Phase one of the project is now complete and we have our implementation of BMP connected to the Bitcoin Cash network. Bitcoin Unlimited decided to support this project as an interesting extra tool for use in Blockchain governance.
Governance is a key area of Blockchain systems that require further research and experimentation. A strong and functional governance system will allow Bitcoin Cash to move quickly and effectively in the competitive cryptocurrency market.
This project is the result of BUIP173 which was supported by our members at the last vote, where a budget of $10,000 was assigned to it. You can find details about the project proposal HERE.
Our implementation can now be found at: https://bmp.bitcoinunlimited.info
The Bitcoin Mining Parliament (BMP) is a protocol and hashpower voting system, decentralized, on-chain, open-source, verifiable, easy to use, simple, extensible, voluntary, neutral and resistant to outside interference.
The BMP is a neutral protocol that works with on-chain data. It is as secure as the Bitcoin Cash blockchain.
The BMP is an on-chain Bitcoin Cash governance protocol that enables miners to coordinate their actions, and thus bring greater certainty to the BCH ecosystem. Miners, and any delegated agents, can talk and vote with their hashpower, simply extending the Nakamoto Consensus in a pre-consensus phase.
The BMP empowers the miners of the last 28 days of BCH blocks to make themselves heard, with a perfect signal to noise ratio. The BMP can serve as an important tool for Bitcoin Cash governance, reducing forking, infighting and disputes.
The next phases of the project are:
Make an initial participation in BMP chat with some HP by mining.
Maintain a public list of addresses for protocol devs who want to participate and the organisation as a whole.
Once these steps are complete, BU will be set up to interact with the other miners, developers, businesses, marketers, communicators, and investors to make use of this innovative new governance system.
We hope other entities in the industry will take a look at the BMP technology and assess it with us as a means to further improving the governance system on Bitcoin Cash.