~ Ethereum; The New Language of the Next Internet ~

What did you say? And what did you mean by it?

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Bill Wiltrack
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~ Ethereum; The New Language of the Next Internet ~

Post by Bill Wiltrack »

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...a couple of definitions that are forming the philosophy of your new world.



From the Github Ethereum Glossary:

Incentive compatibility: a protocol is incentive-compatible if everyone is better off "following the rules" than attempting to cheat, at least unless a very large number of people agree to cheat together at the same time.


Basic income: the idea of issuing some quantity of tokens to every unique identity every period of time (eg. months), with the ultimate intent being that people who do not wish to work or cannot work can survive on this allowance alone. These tokens can simply be crafted out of thin air, or they can come from some revenue stream (eg. profit from some revenue-generating entity, or a government); in order for the BI to be sufficient for a person to live on it alone, a combination of revenue streams will likely have to be used.


Public good: a service which provides a very small benefit to a very large number of people, such that no individual has a large effect on whether or not the good is produced and so no one has the incentive to help pay for it.


Reputation: the property of an identity that other entities believe that identity to be either (1) competent at some specific task, or (2) trustworthy in some context, ie. not likely to betray others even if short-term profitable.


Web of trust: the idea that if A highly rates B, and B highly rates C, then A is likely to trust C. Complicated and powerful mechanisms for determining the reliability of specific individuals in specific concepts can theoretically be gathered from this principle.




You and I may not fully understand the new laterally based peer-to-peer network of the world to be, but it's happening now...







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Green
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Re: ~ Ethereum; The New Language of the Next Internet ~

Post by Green »

Feel The Bern: the mantra of a collective willful ignorance usually associated with youthful aspirations for a bygone era of utopia, spoken from a place of authority where none actually exists outside the head.
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