If you often read the content of the article PrysmGroup, you will also understand that the most frequently said sentence is that remediation is the importance of the continuous development of blockchain projects. Blockchain project is a complicated technical and economic development system software, and its structure must be designed and made in the way of system software. Remediation can allow blockchain projects to keep pace with the times, upgrade their agreements, integrate into the ever-changing market environment, and maintain an ideal blockchain technology level.
Blockchain technology renovation design plan has a steep learning. I divided the development history of the blockchain technology renovation design plan from 2018 to the present into 3 links:
Link 1: Informal/temporary renovation design plan. The first blockchain projects, such as Bitcoin and Ethereum , did not have announced remediation designs. Developers and other leaders will introduce temporary procedures to make decisions about upgrades and difficulties.
Link 2: Follow other renovation design schemes. Realizing that the establishment of defined management decision-making steps is important for winning, the new project imitated the online voting and proposal system of other non-blockchain platforms.
Link 3: Customized renovation design plan. The new project realized that blockchain technology is a unique new field, and just started to design the program system software from scratch based on first principles.
Two weeks ago, Mark F. Radcliffe, a partner of the law firm DLAPiper, and I held a seminar. I believe everyone has already entered the link 4: professional rectification design. The professional rectification design plan is also based on the first principles to design the plan system software from the beginning, and fully consider that it must be in harmony with other new projects in the blockchain technology ecosystem.
Different from the first three links, link 4 will be led by the company's blockchain technology leaders. The company's test cases must not only be mixed development and design, but also undergo rigorous overall planning for many years. Companies that have considered deploying blockchain technology solutions look forward to mastering how different service platforms and remediation design schemes operate, so as to reduce variability to a greater level and accomplish their project goals.
Radcliffe is a criminal defense attorney for corporate securities and patent rights, and has provided consulting services for many blockchain projects and alliances. He feels that from the perspective of economic development and laws and regulations, many current blockchain technology products cannot be selected by the company due to untimely remediation.
Having established remediation steps is one of the best ways for the company's blockchain technology alliance to encourage new users to participate. The shared resource account book that completes the operation of the distributed system can control costs and benefit companies in various fields. However, in order for the company to complete collaboration and show time, assets, and professional skills to ensure the operation of the alliance, it must be fully transparent and sound collective decision-making.
For the initial blockchain technology alliance, having sound remediation steps will become a major advantage. However, the design plan for the remediation steps must be integrated with reality, otherwise it is not enough. It is also particularly important to grasp the lowest-level technical remediation steps used by the Alliance and the harm to the Alliance’s own remediation steps.
Agreement and stable currency
Let us consider two examples: agreement and stable currency. Most of the blockchain technologies are not easy to build their own agreement, but will choose the current agreement such as Hyperledger or Hedera. This type of agreement has its own set of steps to make decisions, plans, upgrades, and ownership. If the design plan of the remediation steps of the agreement itself is not good, it will have a negative impact on the new projects built according to the agreement.
For example, it took more than three years to think about whether and when the benefit verification system was completed based on the new project of Ethereum, and it took two years to care about the community's discussion on how to change the transaction fee system.
This new project can also choose to use third-party stablecoins instead of establishing its own token pool. MakerDAO has established DAI, a USD-oriented stablecoin. The project implementation plan is to disband the charity foundation in the next two years, and then carry out rectification based on the blockchain technology grassroots democratic organization (DAO). This will generate a very large risk: everyone knows that DAO not only has a high degree of difficulty in operation, but also has a high efficiency in management decisions. This convergence will produce huge diversity for these company-level blockchain projects that choose to apply DAI.
To deal with this kind of variability, company-level blockchain projects may continue to improve. However, having a good remediation step design plan system software is more important than ever in the past.
First, we must understand that the remediation design plan is a complicated step involving social economics, laws and regulations, and other industries. Like other components of the blockchain project, the rectification involving several professional fields will also be updated iteratively over time.
Second, for potential technical partners, we have to verify their remediation steps as rigorously as the technical verification. Only relying on voting software to carry out rectification is completely insufficient. In addition, you can also use more complicated procedures, such as collecting and disseminating opinions and feedback from authoritative experts on the proposal, introducing a system to ensure immediate upgrade and completing the dilemma rectification based on the established management decision steps, etc., so that all the rectification steps More and more reliable.
Third, to deal with challenges, we must not have a fearful mental state and blindly follow the trend and use other remediation steps. With the rapid development trend of the best blockchain technology remediation practice activities, blockchain projects can apply some architectures to minimize the ignorance of basic premises. The higher the level of independent innovation of a new project, the smaller the probability that existing remediation solutions will consider its requirements.
However, all blockchain technology alliances should be aware of the continuous development trend of remediation practices, especially when they should be concerned about the transformation of remediation steps. A successful blockchain technology alliance must adjust its remediation steps with the development of business processes, agreements and alliances.
CoinDesk freelance writer Stephanie Hurder (Stephanie Hurder) is the founding economist of PrysmGroup, an economic development consulting and management company focusing on new technical completions, and the academic research promoter of the World Economic Forum. She is a PhD in Business Service Economics from Harvard University.