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RE: 2020-03-18
Depends. In general, in a consensus-based system like Bitcoin, there is a set of rules that everyone keeps track of. Breaking these rules is rejection of a person from the network (creates its own network). There are all sorts of different methods of democation in the network - but direct.
Sounds like a republic.
Maybe. But it short, it isn't XVIII century solution, it's XXI century solution. Trustless, decentralized consensus-rule technology
I like it.