Judging Satoshi Nakamoto’s Bitcoin Whitepaper As Cryptocurrency’s Constitution
When most people think of the bitcoin whitepaper, they compare it to that of other cryptos and just assume it’s the same thing. Yet, if history has shown us anything, it is way more.
While we may never know who the person behind the Satoshi persona, what we know is they/he/she were incredibly brilliant and futuristic. Satoshi’s whitepaper is not just mere words like all other whitepapers.
It’s more than that. Written down in the whitepaper is an idea that captures the vision and future that is bitcoin. It is embodied in the nodes, network and crypto that we know today. But that’s’ not where it ends. It is so much more.
This alone separates it from the droves of whitepapers that are designed to mere marketing tools aimed at convincing potential investors to come on board their projects. All things bitcoin originated from the whitepaper.
That whitepaper started the significant disruption we’re now experiencing in the global financial system. Unlike all new whitepapers, bitcoin’s was an original idea; one that wasn’t built on any existing invention.
It heralded the birth of an entirely new technology that’s capable of doing things that were previously impossible. This groundbreaking tech is right up there with the cell phone, Ford’s A Model and the invention of money itself.
Of course, it’s not perfect yet, and the technology is still working itself out, but one has to admit that we’re on the cusp of a new era, all thanks to bitcoin’s whitepaper and the technology behind it.
Critics who explain bitcoin away and belittle it, really do not know what it’s capable of; more importantly, what it’s started. They have no idea that it’s just the start of a revolutions that will take the world by storm over the next few decades.
Blockchain, the technology powering bitcoin and other cryptocurrencies, is currently touted as the new web, and will most likely serve as the basis for the new information highway that we’ll be experiencing soon.
Bitcoin’s Whitepaper As Guideline For The Future
The whitepaper was written with the future in mind. In fact, there’s a blueprint for just about any scenario that may play out regarding bitcoin’s future.
So, even when there’s a differing opinion about the direction the project should take, there is a roadmap that will help the community and developers navigate those rough waters. Some of these instances include the following:
- Continue carrying on the project as earlier mapped out, thus leaving the whitepaper completely untouched
- Modify the whitepaper or and carry out proposed changes
- Completely ignore the whitepaper and move on to something completely different from the original idea
- Initial ideas towards the next step forward will have to be pooled together
This paper was actually designed to bring together people who are united by their vision of a different future. With this whitepaper serving as a guideline, these entities will always have a clear path to follow.
The Possibility Of Bitcoin Starting An Even Bigger Revolution
Bitcoin may have been the beginning of an entirely new world, possibly changing the world as we know it. This is obvious in the market/industry it’s created as well as all the sub-sectors and products that are being created.
We’re seeing more crypto or blockchain projects that are vastly different from bitcoin, and solving different problems. Their functions vary from payment solutions to logistics and workplace efficiency. In a way, it’s similar to a single seed starting a forest, while other people tend to and take care of it -even introducing other plant species into the mix to create even more diversity in the process.
Improve Governance And Accountability
One of the incredible features bitcoin implemented is decentralized governance and transparency. This way, it can’t be controlled by one entity or a central organization. Even better, it allows entities the freedom to do as they please.
For instance, if a group is unsatisfied with the way things are, they can create their own version –something that’s been done several times- and go in their preferred direction. This is possible because of the absence of a centralized government or entity that dictates the rules.
So, if a group agrees that they want a different protocol or mechanism, they can branch out and do their thing as evidenced in Bitcoin Cash (BCH). Bitcoin Cash is essentially a hard fork of bitcoin. It only thrives because there’s an active community behind it. Other variants and hard forks have failed woefully.
This implies that users can choose to interpret the whitepaper however they see fit –and some have done that- and decide if they want to stick with the original protocol or not. This ability to rely on a consensus as against a single entity places bitcoin way ahead of many other crypto projects. And this is why the project will last for a long time.
Without the whitepaper, bitcoin as a project would be lost, and we’re pretty sure, we wouldn’t even have the crypto industry as we know it now.
This is because certain individuals would have usurped and allocated power to themselves, effectively destroying the very nucleus of cryptocurrency –decentralization- and truncated the project.
Bitcoin’s whitepaper is just as relevant today as it was when it was created over a decade ago. And we’re thinking it will remain the same in the future.