In the crypto community we are all familiar with the Bitcoin fiasco over blockchain sizing. This issue seems so simple to fix, yet the complexity to execute is almost comical. It demonstrates Bitcoin has become a truly centralized governance hodgepodge consisting of centralized miners and self-appointed developers. This has led to talks of forking Bitcoin into 2 separate entities. BitBay’s Decentralized Voting update in Client v1.26 helps to eliminate these issues Bitcoin is facing.
With BitBay, gridlock will no longer be an issue for future innovations and development. The core build developer, David Zimbeck, has integrated a decentralized voting UI built into the Client. This voting protocol will serve multiple purposes.
The main purpose is for it to work alongside the decentralized algorithm to regulate the dynamic peg technology (due to be complete by the end of the year). This method will grant miners the ability to cast their vote for either increasing or shrinking the current amount of liquid BAY coins available. Miners will be given 3 options; to manually vote for increase, manually vote for decrease, or let the algorithm decide for them.
Unlike other coins with decentralized voting features, this UI is extremely user friendly — no coding skills are required. Each vote costs almost nothing to cast, at 0.00005554 BAY. Requiring a fee and using staking to inject votes on the blockchain helps regulate and protect the vote from spam and minimizes short term manipulation. The system will then gradually inject those votes onto the blockchain as your wallet remains open and staking (or cold staking). This creates a ‘fair’ playing field for the entire community. For example, imagine a vote that has the community split between the majority of the small and medium coin holders against a minority of large coin holders. Since the majority acts as one voice and has stronger processing powers to stake for each block, they could essentially outweigh the minority ‘whales’, and win majority consensus!
The voting system provides custom capabilities as well. Voting in the Client can be started by anyone by entering a 20-character string into the UI, and then specifying how many votes they wish to cast for that item. The 20-character string allows for nearly unlimited voting possibilities. The UI even provides you with a tool to count the votes through the Client. These votes can be private or as public as you wish to broadcast them. The string entered into the UI field simply converts to a blockchain address (burned) that anyone can track on the blockchain. This creates the opportunity for anyone to track other Client accounts also participating in the vote. This will open up the ability to create decentralized prediction markets similar to AUGUR! Imagine in the future where you can ask for proven market analysts to vote on your market request! This has the ability to turn into decentralized money management without the advisors even holding your investment capital!
The possibilities with this decentralized voting UI will add yet another amazing milestone for the most advanced cryptocurrency wallet on the planet… and this is just the beginning! Adaptability is key to remaining ahead of the competition and now that we have a voice to vote for virtually anything, new innovations to BitBay will never be stifled and bogged down by gridlock and politics.