Quote:
Originally Posted by Fuzz
Alright, so I'll make a new one. Flexcoin. The fundamental design of the currency can be altered by votes, so if you want to change from PoW to PoS, or add security layers, or whatever, it can all be done on the fly. Then it will always be able to keep up.
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I believe this is precisely how decentralized coins already operate. Someone proposes a change and all the nodes vote on it. If a consensus is reached ( don't know the % required), then the change is made at a certain mining block. I think this is called a softfork but could be wrong on that. If a consensus is not reached then the developer may still proceed with the change but a hard fork will be required thus creating a new blockchain. Examples of hard forks are Bitcoin Cash and Diamond as well as Ethereum Classic. Through the years, there have also been several changes to both that had consensus and happen unnoticed by us. I believe Ethereum is having one within the next month that will lower gas fees.
Someone please correct me if I'm wrong on this statement as I'm enjoying this discussion and only want to add to it.