Sunday, June 8, 2014

DeseretCoin and altcoin decentralization +/- centralization

When I learned about DACs, it opened my mind to some of the possibilities for this technology applied to rewards and organization/management approaches.  Then a few weeks ago at the Utah Bitcoin Meetup someone introduced DeseretCoin where the coin would be for local Utah businesses, so they would be distributed by some trusted local person (non-governmental, thankfully).  This just brought to light in my mind how any aspect of an altcoin network can be centralized by their creator.

So many possibilities!


Brian said...

Hopefully/maybe those beginning an alternate currency in Utah will choose a different name that will separate it from the LDS Church?

Trent Larson said...

Hah! Now that you mention it, it won't be long before someone makes one that's intentionally confusing/offensive to Mormons. There's already a Jesuscoin. Actually, now that I look again, it appears that there are multiple competing Jesuscoins. Sheesh.