This topic contains 17 replies, has 2 voices, and was last updated by James 1 year, 3 months ago.
November 11, 2017 at 8:02 am #4503
Will JSE is going to be decentralised? I read about open sourcing, but cant find nothing about going off central servers.November 11, 2017 at 9:34 am #4520
This is quite a big topic so I wrote my thoughts down as a blog post:
JamesNovember 14, 2017 at 1:30 am #4590
I agree with this article, I feel safer using a centralised system. Nobody really cares about a DDOS attack, but losing the value of your coins with an ETH/ETC scenario is a true nightmare. Since the integrity of the database is guaranteed, there is no issue. But with time it would be nice to have an hybrid solution, as you said, it could solve a lot of issues!November 14, 2017 at 1:33 pm #4594
The biggest disadvantage to consumers of a decentralized system is that there is no buyer protection.
I think that this is not a disadvantage. Decentralization does not touch reputable services in terms of them scamming their customers. And I believe if JSE would be successful there would be plenty of escrow services for transactions to non-reputable parties. Decentralization issue can be solved and I don’t think that this is an argument not to decentralize. JSE brings great innovation, but this can be a fence on which investors and users will be sitting on.
Second thing, is if you are thinking about protecting people from being scammed, you will need a lot of resources. A lot of resources, and this is only in case JSE will be a success. People get scammed not only in decentralized cryptocurrency. Telephone fraud, bank fraud also exists. Its about users being smart.November 24, 2017 at 6:35 pm #4774
I do not understand what is meant by limited decentralization? In other words, if the developer discovers that some coins were obtained by fraudulent means – can he take them from my wallet? Correctly?November 25, 2017 at 8:19 am #4783
Hi Armen, the current policy is to suspend accounts first and give the user a chance to respond. If it’s obvious fraud we have in the past transferred coincodes and balances to the charity jsecoin account.November 25, 2017 at 9:54 am #4788
This is very unpleasant. Under such conditions, many exchanges will not want to cooperate with you. On the Internet, it is customary not to trust anyone, especially cryptocoyin. I do not want to offend you, but in such circumstances the coin is waiting for failure. Then someone will create a similar coin, but with decentralization, and your coin will disappear from the market definitively.
I think that you are not doing the right thing, but this is my personal opinion. The Crypto currency had already appeared a long time ago, and its value was in decentralization. It’s just terrible that you think differently. Bitcoin has long taught to use cryptocoyin.
I hope that you will reconsider your decision on this extremely important issue.November 26, 2017 at 11:34 am #4793
The problem with a fully decentralized system is that you would be completely open to fraud and have no central place to deal with it. How would you go about stopping someone who was putting the publisher code on hacked websites for example, or worse? I would rather do anything than open the project up to that kind of abuse. I can understand it’s very unpleasant to have an account suspended but if you aren’t doing anything wrong then this simply wont ever become a problem. Turning something very bad into a positive by donating funds to the charity account is something I am passionate about. With regards to exchanges, even fully centralized cryptocurrencies like Ripple have got listed and excelled. I think if we can integrate with a familiar technology (such as ERC20 smart contracts) that the exchanges have worked with previously then it shouldn’t be a problem.
I completely agree that decentralization is one of the keys to Bitcoins success. It seems like not a week goes by without another horror story of someone getting hacked or some scam taking millions of dollars worth of BTC/ETH etc. And it’s become far too common for thieves and scammers to get away with it, noone is policing this or doing anything to reduce the levels of crime. I don’t know if there’s even been a single conviction. This is a major hurdle in the way of mainstream adoption for Bitcoin and other cryptocurrencies, including ourselves I think.
Also I’m sure you already know the argument that Bitcoin isn’t really decentralized because it’s controlled by just a large few mining pools. I wont go into this because it gets away from the point that there are definite benefits to decentralization. What we want to do is try and build a system that has some of these benefits without the disadvantages.
If you have any thoughts on how we can achieve this I would be pleased to hear your suggestions?
Thank you for taking the time to share your opinion on this.November 26, 2017 at 2:09 pm #4794
what is request and submit in self miningNovember 27, 2017 at 9:50 am #4796
Your project looks very promising, but I am frightened by decentralization. At some point you decided to take coins from users and quickly sell them on the exchange. Then announce that you were hacked. It’s like Scam. You compare the deception and deception of Google with cryptography – these are too different things. In fact, you do not have a reputation that Google trusts.
Perhaps you decided to add a survey about this, if you, of course, are interested in the opinion of the majority on this issue.
Imagine how the user feels on your terms. I have 1000 dollars in my wallet, but I understand that someone, if desired, can easily take them from there if they want. I can not forbid this. Because of this amount, no one will sue. Moreover, this is a complex process, and not all with the United States.
Leave yourself under the control of the entire system. But give a guarantee that the hand of another person will not fit in my wallet.
You say, do not deceive others, and there will be no problems. There are controversial situations in which both are correct or incorrect – you are not a court for resolving this issue, in addition, different countries have different judicial systems.November 30, 2017 at 2:32 pm #4837
Those mining pools with highest hash rates, don’t control Bitcoin. They just maintain it online. They cannot change transactions, suspend accounts or do anything. Well maybe Bitcoin would feel effect if those pools would shut down for sure. Because now, what is the true purpose of mining if you need to keep expensive servers online, buy new hardware, update software and in general maintain everything? That is the point of concurrency that people could maintain it p2p by themselves and earn extra coins. I also think you should ban pools and just keep individual mining.
Second thing. This is internet and policing internet is very difficult. It is not worth to sacrifice decentralization for people who don’t take care and get scammed. People dont like centralized systems anymore. We can prevent scamming by educating people, telling them what not to do etc. JSE would be 100% successful being decentralized. The only thing that worries me is the code. JSE needs a very stable and nourished code that could run for looooong time and you could keep it centralized while reaching a version that is good to go for decentralized system.
Charity? There is a charity account and whoever wants to donate can do it anytime. Its not an issue.
I think developers should highly consider making JSEcoin decentralized, you would make much more money than keeping it centralized.
Freedom for JSEcoin!November 30, 2017 at 3:14 pm #4840
I guess the whole point of centralized mining jsecoin through a single pool,…
(which is what makes it so centralized as only their pool can mint)
is to force the hashrate being similar acceptable from any miner.
In a decentralized world where anyone could solo-mine jsecoin (or build her own pool), I would use some rentable sha256 services like nicehash to mint with several terahashes instead of kilo hashes as your browser is, leaving me with 99% of all minted coins.
Try to stop me…
I guess it will require multi-chain-DAPPs that force the mining being verified by a second chain that can decide what an orphan is or similar and this way can just deny new blocks from a unwanted peer that whales the hashrate
¯\_(ツ)_/¯December 1, 2017 at 12:53 am #4844
What freaks me out about decentralisation is when my hard drive suddenly gets a severe heart attack, and I loose all my BTC, seems like that’s the reason why tons of bitcoins seems to “disappear”. Nope I’ll give a try to centralisation, because for the moment I just see speculations in favor of centralisation, which is ironic at then end because we created banks especially because centralisation is more secure.December 1, 2017 at 10:39 am #4849
You dont have to keep all your coins in one place and you will not lose all of them in case of tech failure.December 4, 2017 at 11:59 am #4882
what are your views about this