Ned Scott First Steem Saturday, Johannesburg 29 Oct 2016 [Transcript- Part 3]

After part 2 being 12 minutes in duration I expected the last part to be even longer but it was just 4 minutes. 😊

... necessarily representetive of the potential for block-chain and currently in bitcoin there is this whole scaling debate, there are some very technical challenges that people are trying to solve in bitcoin, to make sure its scaleble and fast and is meeting the needs of different people around the world for micropayments and remittances and things like that and there are definitely some huge challenges there in upgrading the network to have it meet the needs of its community. So one of the things with Steem is we designed it a little differently so it has this consensus protocol that is very adaptive to the needs of the people who are participating in its cryptocurrency economy and the mechanism there is called delegated proof-of-stake [PoS Wiki] and the way that works if you have these (s)elected witnesses that the community of cryptocurrency holders vote into power to help manage the network and produce blocks to secure the network. That model is much more reflective of the way that really strong societies come together. We look at countries like the United States and South Africa where you have these parliamentary systems, these congressional systems and these systems that have imbalances of power and things like that. We can't ignore the need for politics in block-chain, so Steem has this kind of baked in layer that embraces that and the technology be suited for many, many types of needs.
One thing I like to think about (when we are designers?) of block-chain systems of the idea of Biomimicry (1) and we look at some of the animal civilizations out there and how they operate, take the ants or the bird or termites and look at their behavior and how they work together Isostatically(?)(2), with so little down-time in their communication. To me that's the potential of block-chain where you have this system of incentives so fluid and it makes communication so natural and so fluid because really, incentives rule the world, if you allow the medium of incentives and exchange to be something that is completely inextricably linked to our beings, right in front of us, right on our cellphones, then we can start to communicate as freely and easily and quickly as the figures you see here on the board.
What I would like to say is that there is so much more ahead in block-chain technology and in cryptocurrency, there are so many more big problems to solve. If we all continue to work together and embrace this technology and bring it to more and more people I have no doubt that 5 years from now - 10 years from now, we will be looking at a much more fluid and inclusive and empowered group of people across the world.Thank you very much, I'd like to take some questions if you have any.

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Yes, I had to google these. 😄

(1) Biomimicry is an approach to innovation that seeks sustainable solutions to human challenges by emulating nature's time-tested patterns and strategies. The goal is to create products, processes, and policies—new ways of living—that are well-adapted to life on earth over the long haul.

(2) Isostatically When a certain area of Earth's crust reaches the state of isostasy, it is said to be in isostatic equilibrium. Isostasy does not upset equilibrium but instead restores it (a negative feedback). It is generally accepted that Earth is a dynamic system that responds to loads in many different ways.

Let me know in the comments any errors you might stumble on. Hope this helped those that couldn't watch the video or needed a transcript.