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Decentralized application model components

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So the model I am excited about is [David Johnston, BitAngels] that of the decentralized application you could also call this the Bitcoin model. And the idea is that there are four basic criteria that I think really made Bitcoin successful. The first of which was that it's an open source protocol as opposed to a proprietary system. It really allows anybody in the world that wants to to participate in that system. But it wasn't just a normal open source project, it had this digital token attached to it, and that token is used to monetize the use of that application. So if you want to send bitcoins across the Bitcoin network, you have to have the bitcoin token. No other tokens are valid on top of the network. And so that essentially gave the monetization to the Bitcoin network. The third thing is the aspect of having all the records decentralized, so that there is no central point of failure. And the fourth thing is to have a cryptographic consensus mechanism that proves a node or a person has provided value to the network. So those are the four criteria: being open source, having a token, decentralized, and a consensus mechanism, that I would propose to you and everyone that that's not a model that is only going to be used by Bitcoin. There is no reason you have to be a currency, or a payment network for that model to work. I think we can apply that to other technology stacks. So I am talking about decentralizing storage, like MadeSafe is doing. Decentralizing compute, like Ethereum is doing. Or decentralizing bandwidth, and access to the Internet, like Open Garden is doing. They are all using this type of model now, to decentralize those different technology services. So I think that's going to be revolutionary, I've been quoted saying "Everything that can be decentralized will be decentralized" and I really think that is what this whole model is leading towards. And these are the underlying protocols that you need to then to build higher level protocols on top of.

Video Details

Duration: 1 minute and 57 seconds
Year: 2014
Country: United States
Language: English
Genre: None
Views: 81
Posted by: davidorban on May 17, 2014

The four components of the decentralized model for innovative distributed applications, described by David Johnston of BitAngels.

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