- In 2014 I offered Johnston’s Law as: “Everything that can be decentralized, will be decentralized”. This proved a popular and very quotable idea in the bitcoin and broader decentralization movement. My core conclusion, based on this statistical analysis, is that the number of entries per day conducted on the bitcoin blockchain is likely to at least double every two years into the foreseeable future and this is a good rule of thumb for other distributed consensus systems.
- Bitcoin as the first Decentralized Application
The Omni Layer 2nd LayerThe Omni layer exists above the Bitcoin Protocol and allows users to create digital assets on top. The software implementing the Omni Protocol contains simple tools which allow anyone to design and release their own digital tokens with their own rules without doing any software development. This platform launched the stablecoin wave and secures billions of dollars worth of assets.
- All Bitcoin software applications are open-source, no entity (government, company, or organization) controls Bitcoin and all records related to the use of Bitcoin are open and public.
- Bitcoin generates its tokens, the bitcoins, with a predetermined algorithm that cannot be changed, and those tokens are necessary for Bitcoin to function. Bitcoin miners are rewarded with bitcoins for their contributions in securing the Bitcoin network.
- All changes to Bitcoin must be approved by a majority consensus of its users through the proof-of-work mechanism.
- Protocol Building Blocks For A New Decentralized FutureIn order to build higher level decentralized systems, there must first be robust systems for storage, compute and bandwidth.