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You're assuming their using an open POW scheme like Bitcoin's. That may not be true. They could set it up so only the blocks of 5 miners controlled by the bank
by aakilfernandes 11y ago
You're assuming their using an open POW scheme like Bitcoin's. That may not be true.
They could set it up so only the blocks of 5 miners controlled by the banks are "trusted" and only if they each keep under a certain quota.
They could go for a round-robin style consensus.
They could be doing something completely different.
- wtvanhest 11y agoTo add a little more to this comment... If you are familiar with how the Blockchain works, there are two short white papers on the topic at BitFury's site: http://bitfury.com/white-papers-research http://bitfury.com/white-papers-research I have consistently written off Bitcoin since I originally read about it on HN in 2011sh. Now that I have taken the time to understand a lot more about the blockchain, I am absolutely convinced that it has a high likelihood of being a really powerful force in technology, finance, data, etc. Disclaimer: I own roughly $2 USD in Bitcoins.
- aakilfernandes 11y agoIts really a shame that the most focused on aspect of blockchain technology became its price. I think thats going to change really soon.
- zby 11y agoI think I covered that under the 'cargo cult' part. Bitcoin is a true breakthrough, it does what after CAP theorem seemed impossible, and this is why it is so interesting and popular. They want this popularity - so they use the names that suggest that this is about the same thing - but in fact what they plan has not much in common with a decentralized system.