Tai Zen: Also each blockchain out there, they have a specific feature or a set of features that they’re going along with the interior minister, a smart contract platform, ZCash is privacy. In the 1,300 cryptocurrencies out there, we classify you as the governance coin because you have governance centric and you are one of the first ones to do that.
But on your own, that’s what we classify you as a former trader and investment perspective, but from a technical perspective, how do you see to credit? What is the primary use case, function, purpose? If somebody asks us, “Hey, what is the credit for?” What would your response be to that?
Marco: Actually this is where we have an honestly a little bit of a messaging issue is that we are all of the above. Because we are value in-store, we are a value transfer and so we have all these features of these coins have. But I guess you need to be good at one thing.
Another thing that we’re currently focusing on and that was actually what we set out to do years ago is to get a fully working detail, although I think we need a new word for that because we’re going to be here. But that’s the idea though is to get to a virtual entity that can manage itself completely, and we are actually seeing the light at the end of the tunnel on this one.
Leon: But to what end? What is the goal of this entity? What is the purpose of this entity?
Marco: Let me touch on that one here quick. For us, personally, the very first goal here is to make Decred actually a DAO. That was our goal and part of the roadmap right now. What we’re getting there, we are going to start looking at additional things to go build and to go work out.
Leon: But what is that like? Just like any company or any organization has a mission statement. Right?
Marco: Our mission statement really was is getting different off the ground, create a large enough fund to do development. Doe needs that funds to the DAO and then led the DAO that the people take over and start voting on things. That will actually our long term goal.
Tai Zen: What if the community decides to vote on that they want to credit become a privacy-centric coin? Is that where you guys going to? Go in that direction?
Marco: Obviously a proposal will come out, around the proposal would be voted on. If you can find enough support in votes and in development and money, then short, then that would be the next thing that would be done. But we’ve got to be really careful. The code has to be vetted ultimately right.
Even though it sounds all great on paper, there are some details that you get to realize. If you come up with a great idea but you don’t have any developers, it’s not going to happen.
Leon: Because you are based on Bitcoin, because the code is built on the Bitcoin [inaudible]. What if we submitted a proposal? We had just interviewed the Bitcoin Private guy, Rhett. What if the community said we want to put ZK Snarks in the crate, is that something that could happen?
Marco: That could only happen, so somebody would write a proposal and say we’ll build-out for a thousand different coming up with a number. Then you show up with the code. If the code is good, yeah we will put up from it, so the code would have to get merged into.
And again this is where it has to pass muster. If you write bad code, not going to take a shower, so what if you write good code and then we would definitely put it an upvote. We’ll just put it into the demon launch it, see the network operate in when people are ready to vote on it.
Leon: So you could actually even put in say a privacy feature or if you wanted to do ring signatures like Monero or perhaps you all want to do ZK Snarks. If you’re cash, the credit has the ability to hard fork into that if the community chooses to correct that.
Marco: Correct. That is actually how we even look at scaling in the future. Because scaling is being able to deal with the future, unknown to moral work from some person. But that is what we’re voting on-chain gives you is the ability to make or to do future proof your coin.
What we have done in the meantime all trivial but we are going to be around 10 years from now because we have this feature. There’s going to be a lot of coins that are going to die because they don’t have this feature. Bitcoin is going to be around by sheer size.
But imagine a bitcoin, call it Zcoin, and it’s tiny and starts today. They have a community that keeps fracturing it, at one point you’re just going to stop it. People are just going to stop paying attention to it.
We’re not, we are going to be able to adapt. And again it’s about the unknown. We know that we’re going to hit something, some blocks that are going to become too small. We’ll radically make the boxes.
Leon: Well I think that what I see why governance is so important. It will allow you to scale the community. When you talk to Bitcoin people when you say the scale, they think about transactions per second where they think about the lightning network or satellite. But when we say the scale, we mean scaling a community and that’s mainstream.
Tai Zen: Mainstream only option.
Leon: Because ultimately, I believe that coins will scale, will grow to the point where they can’t govern themselves anymore. Because they’re just too large, too many competing factions and they end up splitting.
Just like why isn’t there one country that rules the entire world, because of the scale. Once your country gets to a certain size, you can’t govern it anymore and it splits off then becomes two countries.
Marco: That we’ve seen throughout history.
Leon: I think that we’re seeing that in coin still. The coin starts off as a typical life, the cycle is there’s a benevolent dictator, it could be Satoshi Nakamoto, it could be Vitalik, it could be Charlie Lee of Litecoin, it could be a polymorphic pony. And then it gets to the point where they say some portion of the computer, they have a disagreement, or they have an idea that they wanted to do something else, and they’d break off. They become their own coin, they’re no longer part of that community as now they are.
Marco: This is actually what we’re trying to do here. We’re trying down two of those things. We are trying to scale the future, but also we are actually trying to actively remove us from the equation, as we will remain stewards and we are going to be stakeholders.
But we really want the community to take over that big of the fund. So we are hoping that they’ll fund us to do development that we are doing, but that is literally our planners have donated money and we are going to continue to work on it. We are going to also write proposals to ask for money from the community to do this work.
That’s actually we are actively trying to remove ourselves from the critical path actually. As far as I know, none of the coins are trying to do it because a lot of people want to just sit on the big pile of gold.
Tai Zen: Hi guys, thanks for watching this video. If you like our boots on the ground, type of investing approach, we’ll go and talk to the actual development teams to make sure that real people get real information, from real people not simply working in their mom’s basement. Make sure you follow us at www.cryptocurrency.market/newsletter and we’ll look forward to seeing you in the next video. Thank you.