[P2P-F] important quote, a class analysis of the token economy ?

[Michel Bauwens]

a class analysis of the token economy:

By Vincent Chen and Ramon Recuero:

"We’ve come to the understanding that in the blockchain paradigm,
developers can capture value through protocol innovation. To continue our
discussion, we review how blockchain technologies evolved to eventually
cater to developers. Eight years ago, Bitcoin was conceived as a virtual
currency that removed the need for centralized financial systems.
Initially, developers actually tried building applications upon the Bitcoin
blockchain by storing data in the blockchain itself, but it turned out to
be pretty inefficient (as described in another old Joel post!). One of
these developers, Vitalik Buterin, was frustrated by Bitcoin’s immobilism
and risk averse culture for adopting new developer-friendly features. So,
he built his own platform, Ethereum.

While Bitcoin was originally intended to serve as a new medium for
financial store of value, Ethereum was invented to serve as a Turing
complete developer environment. In Ethereum, developers write smart
contracts in the Solidity programming language, and those smart contracts
are run in the Ethereum Virtual Machine (EVM). Here, we observe an
opportunity for developers to fork and implement their own blockchains to
serve different purposes. To do so, however, would require rekindling
developer support and network effects that existing blockchain technologies
had previously achieved. Today, building on top of existing networks like
Ethereum allows developers to become stakeholders in not only their own
applications, but also the underlying protocol."
(http://blog.ycombinator.com/building-for-the-blockchain/)

-- 
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