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Bitcoin As Protocol by Albert Wenger

Bitcoin As Protocol by Albert Wenger

We owe many of the innovations that we use every day — from our favorite longstanding websites to the latest mobile applications — to the existence of underlying highly technical protocols.  Endusers don’t need to understand these any more than drivers need to understand the workings of a car engine. Policy makers, however, need to understand the importance of protocols for enabling distributed permission-less innovation — that is, innovation by many individuals and startups. For instance, the hypertext transport protocol (http) is what lets a browser talk to a web server — as long as the server implements the protocol it can deliver innovative content or services to any browser. HTTP itself builds on many other lower level protocols, such as DNS and TCP/IP. Historically, protocols have emerged from either research projects or from individuals / small groups simply throwing something out that sticks. In the debate about bitcoin it is critical to understand that bitcoin has the potential to be such a protocol that enables a lot of new innovation to take place.


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This entry was posted on November 3, 2013 by and tagged .

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