Control crypto currency
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A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies ...
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The Core Team That Develops The Currency Has Control:
In an open source model for cryptocurrency development there is usually a core team of founders that get the project moving. Zcash, Litecoin, and Bitcoin have all been created using this model.
In the spirit of keeping the control of the project distributed, usually there are elements of the coins creation that solidify this idea. For instance, the Zcash key ceremony is a great example of this. Also, Satoshi leaving the bitcoin project but distributing control prior to his departure is another example.
The Public Contributors Have Some Control:
Anyone who helps the core team to improve the currency has a limited amount of control also.
Being an opens source model, public contributors can take the code base and add to it. If the changes they add make sense after a peer review then the changes are merged into the main code base.
In this way it is possible for anyone with the "technical chops" to have a portion of control in the coin they care about.
The Payment Network Itself Has Some Control:
The network that the coin and all of its transactions live on also controls the cryptocurrency. This is done at a software level. The distributed network of computer systems (including smart phones and other computing devices) make up the network.
The level of control exercised here is tied to the operations of the crypto coin. Things like transaction validation (who paid who), the ledger of all transactions, and peer information live in the network portion of the cryptocurrency.
Who controls crypto currencies?
jfgrissom (41) in crypto • 7 months ago
Who controls crypto currencies?
When you've only understood currency your entire life from the centralized paradigm the idea of a distributed system like cryptocurrencies is hard to wrap your mind around.
Explaining Centralized and Decentralized to Distributed Usually Blows The Mind.
If you look at this image you start to get a sense of the difference between these different ways of thinking about how currency is controlled.

The centralized network on the left has a clear central point (you could think of the central point as a central bank). The central point is the dominant player. All control flows from a central point (for better or worse).
The decentralized network in the middle has many different points of control, but you could think of these as banks all operating on the same closed network. You can clearly see 7 different control points. Also, this network has a hierarchal control mechanism. This just means that rules from a dominant system flow down to subordinate systems (think central banks cascading rules down to retail and commercial banks).
The distributed network on the right is where the magic happens. This is where power (and responsibility) is distributed. Notice there is no clear central authority? For the network on the right to continue to exist it requires cooperation not domination.
So the question comes up - Who controls crypto currencies?
For a well designed cryptocurrency, the short answer is "the people who support the cryptocurrency" control it (not a central planning agency).
Because there isn't a central planning agency that doesn't mean there is no plan. It definitely doesn't mean that there aren't groups of people planning.
So if the people control crypto coins then what are the different roles involved? What are the control points and structures that keep cryptocurrencies from being controlled just like any fiat currency?
The 5 different control points of a cryptocurrency.
1) The Core Team That Develops The Currency Has Control:
In an open source model for cryptocurrency development there is usually a core team of founders that get the project moving. Zcash, Litecoin, and Bitcoin have all been created using this model.
In the spirit of keeping the control of the project distributed, usually there are elements of the coins creation that solidify this idea. For instance, the Zcash key ceremony is a great example of this. Also, Satoshi leaving the bitcoin project but distributing control prior to his departure is another example.
2) The Public Contributors Have Some Control:
Anyone who helps the core team to improve the currency has a limited amount of control also.
Being an opens source model, public contributors can take the code base and add to it. If the changes they add make sense after a peer review then the changes are merged into the main code base.
In this way it is possible for anyone with the "technical chops" to have a portion of control in the coin they care about.
3) The Payment Network Itself Has Some Control:
The network that the coin and all of its transactions live on also controls the cryptocurrency. This is done at a software level. The distributed network of computer systems (including smart phones and other computing devices) make up the network.
In an open source model for cryptocurrency development there is usually a core team of founders that get the project moving. Zcash, Litecoin, and Bitcoin have all been created using this model.
In the spirit of keeping the control of the project distributed, usually there are elements of the coins creation that solidify this idea. For instance, the Zcash key ceremony is a great example of this. Also, Satoshi leaving the bitcoin project but distributing control prior to his departure is another example.
The Public Contributors Have Some Control:
Anyone who helps the core team to improve the currency has a limited amount of control also.
Being an opens source model, public contributors can take the code base and add to it. If the changes they add make sense after a peer review then the changes are merged into the main code base.
In this way it is possible for anyone with the "technical chops" to have a portion of control in the coin they care about.
The Payment Network Itself Has Some Control:
The network that the coin and all of its transactions live on also controls the cryptocurrency. This is done at a software level. The distributed network of computer systems (including smart phones and other computing devices) make up the network.
The level of control exercised here is tied to the operations of the crypto coin. Things like transaction validation (who paid who), the ledger of all transactions, and peer information live in the network portion of the cryptocurrency.
Who controls crypto currencies?
jfgrissom (41) in crypto • 7 months ago
Who controls crypto currencies?
When you've only understood currency your entire life from the centralized paradigm the idea of a distributed system like cryptocurrencies is hard to wrap your mind around.
Explaining Centralized and Decentralized to Distributed Usually Blows The Mind.
If you look at this image you start to get a sense of the difference between these different ways of thinking about how currency is controlled.

The centralized network on the left has a clear central point (you could think of the central point as a central bank). The central point is the dominant player. All control flows from a central point (for better or worse).
The decentralized network in the middle has many different points of control, but you could think of these as banks all operating on the same closed network. You can clearly see 7 different control points. Also, this network has a hierarchal control mechanism. This just means that rules from a dominant system flow down to subordinate systems (think central banks cascading rules down to retail and commercial banks).
The distributed network on the right is where the magic happens. This is where power (and responsibility) is distributed. Notice there is no clear central authority? For the network on the right to continue to exist it requires cooperation not domination.
So the question comes up - Who controls crypto currencies?
For a well designed cryptocurrency, the short answer is "the people who support the cryptocurrency" control it (not a central planning agency).
Because there isn't a central planning agency that doesn't mean there is no plan. It definitely doesn't mean that there aren't groups of people planning.
So if the people control crypto coins then what are the different roles involved? What are the control points and structures that keep cryptocurrencies from being controlled just like any fiat currency?
The 5 different control points of a cryptocurrency.
1) The Core Team That Develops The Currency Has Control:
In an open source model for cryptocurrency development there is usually a core team of founders that get the project moving. Zcash, Litecoin, and Bitcoin have all been created using this model.
In the spirit of keeping the control of the project distributed, usually there are elements of the coins creation that solidify this idea. For instance, the Zcash key ceremony is a great example of this. Also, Satoshi leaving the bitcoin project but distributing control prior to his departure is another example.
2) The Public Contributors Have Some Control:
Anyone who helps the core team to improve the currency has a limited amount of control also.
Being an opens source model, public contributors can take the code base and add to it. If the changes they add make sense after a peer review then the changes are merged into the main code base.
In this way it is possible for anyone with the "technical chops" to have a portion of control in the coin they care about.
3) The Payment Network Itself Has Some Control:
The network that the coin and all of its transactions live on also controls the cryptocurrency. This is done at a software level. The distributed network of computer systems (including smart phones and other computing devices) make up the network.
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