search

BlockchainDevelopmentCompany / USA-TokenTaxonomyAct

Token Taxonomy Act in Markdown form to collaborate on modifying US Federal Laws for a holistic approach to distributed ledger assets
1 stars 0 forks source link

Smart Contract protocols and development for industries #4

Open 1blockologist opened 5 years ago

1blockologist commented 5 years ago

Existing public resources can be steered towards developing open source smart contracts that industries can trust.

The Internet Engineering Task Force is where web standards such as HTTP and REST were submitted and discussed, and still are, under RFCs or Requests for Comments. It started out as a US government funded organization before becoming an independent body. These standards ushered in infrastructure and industry that almost all companies use, and the largest publicly traded companies on the planet build upon.

Similarly, the digital asset space experienced a Cambrian explosion during 2017, in large part due to the erc20 standard. ERC stands for Ethereum Requests for Comment.

There are BIPs (Bitcoin Improvement Protocols), ERC (Ethereum Improvement Protocols), and others related to different distributed ledgers, but they all help the same technology as a whole.

Ethereum almost all blockchains benefit from Bitcoin Improvement Protocols that were ratified or merely discussed in an open forum years earlier.

A public sector resource can operate on a different incentive model based on its charter and oversight, removing the silos between these projects.

1blockologist commented 5 years ago

This allows for the idea of governance to have a more collaborative role in the ecosystem, in contrast to a nebulous entity that creates barriers in the ecosystem.