
closely rely on the currency and its block chain is impossible to have in the future. Cats have ran out of the bag – around the innovation of the technology of digital currency is blustery. As the core of the change, trust is from human and centralized organization is transferred to a computer and a decentralised organisation, a basic consensus of decentralization to these organizations together.
if the dominant between 2004 and 2014, is a social network, so dominant in the next 10 is the trusted network.
however, most people don’t know is that the currency as long as there is a protocol, and is a fairly simple protocol can begin. No matter any complicated situation occurred in it, it is like the TCP/IP and the protocols of the Internet is also very simple. Around the currency to build ecological system does help further enrich the function of the currency, rather than undermine it.
no matter any company, project, such as Ethereum Blockstream, Maidsafe, Mastercoin, Counterparty, Stellar, Factom, Codius and NXT on new technologies, services, and the application of innovation and new technologies, services and applications, increase or test the limits of Satoshi Nakamoto initially envisioned.
today, the currency’s outlook remains uncertain, but the patterns of various kinds are springing up constantly. Although the overall trend is not entirely clear, and we think is in the following several aspects to the currency to explore the most exciting and promising field, and in the currency and diversify application two aspects.
if you live in the west, or is a more developed country, perhaps the banking system and currency is generally stable, for you is very satisfied with the services provided by the bank. But according to the study found that half of the world’s people do not have a bank account, no transaction records, the number of more than 4 billion people don’t get to the Internet.
if you wish to delve into mass-market decentralized bank service in the future, Pakistan Easypaisa and Kenya’s m-pesa’s success is undoubtedly the best case. Their services are mostly based on SMS, mainly mobile phone banking services building, has been widely popular in the middle of the user. People can be used to pay various fees, transfer, application for purchase of goods and services, and also support other types of transactions. Mobile financial trading market in Pakistan, Easypaisa share of more than 50%, and the m-pesa in Kenya’s market share above 70%, contribution of output value accounted for over 30% of GDP in Kenya.
you might think that transaction based on SMS is fairly simple, and it is precisely this kind of service goal: return to the simple. The core of the COINS is to provide a simple service.
micro trading and transfer
COINS can be said to be engaged in trading of perfect tool, there is no reason not to use COINS to complete network transactions under $10. Credit card or PayPal services for the development of this small and not too much, because the transaction fee may be in turnover accounted for a large part of (at least in free time, make the user feel uncomfortable). COINS early for donations, such as reward, or used for marketing purposes as a promotional gift. Some bloggers even added on its website “exceptional” button, this may herald a thumb up will become a new way to express appreciation.
in the monetary operation of a higher level, the currency is very applicable to local network structure of the transfer, the $400 billion global remittances market could collapse, because of the currency in the transfer speed and two advantages of simple operation, greatly reduce the cost of the remittance. In addition, we also will soon be often use encryption money wallet users, the service of the internal function is by the user based on intelligent framework conditions or provisions of the contract or payment remittance.
money namely content
one might agree that the currency impact will be more than the Internet itself, because the Internet has no its own currency. The Internet missed a native currency, and the currency is the currency. We can see the currency as a distributed content, like the content of the Internet in a bundle in the form of the same; But the content is clearly very well integrated into the site, applications and services.
COINS give new meaning to money. If you look at it from a development perspective, will find that used to exist in the content of the printed newspapers and magazines, to the content later appeared on the Internet, and then converted to digital form. The user wants to use the free content, in the Internet freely, bring brand-new innovation model. With digital currency, we can easily make the transaction logic and untethered from currency itself. COINS will gradually be integrated and embedded into the infrastructure of the Internet, we will put it as a native content.
block chain technology stack
there is a new technology of topology is forming, trying to build new applications based on the currency agreement. The USV Joel mani gro (Joel Monegro) will block chain uncertainty puts forward a five layers framework: miners, decentralization and chain blocks, overlapping network protocol, open source and commercial API and application. This architecture embodies the currency of the future development direction is good. As for the realization of this technology topology or other forms of topology, it doesn’t matter.
more importantly, block chain concept and related technology are stimulating developers infinite imaginary space, they are to the service, protocol, infrastructure and application of decentralized approach to innovation. In the long run, they are bringing greater spending power, broader decline in personal data ownership and transaction costs.
permissions and intelligent digital assets
if you are the creator of digital assets or owner, imagine, if you can connect these assets to block chain, will your ownership is tied in immutable way, unless you decide to transfer or sell these assets, ownership can not change, it will be fully under your own control, no one else has no right to ask.
in essence, you will create a kind of “intellectual property”, is a kind of know who is the owner of assets or something. Block chain can be regarded as an auditable database, connect to your encrypted signature, you can connect the intellectual property unique to digital fingerprint based on its content. Imagine that accompany these features of portability, ease and discoverability, etc., this will become the perfect for drive the decentralized P2P deal “lubricant”.
like Mine enterprise allows developers to create a new identity, reputation, digital archives and the metadata permanent together is the tool, and can also block chain as evidence of ownership. This deal these assets to create a safe and efficient to new market opportunities.
smart contract based on “work proof”
smart contract is equivalent to a small program, you can take the money entrusted to it management, at the same time around the money to establish relevant system. The basic ideas are behind the smart contract, the trade of both or all parties can contract governance through systematic validation block chain, rather than the middlemen, rules or regulators.
in both or all parties programmatically set the terms of the agreement is conditional and meaning, why rely on central authorization to determine whether an agreement between them? And this has the advantage of both can be released automatically, at the same time to perform the services in the form of continuous or pay a fine, so why not?
the core of this kind of thing is important concept of “work proof”. “Work proof” is a clear identification of a block chain as a trading tool’s original idea is an important part of.
work that is involved in block chain “rights” of the construction of the ecological system. Is expected in the near future, people will often allocation and perform intelligent protocol based on workload and intelligence assets. Intelligent contract may be Ethereum “sweet spot”, because they represent the atomic unit of code level, let anyone can develop by its own rules.
decentralized P2P market