Let's actually discuss the idea, theory and functionality behind a "blockchain". I believe most only have a cursory knowledge of it, and i admit, myself included.
So here's what i've gathered (and it might be so wrong it actually hurts people); The concept of blockchain is a digital "recording" system that has so many potential applications that it will make arcanic server systems basically become useless outside a few internal uses (military and corporation for example). This is due the "blockchain" (depending on it's tech and usage), a digital and basically internet provided single server that is infalliable due it's massivly usergenerated data (thus a single person can't actually hack it as it's ever changing, and groups will have massive problems as well).
For instance, VEN and WTC projects their tech blockchain to focus on tracing and confirmation. Meaning a producer may apply a signature "byte" of the chain on a spesific product that will retain a very uniqe ID that cannot be falsified due the public "in the air" nature of the chain. Meanwhile VGC will do the same in regards of bank transactions and business deals, while NEO focus on the concept of digital identity, aka making sure you're a legit dealer. LINK attempts to become the middle man, that ensure the two parties are actually credible in their transactation etc.
Am i wrong? What exactly is your idea of Blockchain? Can you explain the theory of it?
>7830016 >decentralization endgame 2050 >literally Ghost in the Shell type Internet >you can't shut it down >the only way to disconnect = death >you have a fookin node chip in your brain >but how how how >computing power >people will have smartphones with more hash than todays super computers >look at the shit rigs they were rocking in the 70s lol
Isaiah Stewart
As i understand it, the blockchain solves the double spending problem meaning that every time you send information across the internet, you actually sends a copy of the information and keeps the original. With the double spending solved, then it opens up for the possibility of moving information around on the internet without having to rely on existing platforms i.e. infrastructure.
I am not sure where this "blockchain" will go, it may be huge, or it may be die off..
Jace Butler
Bamp
Chase Morgan
blockchain has a lot more to it than that. at it's core it is transparenct, decentralization and cheap. Essentialy, it removes a huge number of traditional hurdles and processes from an entire network of operations. it simplifies these systems and economic machines which saves a lot of time and money.
It is part of the automation faccilitation of society.
but if you just want a general theory of it that's all you will get. you need to ask specifics.
Nathaniel Sullivan
>This is due the "blockchain" (depending on it's tech and usage), a digital and basically internet provided single server that is infalliable due it's massivly usergenerated data Not really. A blockchain is a data structure. It's a collection of data that has certain properties. It's made up of blocks. Each block contains a timestamp, a number of transactions, and the hash of the previous block in the chain. The hashes link the blocks together like a linked list.
Networks like bitcoin use a peer-to-peer network to validate transactions and modifications made to the blockchain. This works because these it requires proof of work for generating blocks. These involve hashing algorithms which are hard to compute but easy to verify. In other words, someone else can verify that you've performed a computation without performing it themselves.
The blockchain which is considered to be valid by the network at any given time is the longest chain which has the most valid proof of work done for it. A malicious actor who wanted to modify the blockchain would not only have to re-calculate the hashes of all blocks coming after the modified block, but they would have to satisfy the proof-of-work conditions in generating a new block before any honest actor on the network managed to do so - which would require approaching the majority of computing resources on the network.
What this ultimately means is that we have a way of reaching distributed consensus in a trustless, secure way. The network can protect itself from attacks and filter out malicious actors, without relying on a central authority to do so.
Lucas Baker
OP, in this explanation I stated here: I noticed I made a mistake:
Where I say: >(Something which is found through guessing at what the appropriate inputs are for a hash function, using numbers-only-used-once, or "nounces". This is what miners are basically doing).
Instead of saying 'appropriate inputs', it should say 'appropriate OUTPUT'.
A hash function takes some input and, through some process, turns it into a certain output. Miners are trying to guess this output using nounces.
Aaron Davis
To be extra clear, they don't actually have to guess the exact output (just said that to try make things simpler), they just have to be the first to figure out a hash which is less than or equal to the target hash.
John Rogers
in the future you can have unprotected sex with girls for blockchain money
Carson Bennett
In Bitcoin, miners attempt to mine blocks which include a payout to themselves in the list of transactions. This is where the block reward/incentive come from.
Alexander Robinson
> it will make arcanic server systems basically become useless outside a few internal uses No, not really. All it is, is a decentralized database.
Centralized databases work 100% better. - They are MUCH faster (INSTANT actually, no 10 minute blocktimes or having to pay high fees, you get practically infinite transactions/second) - They are EASILY MORE scaleable (you can serve millions of users at the same time no problem with existing scaling methods). - You can keep server-side secrets (e.g. passwords)
Not everything needs to be on a blockchain.
On the other hand, a blockchain assures reliability, uncensorability, and non-tampering. You'll never have to worry if your server got hacked (unless the consensus software itself has a bug), and won't have to worry about a rouge system admin changing database values.
If your use case does not require decentralization, uncensorability, and such tamper-proof qualities, using a blockchain may be unnecessary.
And even if you DO use a blockchain, a token/coin may also not always be necessary. It DOES provide incentive for users to run their miners/masternodes and run the network, but if 100% reliability is not as crucial, and spam is not a huge threat (or can be dealt with in another manner) tokenless blockchains CAN work. Like how torrents can work because reliability is not as crucial in such a use case.
A lot of these new projects force things onto a blockchain that people don't really need to be decentralized. Uncensorable money or an unseizable store-of-value is a GREAT use case (as governments freezing and seizing accounts is a VERY REAL threat, whether it be AML related, or the IRS, etc.) Such a use case has a HUGE DEMAND (just see the Panama papers). As for these other use cases some other coins offer.... I'm not really so sure. At the very least, I don't see the "HUGE DEMAND" for their use cases as something that actually exists (yet...?)
Ethan Lee
Also, I mentioned centralized databases can keep secrets, but I forgot to expound on that.
Keeping secrets is something a blockchain cannot easily do (if at all). For example let's say you're using it as a decentralized server of poker games.
How do you store the hands of each player on the blockchain while assuring no other player can peek at the other cards? Store it encrypted via the player's private key?
Okay sure... then how do you make sure that the later cards that are dealt are NOT duplicates of the cards HIDDEN in the other player's hands?
You need a centralized "secret keeper"? How can you trust this "secret keeper" then? What if another player is running it? And is it not just another "server" type thing? Why bother decentralizing then?
Maybe they'll have solutions for this using zero-knowledge proofs or whatnot, but this is just a basic example on how a blockchain cannot completely replace centralized databases.
Brandon Nguyen
Lead distributed systems engineer here and this user is correct. Blockchain is the most overhyped data structure ever and is actually so slow and unscalable that no top 10 tech company uses it for anything serious besides an incubator project for meme dollars from normies.
Andrew Torres
I really think we are in the beginning stages of Skynet. Might as well make the most if it.
Luke Jenkins
>tfw we get rfid chips implanted in us connecting our biometric data to the block chain
Matthew Green
you're assuming it will be widely adopted
Nathan Garcia
>Uncensorable money or an unseizable store-of-value is a GREAT use case (as governments freezing and seizing accounts is a VERY REAL threat, whether it be AML related, or the IRS, etc.) Such a use case has a HUGE DEMAND (just see the Panama papers). tfw all in on XMR
Juan Adams
That's my understanding too. But other then some nebulous desire for decentralization - which comes at huge transactional cost, what good is it? People who don't understand it act as though it's revolutionary and has many uses. Really, besides crypto, it doesn't.
Xavier Brooks
It allows people to make private digital transactions, something which previously could only be done in person with cash. Immutable contracts can also be stored and executed on a blockchain, and this has use cases in some niche applications. I don't think it's as revolutionary as people make it out to be. Blockchain-based dApps will probably not replace most traditional web services anytime soon.
It doesn't have to come at a huge transactional cost. Alternatives to proof-of-work exist, such as proof-of-stake.
Aiden Morris
But the question is, can it actually replace a known infrastructure?
Kevin Lee
But the question is, when precisely does a block give a time? at the moment of creation? At the moment of death? For every digital pickaxe hacking away on it? I feel mining and crypto has moved much away from each other since it's earlier boosts. Unless you run a mining cartel you won't win much but a few dollars. Unlike "back then".
Jaxson Brooks
This is true, but lets rememeber, we would still trade in fiat? The average poorfag wouldn't have per now access to deep web nor it's ilk. So presumably they would still do deals by face.
Hunter Ward
There are an array of digital goods and services you can pay for with cryptocurrency. VPNs, porn, VPS servers, domain names, music, Veeky Forums passes, software and so on. Low fees and privacy make it a good option to many.
As far as the rewards from mining go, this depends mostly on the type of hashing used in the proof of work scheme. Some algorithms are much more ASIC-resistant than others and so lend themselves to better decentralization (see: equihash).
In countries where the fiat currency is worthless, people have started falling back on crypto. Bitcoin mining is popular in Venezuela and you can read about how some of their people are making deals in cryptocurrency now that their native currency, the Bolivar, is worthless due to hyperinflation.
It may seem unfathomable for it to catch on in first world countries, but there are some unstable shitholes in this world where the volatility of cryptocurrency pales in comparison to the volatility of their own currencies. And it can't be controlled by their corrupt governments. They don't have to get permission from their government-controlled banks to use it. There's obviously some potential here.
Michael Wright
yeah. all databases. blockchain is just a better way of organizing information. it'll do for all systems what double-entry bookkeeping did for accounting
Wyatt Cox
Expanding on my original explanation of hashes, difficulty is part of what determines the average block time (Note that even though bitcoin has an average block time of 10mins, this does not mean each block takes 10mins to be confirmed by the network, some may take much longer or shorter amounts of time).
Difficulty is essentially how many zeros there are in the target hash that miners have to find, as they increment through nonces of the inputs they put into the hash function, in order to try and find an output which is less than or equal to the target hash.
The more zeros in the target hash, the harder it is to guess, and so, the longer it takes for miners to find the appropriate output.
Difficulty adjustments essentially adjust the "rarity" of the target miners have to find. These adjustments occur to keep the average block time of around 10 mins (for bitcoin).
