Bitcoin-sCrypt Becomes First Altcoin to Democratize Cryptocoin Development
Can a two-year old Bitcoin-clone help resolve Bitcoin-core’s governing crisis?
October 5, 2015 – This past weekend a two-year old Bitcoin-clone known as the “Bitcoin-sCrypt” altcoin (coincode: BTCS) became the first cryptographic currency to democratize cryptocoin development through CryptoVoter’s open-source shareholder-style blockchain voting client.
Released in September 2013, the Bitcoin-sCrypt altcoin created quite a stir when first appearing on the cryptocoin scene, with Bitcoin-sCrypt eventually gaining a cult-like following in the Bitcoin community and its market capitalization reaching a valuation of several million dollars in early-2014…all while being banned (and then unbanned) from the world’s largest Bitcoin forum: Bitcointalk.
Fast forward to now: on October 2, 2015, Bitcoin-sCrypt coin-owners cast the first of many scheduled blockchain votes designed to give Bitcoin-sCrypt coin-owners a voice in development debates. Specifically, Bitcoin-sCrypt coin-owners utilized CryptoVoter’s open-source blockchain voting client to send BTCS coins to themselves before the voting deadline of block 333333 to publicly register their votes.
Similar to shareholder voting in a corporation, Bitcoin-sCrypt coin-owner’s voting power is directly proportional to the number of BTCS coins used to vote. With this past vote’s success, many more development votes on the blockchain are already planned for the Bitcoin-sCrypt altcoin using CryptoVoter’s novel blockchain voting concept.
By adding crypto-asset owners to the development consensus equation alongside developers and mining pools, CryptoVoter looks give all stakeholders a voice in development.
“After all the hard work, we were thrilled to see the first CryptoVoter blockchain vote with the Bitcoin-sCrypt (BTCS) altcoin go through without a hitch. NONE of the users ran into problems voting and, most importantly, everybody’s coins remained securely with them throughout the entire process. We believe that democratizing development through blockchain voting has the power to completely transform cryptocoin development for the better.”
Jim Joseph, Blockchain Innovation Labs, Inc. (Co-founder & CEO)
In this first vote (of several upcoming development-related blockchain votes) Bitcoin-sCrypt coin-owners voted by a wide margin to replace the current Bitcoin-sCrypt logo and hold a bounty-driven logo contest to find its replacement.
The next Bitcoin-sCrypt blockchain vote (scheduled for October 16, 2015) is expected to be especially controversial because Bitcoin-sCrypt coin-owners will cast votes on the very issue that resulted in Bitcoin-sCrypt being banned from Bitcointalk in the first place; namely, a vote on whether to change Bitcoin-sCrypt’s name and adopt a new identity entirely. This issue has strong supporters on both sides of the aisle and will be watched closely.
Subsequent Bitcoin-sCrypt development votes suggested by the coin’s user base include votes on whether to: switch to proof-of-stake; adopt transaction anonymity; add multi-coin functionality to the wallet; and shift development to mobile-based payment processing.
As a separate matter, after the second Bitcoin-sCrypt blockchain vote, the first Bitcoin-core (coincode: BTC) blockchain vote is scheduled for October 23, 2015. This first Bitcoin-core vote is designed to give Bitcoin-core coin-holders their first opportunity to voice their opinion on whether or not to increase the maximum transaction blocksize from 1 MB per block. While non-binding, users hope the vote can provide the mandate developers need to move forward on that issue.
Detailed information on past, current and future Bitcoin-sCrypt (BTCS) blockchain votes using CryptoVoter’s open-source blockchain voting client can be found here: http://btcs-voter.com.
Similarly, information on Bitcoin-core’s (BTC) upcoming blockchain votes can be found here: http://btc-voter.com.
CryptoVoter is an open-source software product developed by Blockchain Innovation Labs, Inc., a Bitcoin / Fintech startup developing decentralized applications to leverage blockchain-technology and asymmetrical public- key encryption for public and commercial use.
Information on CryptoVoter can be found here: http://www.cryptovoter.org.
Information on Blockchain Innovation Labs, Inc., can be found here: http://www.thebcilabs.com.
About Blockchain Innovation Labs
Name: Blockchain Innovation Labs, Inc.
Address: 16192 Coastal Highway
Lewes, Delaware 19958
Email: info@thebcilabs.com
Website: www.thebcilabs.com
Twitter: @cryptovoter
Media contact: media@thebcilabs.com
Press Release: http://bit.ly/cvpr2btcs
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