romeo is mostly right but simplifies "ordering node" on the assumption it is a single physical node, which it isn't. The ordering nodes are operating within the decentralized network, they are not a central network hub, or point, you don't have to be connected to one to have the system work, just like you don't need to be connected to the actual Bitcoin miners. Do people call Bitcoin or proof of work centralized because only one miner can win a block? I don't think people generally do, but the reality is that bitcoin/PoW/PoS miner is a central point at some point in time in regards to what it is doing, then the rest of the network accepts that block if valid. The same concept exists in MicroCash, at some point in time a single node is ordering transactions, but that is it. Unlike PoW/PoS/etc schemes we have reduced all activities for this gateway and only allow it to simply assign a number to a transaction. This is why MicroCash can be deemed 100% financially secure, with the general assumptions that you are not being targeted in a sybil attack and the crypto primitives are secure. Anyone knowledgeable on p2p and crypto will tell you these are reasonable assumptions.
The ordering system I create for launch will be nearly impossible to bring network downtime, however, the ordering system can be changed, adapted, improved without much hassle or rule changing of the main network. Though if a clearly better and different system is invented then it may require a hardfork which I assume most people would be fine with since it improves the resilience of the system. Knowing what I do about computers, science and physics I don't think a clearly better system can be invented, with the distant outside exception of quantum computing. Which if that ever comes to fruition would require new cryptographic primitives and a hard fork anyhow.
I don't want people to think MicroCash is perfect because it is not. When you look at peer to peer decentralized networks there will ALWAYS be issues, you can never solve EVERY problem. The way I looked at this is that we simply need to reduce all problems to the bare minimum ones that will likely never be solved. And not to introduce new ones on top of it. Unfortunately PoW/PoS and whatever hybrids of those DO introduce new ones on top of it. That is why they are not the end game. I invented new proof of work, new proof of stake and hybrid systems 5 years ago, I know their limitations very well.
MicroCash p2p technology is the "end game" for decentralized database/cryptocurrency because you cannot get any better than this. You cannot get better than instant, 100% secure, truly irreversible transactions. No matter what some people will say about MicroCash the above are indisputable facts. On top of those facts there will be another fact, and that is the extreme efficiency of MicroCash so that it can beat existing financial networks today, not tomorrow. And whatever small improvements can be made to improve resiliency (ie network uptime) can easily be added to MicroCash over time. I expect MicroCash to have better uptime than Visa, which is the gold standard.
However! The MicroCash economy is very unlikely to be the end game for "p2p cryptocurrency economies". The reality is there is going to be a LOT of magic numbers and guesswork in the economic aspect, and I think if we get a "C" grade on this we can call it a success, we will probably get a D or F
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I expect all future improvements in cryptocurrency to come from this economic aspect because when you are at the "end game" in regards to p2p technology there is no way to get better. Hopefully people can see this distinction between the p2p technology behind MicroCash and the currency that will be created on top of it, I simply call it all "MicroCash" but it is a group of components all working together. The p2p technology in MicroCash can actually be used for a lot of things that have nothing to do with crypto, decentralized databases like DHT, etc.
I hope after I release the source everyone that is interested and who disagrees with the economic aspect of MicroCash can implement their own currencies, whether that is as sidechains within MicroCash or new networks it will be a great time for experimentation.
Last edited: Mar 15, 2016