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      "body": "@@ -10487,17 +10487,16 @@\n ng.png)%0A\n-_\n Hashrate\n@@ -10581,18 +10581,16 @@\n g pools.\n- _\n %0A%0AOnce w\n",
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      "body": "@@ -5804,27 +5804,16 @@\n inventor\n- of Bitcoin\n , Satosh\n",
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      "parent_permlink": "cryptography",
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      "permlink": "the-evolution-of-distributed-ledger-technologies-part-4-of-4",
      "title": "The evolution of Distributed Ledger Technologies - Part 4 of 4",
      "body": "*by [George Agathangelou](https://www.linkedin.com/in/georgetakeprofitagathangelou/)*\n\nIn previous articles, we had a look at the [early days of Cryptography](https://steemit.com/cryptography/@universalcrypto/the-evolution-of-distributed-ledger-technologies-or-blockchain-part-1-of-4), the principles on which [Open Source Software](https://steemit.com/bitcoin/@universalcrypto/the-evolution-of-distributed-ledger-technologies-part-2) operates and the relevant tradeoffs, and looked at case studies of [P2P sharing networks](https://steemit.com/bitcoin/@universalcrypto/the-evolution-of-distributed-ledger-technologies-or-blockchain-part-3-of-4) with built-in incentive mechanisms, the way they are structured and how the trust factor is taken away from middlemen to be given to the software, as in the case of Decentralized Exchanges. In this article, we will attempt to summarize what Crypto-Economics are and how they are used in the context of distributed consensus protocols.\n\n## Crypto-Economics\n#\n\nThe term “Crypto- Economics” has been defined in different ways. Common definitions state that Crypto-Economics include the use of cryptography and incentives to create networks, applications and systems. Cryptography helps maintain networks secure, and economic incentives provide participants reasons to participate in the network and maintain a good behavior within it. Relative to traditional economics, Crypto-Economics is all about building systems that have certain desired properties, by using cryptography to prove properties about messages that happened in the past, and at the same time create these systems around incentives to preserve these desired properties in the future. \n\nAs in traditional Economics, Crypto-Economics is subject to limitations. The problem lies in the assumptions about human behavior when designing economic incentive designs. The models rely essentially on speculation about the human future mental states, corresponding belief systems and ignore many possible motives beyond proximate incentives. \n\nAccording to Ethereum developer Vlad Zamfir, Crypto-Economics is _“A formal discipline that studies protocols that govern the production, distribution, and consumption of goods and services in a decentralized digital economy. Crypto-Economics is a practical science that focuses on the design and characterization of these protocols.”_\n\nCrypto-Economics is a combination of various disciplines and analyses necessary to build decentralized economic incentive designs. Crypto-Economics combine Cryptography, Economics, Finance, Law, Behavioral Economics, Game Theory, Computer Science, Distributed Systems and Network Security, to create these economic designs for distributed systems. Crypto-Economics can be considered closely related to mechanism design, a field related to game theory. Mechanism design is often referred to as reverse game theory because we start with a desired outcome and then work backwards to design a game that, if players pursue their own self interest, will produce the outcome we want. \n\nThe innovation and development observed in the field of blockchain-based technologies has provided a sandbox environment to experiment with various economic models, stability mechanisms and other policy tools. These incentive designs in decentralized systems allow us to study economic incentive design on human behavior and token prices, by creating completely new systems, with currencies that have unique monetary characteristics and are governed solely by code. \n\n_*“Cryptography is inherently backwards facing. Incentives are inherently forwards facing.” - Vlad Zamfir, January 2015.*_\n\n## Macro Vs Micro Crypto-Economics\n#\n\nMacroeconomics in traditional Economics is primarily the study of the overall economy, employment, gross domestic product and inflation while Microeconomics is the study of supply and demand in markets of particular goods and services. Macroeconomics in Crypto-Economics evolve around the context of token metrics in decentralized economic systems. In the same way the Central Banks function as decision makers in fiat centralized economic systems, token designers can act as virtual central bankers for their respective token economy, allowing in some cases, for a democratization of the monetary policy design. In other words, Macroeconomics define the total amount of tokens to be produced, the method, the time and the structure or rules to be followed. Microeconomics in Crypto-Economics evolve around the context of value and incentives for the token holders. Questions like the unique selling proposition, how does the token interact in the system and what are the incentives to hold or use it in the most fair and honest way, arise. \n\nBitcoin also relies on cryptographic protocols, like the Public-private key that uses encryption to keep individuals safe and maintain exclusive control of their coins. Hash functions act like digital fingerprints and are used to \"link\" each block in the bitcoin blockchain, proving an order of events and the integrity of past data. Cryptographic protocols like these, provide us the basic tools necessary to design and build reliable, secure systems like Bitcoin. They are foundational pillars to ensure security to the protocol, confidence to the true occurrence of events and value out of incentives to reward an industry of miners. We can say that Crypto-Economics are about solving an information security problem in economic terms, for a given distributed system. Plainly, it is the study of how to get people to participate on the public internet and incentivize them to run nodes that follow distributed protocols.\n\n## Satoshi Nakamoto\n#\n\nThe first person or group to apply economic incentives in the peer-to-peer systems was the creator of Bitcoin, the unknown inventor of Bitcoin, Satoshi Nakamoto, and because of it, he is considered the father of Crypto-Economics. Satoshi solved a major problem of distributed data processing. The problem was, that a reliable computer system should be able to cope with the failure of one or more of its components. A failed component could exhibit a type of behavior that was often overlooked, like sending conflicting information to different parts of the system. The problem of coping with this type of failure is expressed abstractly as the “Byzantine Generals Problem”. By solving this problem, it was possible to achieve consensus among nodes to create a decentralized digital cash system. Satoshi’s implementation of a proof-of-work consensus mechanism, combined with economic incentives to solve the previously unsolvable problem, on a designed system that relies on both, economic incentives and penalties. In this way, economic rewards are provided to miners that contribute their resources in hardware and electricity in order to produce new blocks, with new bitcoins. At the same time, if someone tries to defraud the system by attacking the blockchain to control the majority of the network’s hashing rate, something known as a “51 percent attack”, he would come to realize that  in order to do so, he would have to spent a very considerable amount of capital to purchase the specific hardware for this purpose, plus spend enormous amounts of electricity during this attempt, making it practically impossible or irrational to do so. \n\n## Consensus Protocols\n#\n\nThe basic power of a public blockchain is in its crypto-economic consensus. By carefully aligning incentives and securing them with software & cryptography, we can create networks of computers that reliably come to agreement about the internal state of a system. This is the key insight of Satoshi’s whitepaper, which has now been applied in the design of many different public blockchains including bitcoin and ethereum.\n\nBlockchains are able to reach reliable consensus without having to rely on a central trusted party, and this a product of crypto-economic design. With Bitcoin’s “Proof of Work” consensus protocol, bitcoins are mined using the Hashcash proof-of-work function by individual miners and verified by the decentralized nodes in the P2P bitcoin network. The Proof of Work system’s critics, emphasize on the amount of electricity consumption of the Bitcoin network. \n\n \nOther systems also incentivize good behavior and speaking the “truth”. For example. the prediction market Augur, uses its native token REP, to create a system of incentives that rewards users for reporting the \"truth\" to the application, which is then used to settle bets in the prediction market. REP is a cryptocurrency, used by reporters during market dispute phases of Augur. REP holders must perform work, in the form of staking their REP on correct outcomes, to receive a portion of the markets settlement fees. If you do not report correctly, you do not get the fees. If you report incorrectly, you lose your REP. The treatment of REP within the Augur protocol is governed by the protocols smart contracts as described in the Augur white paper and documentation. \n\nCrypto-Economics is also applied to design token sales or ICOs. Gnosis, for instance, used a \"Dutch auction\" as a model for its token auction, on the theory that this would result in a fairer distribution, although this experiment had mixed results. Antidumping mechanisms via escrow for early investors, token burns and other elements can be applied in these mechanism designs. Building these applications requires an understanding of how incentives shape users' behavior and careful design of economic mechanisms that can reliably produce a certain result. They also require an understanding of the capabilities and limitations of the underlying blockchain on which the application is built. Many blockchain applications are not products of Crypto-Economics; for instance, applications like Mist and Metamask – wallets or platforms that let users interact with the ethereum blockchain. These do not involve any additional crypto-economic mechanisms beyond those that are already part of the underlying blockchain.\n\nImproving proof-of-work systems and designing alternatives to them, is one active field of Crypto-Economics. Ethereum's current proof-of-work consensus mechanism includes many variations and improvements on the original design, enabling faster block times and being more resistant to the mining centralization that can result from ASICs.\n\n \n![centralization mining.png](https://cdn.steemitimages.com/DQmVho3pEvw7zbivgfrPeTYPmsZfyA4QfsqDo8WoJ75vqXr/centralization%20mining.png)\n_Hashrate Distribution - An estimation of hashrate distribution among the largest mining pools. _\n\nOnce we have solved the fundamental problem of blockchain consensus, we are able to build applications that sit \"on top\" of a blockchain like ethereum. The underlying blockchain gives us a unit of value that can be used to create incentives and penalties, as well as a toolbox with which we can define specific rules in the form of \"smart contract code.\" The applications we build with these tools can also be a product of crypto-economic design. \n\nCrypto-Economics also includes the practice of designing much smaller sets of interactions between individuals. For example, state channels. State channels are not an application but a valuable technique that can be used by most blockchain applications to become more efficient. The most commonly discussed scaling challenge is transaction throughput. Currently, ethereum can process roughly 15 transactions per second, while in comparison Visa processes approximately 45,000/tps. State channels approach is one that not every node has to process every operation. An approach in which the network is divided into two sections that operate semi-independently. One section processes one batch of transactions, while another section processes another batch. \n\nAnother example is the Lightning Network, which is a \"second layer\" payment protocol that operates on top of a blockchain, most commonly Bitcoin. It enables fast transactions between participating nodes and has been touted as a solution to the bitcoin scalability problem. It features a peer-to-peer system for making micropayments of digital cryptocurrency through a network of bidirectional payment channels without delegating custody of funds.\n\nThe other notable state channels project for ethereum is Raiden, which is currently focused on building a network of payment channels, using a similar paradigm as the lightning network. This means that rather than have to open up a channel with the specific person you want to transact with, you can open up a single channel with an entity connected to a much larger network of channels, enabling you to make payments to anyone else connected to the same network without additional fees.\n\n \nImagine A and B want to exchange a large number of small payments of cryptocurrency. The normal way, for them to do this would be to send transactions to the blockchain. This is inefficient as it requires paying transaction fees and waiting for the confirmation of new blocks. Instead, imagine that they can sign transactions that could be submitted to the blockchain, but are not. They only pass these, back and forth between one another, as fast as they want, without fees, because nothing is actually reaching the blockchain yet. With each new transaction, the balance between the parties is updated, and when they have finished exchanging small payments, they can \"close out\" the channel by submitting the most recent signed transaction to the blockchain, paying only a single transaction fee for an unlimited number of transactions between themselves. They can trust this process because both A and B know that each update passed between them could be sent to the blockchain and any of the parties can “close out” the channel. This technique is not just useful for payments, but for any update to the state of an ethereum program. Instead of sending payments back and forth, we can send updates to a smart contract back and forth. \n\nLike state channels, Plasma is a technique for conducting off-chain transactions while relying on the underlying ethereum blockchain to ground its security. But Plasma takes the idea in a new direction, by allowing for the creation of “child” blockchains attached to the “main” ethereum blockchain. These child-chains can, in turn, spawn their own child-chains, who can spawn their own child-chains, and so on. Plasma and Raiden, are also known as Layer 2 solutions because they are built “on top of” the ethereum main-chain. They do not require changes to the base level protocol, and exist simply as smart contracts on ethereum that interacts with the off-chain software. The principle behind state channels is that we build more efficient blockchain by transacting off-chain, while still retaining a blockchain's characteristic trustworthiness, through the use of crypto-economic design.\n\n\nSimilarly, if we can split a blockchain into many different sections, then we can increase the throughput of a blockchain by many multiples. This is the insight behind “sharding”, a scaling solution being pursued by Vitalik’s Ethereum Research group and others. A blockchain is split into different sections called shards, each of which can independently process transactions. Sharding is often referred to as a Layer 1 or “first layer” scaling solution because it is implemented at the base-level protocol of ethereum itself. \n\nIn an ideal scenario, we could have Plasma and Raiden protocols working intraoperatively, by having   Plasma handling the smart contracts and triggering the raiden network to execute those payments. Moreover, Sharding would achieve the consensus between the main chain and Plasma chain faster, since the nodes have smaller groups of transactions to verify.\n\nIn the future, ethereum plans to migrate to a long-term scaling solution that utilizes a crossbreed “proof of work” and \"proof-of-stake\" consensus protocol called Casper. Currently, like Bitcoin, Ethereum exclusively depends on the PoW consensus protocol to maintain the network and to confirm, this is an alternative to proof-of-work that does not require \"mining\" in the usual sense: there is no need for specialized mining hardware or huge expenditures of electricity. Proof of stake will make the entire mining process virtual and replace miners with validators. Validators will have to lock up some of their coins as stake and after that, they can start validating the blocks. When they discover a block which they think can be added to the chain, they will validate it by placing a bet on it. If the block gets appended, then the validators will get a reward proportionate to their bets. With Casper, if a validator acts in a malicious manner, they will immediately be reprimanded, and all of their stake is going to be lost. Just like in proof-of-work, this raises the cost of a 51 percent attack – an attacker would have to commit a very large amount of ether to successfully attack the network, which they would then lose forever.\n\nIn the future, most blockchain applications will use state channels in some form. It is almost always a strict improvement to require less on-chain operation, and many things done on-chain today can be moved into state channels while still preserving a sufficiently high guarantee to be useful.\n\n## Conclusion\n# \n\nThinking about the blockchain space through the lens of crypto-economics is helpful. Once you understand the idea, it helps to clarify many of the controversies and debates in our industry. For instance, \"permissioned\" blockchains that are centrally managed and do not use proof-of-work have been a source of constant controversy since they were first proposed. This area of work is often referred to as \"distributed ledger technology\" and is focused on financial and enterprise use cases. Many partisans of blockchain technology dislike them, and perhaps for a good reason. It seems like they are rejecting what many people see as the true notion and actual point of blockchain technology. To be able to reach consensus without relying on any central party.\n\nPerhaps a better way is to make a distinction between blockchains that are products of Crypto-Economics and blockchains that are not. Blockchains that are simply distributed ledgers and do not rely on crypto-economic design to produce consensus or align incentives might be useful for some applications. These are distinct from blockchains whose purpose is to use cryptography and economic incentives to produce consensus that could not exist before, like bitcoin and ethereum. These are two different technologies, and the clearest way of distinguishing between them is whether or not they are products of Crypto-Economics.\n\nFurthermore, we should expect that there will be crypto-economic consensus protocols that do not rely on a literal chain of blocks. Obviously, such a technology would have something in common with blockchain technology as we call it today, but labelling them blockchains again would not be accurate. Again, the relevant organizing concept is whether such a protocol is the product of Crypto-Economics, not whether it is a blockchain. The ICO hype has also focused attention on this distinction, though few have articulated it in a clear way. Many people state that one of the strongest indicators over a token's value is whether it forms a integral component of the application to which it is connected. To put this in clearer terms, the question should be: is the token part of a necessary crypto-economic mechanism in the application? Understanding the mechanism design of a project holding an ICO is an essential tool in determining that token's utility and likely value. We need to rethink in terms of Crypto-Economics, just like Satoshi did, and find a unified approach to solving problems.\n\nBitcoin has changed everything and its importance as an evolution in money and banking cannot be overstated. It has spawned through a global social movement with utopian ambitions. The notion of a new digital currency, maintained by the computers of people around the world has grown into a technology worth billions of dollars, and embraces the potential for a financial system free of banks and governments. It has gone through various booms and busts throughout its genesis, and has provided one of the most interesting tests of the concept of money, and what it might look in the future. It is the best example to date, as to the brilliance of its economic design. It ensures first of all trust between parties that have never met each other without the need for an intermediary. It also distributes these incentives in a way that ensures a single truth, an ever-growing indestructible ledger that is available and transparent to all. And up to date, although it has sustained multiple boom and busts cycles, has been declared dead more than 300 times, it holds more than 55% of the total market share of cryptocurrencies with a market cap of more than $111 billion as of the time of writing. \n\nWhat is important to remember that it's through technology and collective innovation from a few brilliant minds in the history of the world, that we are able today to address the most important human matters, such as privacy and how we define money. It seems that the future is bright as these technologies become mainstream and provide an alternative financial model for the next generations together with a decentralized alternative to central banking and censorship. As it challenges the most sacred of government monopolies, fiat money, Bitcoin and cryptocurrencies shift the pendulum of sovereignty away from corrupted politicians in favor of the people and providing a strong possibility of a world where money is completely detached from politics and unlimited by any border, and all this, thanks to the understated influence and contribution from a handful of brilliant minds. The future of crypto-economics is still too early to predict but it is almost certain that they will play an even important role on how our society and world functions in the next few years. \n\n\nSources:\nhttps://bitcoin.org/bitcoin.pdf\nhttp://www.gwern.net/docs/bitcoin/2008-nakamoto\nhttps://github.com/bitcoin/bitcoin\nhttps://digiconomist.net/bitcoin-energy-consumption\nhttps://bitcoinexchangeguide.com/bitcoin-energy-consumption-index/\nhttps://blockgeeks.com/guides/what-is-cryptoeconomics/\nhttps://thecontrol.co/cryptoeconomics-101-e5c883e9a8ff\nhttps://www.microsoft.com/en-us/research/publication/byzantine-generals-problem/\nhttps://medium.com/@anaminguyen/intro-to-cryptoeconomics-part-1-b2527775bc9c\nhttps://www.coindesk.com/making-sense-cryptoeconomics/\nhttps://hackernoon.com/what-i-learned-by-joining-a-panel-on-institutional-cryptoeconomics-460b157dc38a\nhttps://www.coindesk.com/institutional-cryptoeconomics/\nhttps://www.slideshare.net/dinisguarda/a-financial-tech-tsunami-driven-by-blockchain-ai-crypto-economics-82541146\nhttp://hlwiki.slais.ubc.ca/index.php/Open_source_software\nhttps://www.gnu.org/gnu/thegnuproject.en.html\nhttps://vitalik.ca/files/intro_cryptoeconomics.pdf\nhttps://hackernoon.com/introduction-to-cryptoeconomics-through-bitcoin-818e21d4cbfa\nhttps://blockchainatberkeley.blog/introduction-to-blockchain-through-cryptoeconomics-part-1-bitcoin-369f245067f9\nhttps://medium.com/jump-genesis/jump-genesis-cryptoeconomics-52313f0a60c9\nhttps://medium.com/cryptoweek/an-introduction-to-cryptoeconomics-41973f3ecf67\nhttps://medium.com/blockchannel/cryptoeconomic-theory-game-theory-basics-fb3a49aab1a8\nhttps://en.wikipedia.org/wiki/Mechanism_design\nhttps://medium.com/@viktorwrites/cryptoeconomic-theory-table-of-contents-311fcf30bc2b\nhttps://medium.com/blockchannel/cryptoeconomic-theory-basics-of-social-order-2be4c1be89c1\nhttps://medium.com/blockchannel/cryptoeconomic-theory-markets-vs-planning-85a76bb2c038\nhttps://medium.com/blockchannel/cryptoeconomic-theory-pareto-efficiency-89d34664f9d\nhttps://medium.com/blockchannel/cryptoeconomic-theory-game-theory-basics-fb3a49aab1a8\nhttps://www.youtube.com/watch?v=pKqdjaH1dRo\nhttps://www.youtube.com/watch?v=GGberGnxiJk\nhttps://medium.com/blockchannel/cryptoeconomic-theory-basics-of-social-order-2be4c1be89c1\nhttps://ocw.mit.edu/courses/economics/14-12-economic-applications-of-game-theory-fall-2012/lecture-notes/\nhttps://medium.com/jump-genesis/jump-genesis-cryptoeconomics-52313f0a60c9\nhttps://blockchainatberkeley.blog/introduction-to-blockchain-through-cryptoeconomics-part-1-bitcoin-369f245067f9\nhttps://vitalik.ca/files/intro_cryptoeconomics.pdf\nhttps://medium.com/blockchannel/cryptoeconomic-theory-basics-of-social-order-2be4c1be89c1\nhttps://medium.com/blockchannel/cryptoeconomic-theory-pareto-efficiency-89d34664f9d\nhttps://medium.com/blockchannel/cryptoeconomic-theory-game-theory-basics-fb3a49aab1a8\nhttps://medium.com/@viktorwrites/cryptoeconomic-theory-table-of-contents-311fcf30bc2b\nhttps://www.coindesk.com/theres-a-problem-with-crypto-funding-and-vitalik-might-have-a-solution/\nhttps://www.coindesk.com/theres-a-problem-with-crypto-funding-and-vitalik-might-have-a-solution/\nhttps://www.coindesk.com/experimental-voting-effort-aims-break-ethereum-governance-gridlock/\nhttps://papers.ssrn.com/sol3/papers.cfm?abstract_id=3243656\nhttps://blog.ethereum.org/2015/09/14/on-slow-and-fast-block-times/\nhttps://ethereum.stackexchange.com/questions/16811/is-ethereum-asic-resistant\nhttps://www.coindesk.com/making-sense-smart-contracts/\nhttps://www.augur.net/ \nhttps://blog.gnosis.pm/introducing-the-gnosis-tokens-gno-and-wiz-5295a65c3822\nhttps://github.com/ethereum/mist/releases\nhttps://metamask.io/\nhttps://medium.com/l4-media/making-sense-of-ethereums-layer-2-scaling-solutions-state-channels-plasma-and-truebit-22cb40dcc2f4\nhttps://www.jeffcoleman.ca/state-channels/\nhttps://www.blockchain.com/pools",
      "json_metadata": "{\"tags\":[\"cryptography\",\"oss\",\"p2p\",\"bitcoin\",\"cryptoeconomics\"],\"image\":[\"https://cdn.steemitimages.com/DQmVho3pEvw7zbivgfrPeTYPmsZfyA4QfsqDo8WoJ75vqXr/centralization%20mining.png\",\"https://img.youtube.com/vi/pKqdjaH1dRo/0.jpg\",\"https://img.youtube.com/vi/GGberGnxiJk/0.jpg\"],\"links\":[\"https://www.linkedin.com/in/georgetakeprofitagathangelou/\",\"https://steemit.com/cryptography/@universalcrypto/the-evolution-of-distributed-ledger-technologies-or-blockchain-part-1-of-4\",\"https://steemit.com/bitcoin/@universalcrypto/the-evolution-of-distributed-ledger-technologies-part-2\",\"https://steemit.com/bitcoin/@universalcrypto/the-evolution-of-distributed-ledger-technologies-or-blockchain-part-3-of-4\",\"https://bitcoin.org/bitcoin.pdf\",\"http://www.gwern.net/docs/bitcoin/2008-nakamoto\",\"https://github.com/bitcoin/bitcoin\",\"https://digiconomist.net/bitcoin-energy-consumption\",\"https://bitcoinexchangeguide.com/bitcoin-energy-consumption-index/\",\"https://blockgeeks.com/guides/what-is-cryptoeconomics/\",\"https://thecontrol.co/cryptoeconomics-101-e5c883e9a8ff\",\"https://www.microsoft.com/en-us/research/publication/byzantine-generals-problem/\",\"https://medium.com/@anaminguyen/intro-to-cryptoeconomics-part-1-b2527775bc9c\",\"https://www.coindesk.com/making-sense-cryptoeconomics/\",\"https://hackernoon.com/what-i-learned-by-joining-a-panel-on-institutional-cryptoeconomics-460b157dc38a\",\"https://www.coindesk.com/institutional-cryptoeconomics/\",\"https://www.slideshare.net/dinisguarda/a-financial-tech-tsunami-driven-by-blockchain-ai-crypto-economics-82541146\",\"http://hlwiki.slais.ubc.ca/index.php/Open_source_software\",\"https://www.gnu.org/gnu/thegnuproject.en.html\",\"https://vitalik.ca/files/intro_cryptoeconomics.pdf\",\"https://hackernoon.com/introduction-to-cryptoeconomics-through-bitcoin-818e21d4cbfa\",\"https://blockchainatberkeley.blog/introduction-to-blockchain-through-cryptoeconomics-part-1-bitcoin-369f245067f9\",\"https://medium.com/jump-genesis/jump-genesis-cryptoeconomics-52313f0a60c9\",\"https://medium.com/cryptoweek/an-introduction-to-cryptoeconomics-41973f3ecf67\",\"https://medium.com/blockchannel/cryptoeconomic-theory-game-theory-basics-fb3a49aab1a8\",\"https://en.wikipedia.org/wiki/Mechanism_design\",\"https://medium.com/@viktorwrites/cryptoeconomic-theory-table-of-contents-311fcf30bc2b\",\"https://medium.com/blockchannel/cryptoeconomic-theory-basics-of-social-order-2be4c1be89c1\",\"https://medium.com/blockchannel/cryptoeconomic-theory-markets-vs-planning-85a76bb2c038\",\"https://medium.com/blockchannel/cryptoeconomic-theory-pareto-efficiency-89d34664f9d\",\"https://www.youtube.com/watch?v=pKqdjaH1dRo\",\"https://www.youtube.com/watch?v=GGberGnxiJk\",\"https://ocw.mit.edu/courses/economics/14-12-economic-applications-of-game-theory-fall-2012/lecture-notes/\",\"https://www.coindesk.com/theres-a-problem-with-crypto-funding-and-vitalik-might-have-a-solution/\",\"https://www.coindesk.com/experimental-voting-effort-aims-break-ethereum-governance-gridlock/\",\"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3243656\",\"https://blog.ethereum.org/2015/09/14/on-slow-and-fast-block-times/\",\"https://ethereum.stackexchange.com/questions/16811/is-ethereum-asic-resistant\",\"https://www.coindesk.com/making-sense-smart-contracts/\",\"https://www.augur.net/\",\"https://blog.gnosis.pm/introducing-the-gnosis-tokens-gno-and-wiz-5295a65c3822\",\"https://github.com/ethereum/mist/releases\",\"https://metamask.io/\",\"https://medium.com/l4-media/making-sense-of-ethereums-layer-2-scaling-solutions-state-channels-plasma-and-truebit-22cb40dcc2f4\",\"https://www.jeffcoleman.ca/state-channels/\",\"https://www.blockchain.com/pools\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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      "title": "",
      "body": "Wow taking us back to the days of napster.  I just missed napster, i found kazaa, limewire, frostwire etc",
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      "permlink": "re-universalcrypto-the-evolution-of-distributed-ledger-technologies-or-blockchain-part-3-of-4-20180906t105819280z",
      "title": "",
      "body": "@@ -71,17 +71,12 @@\n sed \n+so\n on\n- Friday\n ! St\n",
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      "body": "We hope everyone enjoy's Part 3, and we have the final one being released on Friday! Stay tuned! :)",
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      "permlink": "the-evolution-of-distributed-ledger-technologies-part-2",
      "title": "The evolution of Distributed Ledger Technologies or Blockchain - Part 2 of 4",
      "body": "*by [George Agathangelou](https://www.linkedin.com/in/georgetakeprofitagathangelou/)*\n\nIn our previous [article](https://steemit.com/cryptography/@universalcrypto/the-evolution-of-distributed-ledger-technologies-or-blockchain-part-1-of-4), we explored how cryptography evolved over the years to be a paramount part of what we call today Distributed Ledger Technologies or Blockchain. \n\nIn this article we will see how Open Source Software facilitated in the development of this new technology, which experts agree it has the potential to change the world around us.\n\n## Open Source Software\n#\n\nOpen-source software is a type of computer software whose source code is released under a license in which the copyright holder grants users the rights to study, change, and distribute the software to anyone and for any purpose. Open source software invite collaboration as it developed in a transparent and public manner.\n\n ![Desktop-Linux-Mint.png](https://cdn.steemitimages.com/DQmW6588btSr44DhUd3CAMjm1NantBwjVcGVXL1vV3cAePu/Desktop-Linux-Mint.png)\n\n_A screenshot of Linux Mint running the Xfce desktop environment, Mozilla Firefox browsing Wikipedia powered by MediaWiki, a calculator program, the built in calendar, Vim, GIMP, and the VLC media player, all of which are open-source software._\n \nIt might surprising to most people, but software was once only open-source and free for use. Software was downloaded and edited to suit one's needs, up until 1979 when Brian Reid placed time bombs in his software to restrict access to it without a license. \n\nA programmer working at the MIT AI labs, Richard Stallman quit his job there and started the GNU project. The name “GNU” is a recursive acronym for “GNU's Not Unix.” Stallman announced the plan for the GNU  operating system in September 1983 on several ARPANET mailing lists and USENET.  In 1985, Stallman published the GNU Manifesto, which outlined his motivation for creating a free operating system called GNU . Stallman envisioned a better world and advocated on the social aspects of software and how Free Software can create community and social justice. \n\nIn 1991, the same year the PGP was released, Linus Torvalds, a Finnish student, used the GNU's development tools to produce the free monolithic Linux kernel, an open source system that runs on most smartphones and tablet computers, and in any point in time has up to 10,000 people working on its code. In 2005, Linus Torvalds created a version control system called GIT for tracking changes in computer files and coordinating work on those files among groups of people. This lead the foreground for sites like GitHub, which are used for the public development and review of all software changes made to Bitcoin. \n\n![Capture.JPG](https://cdn.steemitimages.com/DQmSUrTGc9JgLZUDkMjfe1a2WmhVNQYXchvYfR1PhzHUg7Y/Capture.JPG)\n\nOpen source software advocates evangelize that it is usually easier to obtain than software and as a result more people use it. Moreover, they can help build developer loyalty as developers feel empowered and have a sense of ownership of the end product. It practically lays the ground for a more flexible technology and quicker innovation and it is also said to be more reliable since it typically has thousands of independent programmers testing and fixing bugs constantly. Open source is not dependent on the company or author that originally created it. Even if the company fails, the code continues to exist and be developed by its users. \n\nTo an extent open standards are accessible to everyone; thus, it solves the problem of incompatible formats that exist in proprietary software. Open source software allows flexibility since modular systems allow programmers to build custom interfaces, or add new abilities to it and it promote innovation, as  open source programs are the collective product among a large number of different programmers. The mix of coding insights, perspectives, objectives, and personal goals speed up innovation, without additional commercial pressure that often degrades the quality of the software. Commercial pressures make traditional software developers focus on customers requests than to security requirements, since these features are often invisible to the customer. It is sometimes said that the open source development process may not be well defined and orchestrated and in some cases, the stages in the development process, such as system testing and documentation may be ignored. However this is only true for small projects. Larger, successful projects do define and enforce at least some rules as they need them to make the teamwork possible. In the most complex projects these rules may be as strict as reviewing even minor change by two independent developers at a time.\n \n![Capture1.JPG](https://cdn.steemitimages.com/DQmbjehYgfRHBguEMpqfACUVtSwyx1DtCmz7eqZ3RmHRa1K/Capture1.JPG)\n\nOn the other hand, not all Open Source initiatives have been successful. Software experts and researchers who are not convinced by open source's ability to produce quality systems identify the unclear process, the late defect discovery and the lack of any empirical evidence as the most important problems around Open Source Software. Moreover, it is also difficult to design a commercially sound business model around the open source paradigm, as only technical requirements may be satisfied and not the ones of the market. In terms of security, open source may allow hackers to know about the weaknesses or loopholes of the software more easily than closed-source software. \n \nSee you in the next article!\n\nI think that’s enough condensed knowledge until the next part. In the upcoming article we’ll look at Peer to Peer Sharing networks to understand their role and importance in Distributed Ledger Technologies.\n \n## End of Part II\n\nSources:\nhttps://blockonomi.com/cryptography-cypherpunks/ \nhttps://en.wikipedia.org/wiki/Richard_Stallman\nhttps://en.wikipedia.org/wiki/Brian_Reid_(computer_scientist)\nhttps://en.wikipedia.org/wiki/Time_bomb_(software)\nhttps://www.gnu.org/gnu/manifesto.en.html\nhttps://en.wikipedia.org/wiki/GNU\nhttps://en.wikipedia.org/wiki/Usenet\nhttps://en.wikipedia.org/wiki/Monolithic_kernel\nhttps://en.wikipedia.org/wiki/Linux_kernel \nhttps://en.wikipedia.org/wiki/Unix\nhttps://en.wikipedia.org/wiki/Linus_Torvalds\nhttps://en.wikipedia.org/wiki/GitHub\nhttp://hlwiki.slais.ubc.ca/index.php/Open_source_software\nhttps://www.gnu.org/gnu/thegnuproject.en.html",
      "json_metadata": "{\"tags\":[\"bitcoin\",\"crypto\",\"blockchain\",\"cryptography\",\"oss\"],\"image\":[\"https://cdn.steemitimages.com/DQmW6588btSr44DhUd3CAMjm1NantBwjVcGVXL1vV3cAePu/Desktop-Linux-Mint.png\",\"https://cdn.steemitimages.com/DQmSUrTGc9JgLZUDkMjfe1a2WmhVNQYXchvYfR1PhzHUg7Y/Capture.JPG\",\"https://cdn.steemitimages.com/DQmbjehYgfRHBguEMpqfACUVtSwyx1DtCmz7eqZ3RmHRa1K/Capture1.JPG\"],\"links\":[\"https://www.linkedin.com/in/georgetakeprofitagathangelou/\",\"https://steemit.com/cryptography/@universalcrypto/the-evolution-of-distributed-ledger-technologies-or-blockchain-part-1-of-4\",\"https://blockonomi.com/cryptography-cypherpunks/\",\"https://en.wikipedia.org/wiki/Richard_Stallman\",\"https://en.wikipedia.org/wiki/Brian_Reid_\",\"https://en.wikipedia.org/wiki/Time_bomb_\",\"https://www.gnu.org/gnu/manifesto.en.html\",\"https://en.wikipedia.org/wiki/GNU\",\"https://en.wikipedia.org/wiki/Usenet\",\"https://en.wikipedia.org/wiki/Monolithic_kernel\",\"https://en.wikipedia.org/wiki/Linux_kernel\",\"https://en.wikipedia.org/wiki/Unix\",\"https://en.wikipedia.org/wiki/Linus_Torvalds\",\"https://en.wikipedia.org/wiki/GitHub\",\"http://hlwiki.slais.ubc.ca/index.php/Open_source_software\",\"https://www.gnu.org/gnu/thegnuproject.en.html\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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      "parent_permlink": "bitcoin",
      "author": "universalcrypto",
      "permlink": "the-evolution-of-distributed-ledger-technologies-or-blockchain-part-3-of-4",
      "title": "The evolution of Distributed Ledger Technologies or Blockchain - Part 3 of 4",
      "body": "*by [George Agathangelou](https://www.linkedin.com/in/georgetakeprofitagathangelou/)*\n\n\nIn our previous articles we travelled the journey of early cryptographers ([Part 1](https://steemit.com/cryptography/@universalcrypto/the-evolution-of-distributed-ledger-technologies-or-blockchain-part-1-of-4)) and introduce ourselves to Open Source Software ([Part 2](https://steemit.com/bitcoin/@universalcrypto/the-evolution-of-distributed-ledger-technologies-part-2)) and their significance in developing the world’s first cryptocurrency, Bitcoin. In this article we will look deeper into P2P sharing networks and how they enable us to make resilient blockchains that not even governments are able to stop.\n\n## Peer to Peer Sharing Networks\n#\n\nPeer to peer sharing is a technological breakthrough that It allows for the distribution and sharing of information, using a P2P software program for searches for other connected computers on the network, to locate the desired information. In 1999, the first P2P Sharing network was Napster, and consisted of a file sharing application and a set of central servers. The central servers indexed the users and their shared content and and allowed for searches of available copies of that file and presented them to the user. The files would be transferred directly between the two private computers. Because this process occurred on a central server, however, Napster was held liable for copyright infringement and shut down in July 2001. \n\n![napster.JPG](https://cdn.steemitimages.com/DQmNgVA6QvWpjgPmcXYoSteidHRp42EJfCZa9ZNTaV2qxRK/napster.JPG)\n\nIn the same year, a programmer called Bram Cohen, released a program called Bittorrent, a communication protocol for peer-to-peer file sharing (P2P) which is used to distribute data and electronic files over the Internet. To send or receive files, a person uses a BitTorrent client on their Internet-connected computer. A BitTorrent client is a computer program that implements the BitTorrent protocol. BitTorrent trackers provide a list of files available for transfer, and allow the client to find peer users known as seeds who may transfer the files. In principle, it is a file sharing protocol, relying on central servers called trackers to coordinate users. However, it does not form a network in the traditional sense. Instead new, separate networks of coordinating users are created for every set of files, called a torrent.\n\n![bittorrent.JPG](https://cdn.steemitimages.com/DQmVjKgXmv1MP4NKR4vtGocCr1vwySj256KzQqvwC69rXtK/bittorrent.JPG)\n\nP2P Sharing quickly become the rival of the entire movie and music industry as it became the one stop shop to illegally download any movie, series or song. Despite numerous lawsuits and raids against websites, like The Pirate Bay, the gigantic entertainment industry has still not been able to stop this technology. The network became truly resilient to any form of censorship or manipulation as each user was part of the network instead of having a centralised model with all information stored on one central server. The same concept is used in Blockchain and Bitcoin, in which anyone who holds a copy of the ledger history and shares it with the rest of the network. To shut such a system down, you will need to shut down all the nodes at the same time, which is nearly impossible. \n\n![decentra.JPG](https://cdn.steemitimages.com/DQmSsCvE2vcAUyWJy1yYwu1XToEn1VJ968yns8feAmiLg8N/decentra.JPG)\n\nBitTorrent is a particularly interesting case as it has a built-in incentive mechanism. The more files peers seed the faster their downloads are, while peers that seed fewer or no files will find that the frequency of file segments they can download from another peer are artificially limited, so essentially they are rewarded to behave honestly and contribute to the health and value (content) of this system. There is a downside to this though. This incentive mechanism leaves new peers with a problem, in the case they have nothing to seed, so their downloads may be slower. Another interesting incentive that also includes the concept of randomness, is the use of 'optimistic unchoking', in which a random peer is selected for unthrottled downloads, on the assumption that it may pay off. Overall, the BitTorrent network consists of volunteers and would work better with monetary incentives. For example, a peer without file segments wanting to download faster could potentially pay a seeding peer to unchoke it, increasing its download performance, and using the blockchain to track it all. \n\nBram Cohen, the founder of BitTorrent, left BitTorrent, Inc. in a day to day capacity to co-found Chia.Network in the fall of 2017. The idea behind Chia is to utilize the already widely distributed sunk cost of unutilized storage space with the combination of a proof of space and proof of time protocol as a greener solution than Bitcoin.\n\nWe recently seen a trend of increasing P2P decentralized exchanges being built or being operated and maintained exclusively from software, such as IDEX, OpenLedger, district0x, Bisq, Airswap, Raiden and many more. Decentralized exchanges, run on top of the Ethereum network use smart contracts or a combination of smart contracts and payment channels to facilitate the trade of crypto assets. There is no middleman or single trusted entity involved and the trust is provided to the immutable and decentralized aspect of a smart contract. They often provide fully decentralized trades that do not require any name, email ID or verification. Moreover they often use Tor to provide a truly anonymous peer-to-peer network, and don’t hold fiat or bitcoins on their servers or in their account. Every aspect of this new generation of  exchanges is decentralized from placing the order, to matching the order, to executing it. These Peer to Peer exchanges are practically invulnerable to government interference, because they don’t have any central point of authority which could be coerced. \n\nOn the other hand, since it is a relatively new kind of service, P2P exchanges are still less intuitive to use, have lower trading volumes because very few people actually do use them currently, and trade time can take much longer to be executed. Moreover, it is very unlikely that any professional traders would ever use it as they require fast settlement to make timely deals. In their current state the advantages they offer a resilience, privacy, security and freedom of payments. Perhaps the solution to this problem would be to have open order books from all the DEXs and doing intra-DEX transactions while also allowing a centralized exchange to use this open order books for their own matching.\n\nExchanges is only one application of P2P decentralized network of trust. The new generation of dApps, decentralized applications aim to solve real world problems in eCommerce, IoT, AI, FinTech, Identity Verification, Media Copywriting, Content Distribution, Bookings, and Gaming industry among others.\n\n![real world case.JPG](https://cdn.steemitimages.com/DQmYtwuPwR3QQghSndo86svNP2NXscMk2apTJrrpB23CkbG/real%20world%20case.JPG)\n\nSee you in the next article!\n\nAt this point we will take a break to digest the information. On our next article, we will be looking deeper into how these protocols, system and incentives all work together to provide the foundation on which new decentralized digital economies are created, and the formation of a new chapter in Economics, called Crypto-Economics.\n\n## End of Part III\n\nSources:\nhttps://www.researchgate.net/figure/The-Napster-protocol_fig6_242320308\nhttps://chia.net/\nhttp://www.bittorrent.org/bittorrentecon.pdf\nhttps://en.wikipedia.org/wiki/Bram_Cohen\nhttp://p2pfoundation.ning.com/forum/topics/project-kleinrock-making-the\nhttps://view.publitas.com/chia-network/chia-1/page/2\nhttps://coinsutra.com/best-decentralized-exchanges-dex/\nhttps://idex.market/eth/aura\nhttps://openledger.io/welcome\nhttps://wallet.crypto-bridge.org\nhttps://bisq.network/\nhttps://cointelegraph.com/explained/p2p-cryptocurrency-exchanges-explained\nhttps://medium.com/herdius/decentralized-vs-centralized-exchanges-bdcda191f767\nhttps://trinity.tech/\nhttps://neonexchange.org/\nhttps://www.adex.network/\nhttps://www.zeepin.io/\nhttps://www.apexnetwork.io/\nhttps://medium.com/@matteozago/50-examples-of-how-blockchains-are-taking-over-the-world-4276bf488a4b",
      "json_metadata": "{\"tags\":[\"bitcoin\",\"crypto\",\"blockchain\",\"p2p\",\"dex\"],\"image\":[\"https://cdn.steemitimages.com/DQmNgVA6QvWpjgPmcXYoSteidHRp42EJfCZa9ZNTaV2qxRK/napster.JPG\",\"https://cdn.steemitimages.com/DQmVjKgXmv1MP4NKR4vtGocCr1vwySj256KzQqvwC69rXtK/bittorrent.JPG\",\"https://cdn.steemitimages.com/DQmSsCvE2vcAUyWJy1yYwu1XToEn1VJ968yns8feAmiLg8N/decentra.JPG\",\"https://cdn.steemitimages.com/DQmYtwuPwR3QQghSndo86svNP2NXscMk2apTJrrpB23CkbG/real%20world%20case.JPG\"],\"links\":[\"https://www.linkedin.com/in/georgetakeprofitagathangelou/\",\"https://steemit.com/cryptography/@universalcrypto/the-evolution-of-distributed-ledger-technologies-or-blockchain-part-1-of-4\",\"https://steemit.com/bitcoin/@universalcrypto/the-evolution-of-distributed-ledger-technologies-part-2\",\"https://www.researchgate.net/figure/The-Napster-protocol_fig6_242320308\",\"https://chia.net/\",\"http://www.bittorrent.org/bittorrentecon.pdf\",\"https://en.wikipedia.org/wiki/Bram_Cohen\",\"http://p2pfoundation.ning.com/forum/topics/project-kleinrock-making-the\",\"https://view.publitas.com/chia-network/chia-1/page/2\",\"https://coinsutra.com/best-decentralized-exchanges-dex/\",\"https://idex.market/eth/aura\",\"https://openledger.io/welcome\",\"https://wallet.crypto-bridge.org\",\"https://bisq.network/\",\"https://cointelegraph.com/explained/p2p-cryptocurrency-exchanges-explained\",\"https://medium.com/herdius/decentralized-vs-centralized-exchanges-bdcda191f767\",\"https://trinity.tech/\",\"https://neonexchange.org/\",\"https://www.adex.network/\",\"https://www.zeepin.io/\",\"https://www.apexnetwork.io/\",\"https://medium.com/@matteozago/50-examples-of-how-blockchains-are-taking-over-the-world-4276bf488a4b\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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      "parent_author": "",
      "parent_permlink": "bitcoin",
      "author": "universalcrypto",
      "permlink": "the-evolution-of-distributed-ledger-technologies-part-2",
      "title": "The evolution of Distributed Ledger Technologies or Blockchain - Part 2 of 4",
      "body": "*by [George Agathangelou](https://www.linkedin.com/in/georgetakeprofitagathangelou/)*\n\nIn our previous [article](https://steemit.com/cryptography/@universalcrypto/the-evolution-of-distributed-ledger-technologies-or-blockchain-part-1-of-4), we explored how cryptography evolved over the years to be a paramount part of what we call today Distributed Ledger Technologies or Blockchain. \n\nIn this article we will see how Open Source Software facilitated in the development of this new technology, which experts agree it has the potential to change the world around us.\n\n## Open Source Software\n#\n\nOpen-source software is a type of computer software whose source code is released under a license in which the copyright holder grants users the rights to study, change, and distribute the software to anyone and for any purpose. Open source software invite collaboration as it developed in a transparent and public manner.\n\n ![Desktop-Linux-Mint.png](https://cdn.steemitimages.com/DQmW6588btSr44DhUd3CAMjm1NantBwjVcGVXL1vV3cAePu/Desktop-Linux-Mint.png)\n\n_A screenshot of Linux Mint running the Xfce desktop environment, Mozilla Firefox browsing Wikipedia powered by MediaWiki, a calculator program, the built in calendar, Vim, GIMP, and the VLC media player, all of which are open-source software._\n \nIt might surprising to most people, but software was once only open-source and free for use. Software was downloaded and edited to suit one's needs, up until 1979 when Brian Reid placed time bombs in his software to restrict access to it without a license. \n\nA programmer working at the MIT AI labs, Richard Stallman quit his job there and started the GNU project. The name “GNU” is a recursive acronym for “GNU's Not Unix.” Stallman announced the plan for the GNU  operating system in September 1983 on several ARPANET mailing lists and USENET.  In 1985, Stallman published the GNU Manifesto, which outlined his motivation for creating a free operating system called GNU . Stallman envisioned a better world and advocated on the social aspects of software and how Free Software can create community and social justice. \n\nIn 1991, the same year the PGP was released, Linus Torvalds, a Finnish student, used the GNU's development tools to produce the free monolithic Linux kernel, an open source system that runs on most smartphones and tablet computers, and in any point in time has up to 10,000 people working on its code. In 2005, Linus Torvalds created a version control system called GIT for tracking changes in computer files and coordinating work on those files among groups of people. This lead the foreground for sites like GitHub, which are used for the public development and review of all software changes made to Bitcoin. \n\n![Capture.JPG](https://cdn.steemitimages.com/DQmSUrTGc9JgLZUDkMjfe1a2WmhVNQYXchvYfR1PhzHUg7Y/Capture.JPG)\n\nOpen source software advocates evangelize that it is usually easier to obtain than software and as a result more people use it. Moreover, they can help build developer loyalty as developers feel empowered and have a sense of ownership of the end product. It practically lays the ground for a more flexible technology and quicker innovation and it is also said to be more reliable since it typically has thousands of independent programmers testing and fixing bugs constantly. Open source is not dependent on the company or author that originally created it. Even if the company fails, the code continues to exist and be developed by its users. \n\nTo an extent open standards are accessible to everyone; thus, it solves the problem of incompatible formats that exist in proprietary software. Open source software allows flexibility since modular systems allow programmers to build custom interfaces, or add new abilities to it and it promote innovation, as  open source programs are the collective product among a large number of different programmers. The mix of coding insights, perspectives, objectives, and personal goals speed up innovation, without additional commercial pressure that often degrades the quality of the software. Commercial pressures make traditional software developers focus on customers requests than to security requirements, since these features are often invisible to the customer. It is sometimes said that the open source development process may not be well defined and orchestrated and in some cases, the stages in the development process, such as system testing and documentation may be ignored. However this is only true for small projects. Larger, successful projects do define and enforce at least some rules as they need them to make the teamwork possible. In the most complex projects these rules may be as strict as reviewing even minor change by two independent developers at a time.\n \n![Capture1.JPG](https://cdn.steemitimages.com/DQmbjehYgfRHBguEMpqfACUVtSwyx1DtCmz7eqZ3RmHRa1K/Capture1.JPG)\n\nOn the other hand, not all Open Source initiatives have been successful. Software experts and researchers who are not convinced by open source's ability to produce quality systems identify the unclear process, the late defect discovery and the lack of any empirical evidence as the most important problems around Open Source Software. Moreover, it is also difficult to design a commercially sound business model around the open source paradigm, as only technical requirements may be satisfied and not the ones of the market. In terms of security, open source may allow hackers to know about the weaknesses or loopholes of the software more easily than closed-source software. \n \nSee you in the next article!\n\nI think that’s enough condensed knowledge until the next part. In the upcoming article we’ll look at Peer to Peer Sharing networks to understand their role and importance in Distributed Ledger Technologies.\n \n## End of Part II\n\nSources:\nhttps://blockonomi.com/cryptography-cypherpunks/ \nhttps://en.wikipedia.org/wiki/Richard_Stallman\nhttps://en.wikipedia.org/wiki/Brian_Reid_(computer_scientist)\nhttps://en.wikipedia.org/wiki/Time_bomb_(software)\nhttps://www.gnu.org/gnu/manifesto.en.html\nhttps://en.wikipedia.org/wiki/GNU\nhttps://en.wikipedia.org/wiki/Usenet\nhttps://en.wikipedia.org/wiki/Monolithic_kernel\nhttps://en.wikipedia.org/wiki/Linux_kernel \nhttps://en.wikipedia.org/wiki/Unix\nhttps://en.wikipedia.org/wiki/Linus_Torvalds\nhttps://en.wikipedia.org/wiki/GitHub\nhttp://hlwiki.slais.ubc.ca/index.php/Open_source_software\nhttps://www.gnu.org/gnu/thegnuproject.en.html",
      "json_metadata": "{\"tags\":[\"bitcoin\",\"crypto\",\"blockchain\",\"cryptography\",\"oss\"],\"image\":[\"https://cdn.steemitimages.com/DQmW6588btSr44DhUd3CAMjm1NantBwjVcGVXL1vV3cAePu/Desktop-Linux-Mint.png\",\"https://cdn.steemitimages.com/DQmSUrTGc9JgLZUDkMjfe1a2WmhVNQYXchvYfR1PhzHUg7Y/Capture.JPG\",\"https://cdn.steemitimages.com/DQmbjehYgfRHBguEMpqfACUVtSwyx1DtCmz7eqZ3RmHRa1K/Capture1.JPG\"],\"links\":[\"https://www.linkedin.com/in/georgetakeprofitagathangelou/\",\"https://steemit.com/cryptography/@universalcrypto/the-evolution-of-distributed-ledger-technologies-or-blockchain-part-1-of-4\",\"https://blockonomi.com/cryptography-cypherpunks/\",\"https://en.wikipedia.org/wiki/Richard_Stallman\",\"https://en.wikipedia.org/wiki/Brian_Reid_\",\"https://en.wikipedia.org/wiki/Time_bomb_\",\"https://www.gnu.org/gnu/manifesto.en.html\",\"https://en.wikipedia.org/wiki/GNU\",\"https://en.wikipedia.org/wiki/Usenet\",\"https://en.wikipedia.org/wiki/Monolithic_kernel\",\"https://en.wikipedia.org/wiki/Linux_kernel\",\"https://en.wikipedia.org/wiki/Unix\",\"https://en.wikipedia.org/wiki/Linus_Torvalds\",\"https://en.wikipedia.org/wiki/GitHub\",\"http://hlwiki.slais.ubc.ca/index.php/Open_source_software\",\"https://www.gnu.org/gnu/thegnuproject.en.html\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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      "parent_author": "",
      "parent_permlink": "bitcoin",
      "author": "universalcrypto",
      "permlink": "the-evolution-of-distributed-ledger-technologies-part-2",
      "title": "The evolution of Distributed Ledger Technologies - Part 2 of 4",
      "body": "*by [George Agathangelou](https://www.linkedin.com/in/georgetakeprofitagathangelou/)*\n\nIn our previous [article](https://steemit.com/cryptography/@universalcrypto/the-evolution-of-distributed-ledger-technologies-or-blockchain-part-1-of-4), we explored how cryptography evolved over the years to be a paramount part of what we call today Distributed Ledger Technologies or Blockchain. \n\nIn this article we will see how Open Source Software facilitated in the development of this new technology, which experts agree it has the potential to change the world around us.\n\n## Open Source Software\n#\n\nOpen-source software is a type of computer software whose source code is released under a license in which the copyright holder grants users the rights to study, change, and distribute the software to anyone and for any purpose. Open source software invite collaboration as it developed in a transparent and public manner.\n\n ![Desktop-Linux-Mint.png](https://cdn.steemitimages.com/DQmW6588btSr44DhUd3CAMjm1NantBwjVcGVXL1vV3cAePu/Desktop-Linux-Mint.png)\n\n_A screenshot of Linux Mint running the Xfce desktop environment, Mozilla Firefox browsing Wikipedia powered by MediaWiki, a calculator program, the built in calendar, Vim, GIMP, and the VLC media player, all of which are open-source software._\n \nIt might surprising to most people, but software was once only open-source and free for use. Software was downloaded and edited to suit one's needs, up until 1979 when Brian Reid placed time bombs in his software to restrict access to it without a license. \n\nA programmer working at the MIT AI labs, Richard Stallman quit his job there and started the GNU project. The name “GNU” is a recursive acronym for “GNU's Not Unix.” Stallman announced the plan for the GNU  operating system in September 1983 on several ARPANET mailing lists and USENET.  In 1985, Stallman published the GNU Manifesto, which outlined his motivation for creating a free operating system called GNU . Stallman envisioned a better world and advocated on the social aspects of software and how Free Software can create community and social justice. \n\nIn 1991, the same year the PGP was released, Linus Torvalds, a Finnish student, used the GNU's development tools to produce the free monolithic Linux kernel, an open source system that runs on most smartphones and tablet computers, and in any point in time has up to 10,000 people working on its code. In 2005, Linus Torvalds created a version control system called GIT for tracking changes in computer files and coordinating work on those files among groups of people. This lead the foreground for sites like GitHub, which are used for the public development and review of all software changes made to Bitcoin. \n\n![Capture.JPG](https://cdn.steemitimages.com/DQmSUrTGc9JgLZUDkMjfe1a2WmhVNQYXchvYfR1PhzHUg7Y/Capture.JPG)\n\nOpen source software advocates evangelize that it is usually easier to obtain than software and as a result more people use it. Moreover, they can help build developer loyalty as developers feel empowered and have a sense of ownership of the end product. It practically lays the ground for a more flexible technology and quicker innovation and it is also said to be more reliable since it typically has thousands of independent programmers testing and fixing bugs constantly. Open source is not dependent on the company or author that originally created it. Even if the company fails, the code continues to exist and be developed by its users. \n\nTo an extent open standards are accessible to everyone; thus, it solves the problem of incompatible formats that exist in proprietary software. Open source software allows flexibility since modular systems allow programmers to build custom interfaces, or add new abilities to it and it promote innovation, as  open source programs are the collective product among a large number of different programmers. The mix of coding insights, perspectives, objectives, and personal goals speed up innovation, without additional commercial pressure that often degrades the quality of the software. Commercial pressures make traditional software developers focus on customers requests than to security requirements, since these features are often invisible to the customer. It is sometimes said that the open source development process may not be well defined and orchestrated and in some cases, the stages in the development process, such as system testing and documentation may be ignored. However this is only true for small projects. Larger, successful projects do define and enforce at least some rules as they need them to make the teamwork possible. In the most complex projects these rules may be as strict as reviewing even minor change by two independent developers at a time.\n \n![Capture1.JPG](https://cdn.steemitimages.com/DQmbjehYgfRHBguEMpqfACUVtSwyx1DtCmz7eqZ3RmHRa1K/Capture1.JPG)\n\nOn the other hand, not all Open Source initiatives have been successful. Software experts and researchers who are not convinced by open source's ability to produce quality systems identify the unclear process, the late defect discovery and the lack of any empirical evidence as the most important problems around Open Source Software. Moreover, it is also difficult to design a commercially sound business model around the open source paradigm, as only technical requirements may be satisfied and not the ones of the market. In terms of security, open source may allow hackers to know about the weaknesses or loopholes of the software more easily than closed-source software. \n \nSee you in the next article!\n\nI think that’s enough condensed knowledge until the next part. In the upcoming article we’ll look at Peer to Peer Sharing networks to understand their role and importance in Distributed Ledger Technologies.\n \n## End of Part II\n\nSources:\nhttps://blockonomi.com/cryptography-cypherpunks/ \nhttps://en.wikipedia.org/wiki/Richard_Stallman\nhttps://en.wikipedia.org/wiki/Brian_Reid_(computer_scientist)\nhttps://en.wikipedia.org/wiki/Time_bomb_(software)\nhttps://www.gnu.org/gnu/manifesto.en.html\nhttps://en.wikipedia.org/wiki/GNU\nhttps://en.wikipedia.org/wiki/Usenet\nhttps://en.wikipedia.org/wiki/Monolithic_kernel\nhttps://en.wikipedia.org/wiki/Linux_kernel \nhttps://en.wikipedia.org/wiki/Unix\nhttps://en.wikipedia.org/wiki/Linus_Torvalds\nhttps://en.wikipedia.org/wiki/GitHub\nhttp://hlwiki.slais.ubc.ca/index.php/Open_source_software\nhttps://www.gnu.org/gnu/thegnuproject.en.html",
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