RE: Gridcoin III proposal comments
Incredible post. Thank you for your insight and for taking the time.
The main point I think that needs to be made against masternodes is as follows:
Why switch to untested solutions for incredibly complex problems, as you described. Blockchain technology is not yet 10 years old, yet we want to move away from the only hundred billion dollar secure protocols? This does not make sense to me.
Second to that: There are serious failings of masternodes. Primarily, they present the opportunity to become a combination of the fiat banking system and the government structures which inspired the creation of blockchain technology in the first place. Why do we want to implement a potentially more efficient version of the system which blockchain tech is intended to disrupt?
Why not continue with the protocol which is known, PoS, and which has known and studied flaws: centralization based on wealth. Centralization based on wealth is present in every single economic system in western society (and most others too), so we do not need to work to destroy that. Other, smarter people will do that for us. In fact, they are developing solutions at an unbelievable pace. So again, why not focus on the BOINC aspect of Gridcoin by fixing the vote weight situation you describe along with several other issues while maintaining the protocols and power structures we know to be more or less secure and stable.
Additionally, mastersnodes will solve some problems, but with very risky potentials. All these problems can be solved through alternative means which are much less risky. Let's do the less risky solutions and wait for a year to see what is developed.
Ouroboros is one protocol that is doing wonders when it comes to solving the wealth distribution problem regarding block creation. There are dozens more in development.
I will also post this on the CCT thread.
I think everyone has to keep in mind that not everyone into crypto does it because some libertarian fantasies of escaping control from the goverment . Specially if we are talking GRC.(just like i use linux because it is objetively better for my needs, not because software freedom)
I don't have strong feelings one way or another, although i think it would much better to not polarize a community that is at its core altruistic volunteers, as it can backfire heavily. But if it were to apply i would like to have wealth masternodes and magnitude masternodes. As both have shown dedication and the means to maintain it. I also think the reward for running a masternode is waaay to high.
i think there is a difference between seeking "libertarian fantasies" and acknowledging flaws in old systems and looking to fix the flaws or improve the system.
"What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party."
masternodes seem like trusted third parties, or financial institutions.
I concur ..