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I love this summary, it really touches on all the core issues. However, even though bitcoin has such severe flaws, I think that cryptocurrency in general is sti
by magicmu 11y ago
I love this summary, it really touches on all the core issues. However, even though bitcoin has such severe flaws, I think that cryptocurrency in general is still really promising. I've been particularly excited about ethereum for the past two years or so, and progress on that project definitely seems to be happened (although it's not a currency per se). The concept of the block chain still has massive potential.
- TD-Linux 11y agoIndeed, it seems really early to throw away blockchains because one change to the consensus rules for the Bitcoin blockchain ended up not being popular. There's still tons of other unexplored space on the Bitcoin chain itself, not even counting altcoins - there's a lot of flexibility with Bitcoin script, and new opcodes are being added (OP_CLTV got turned on very recently). Some of these allow you to develop altcoins that are backed by Bitcoin, called sidechains (see Elements Alpha for an example [1]). There's other clever ways to use the scripting system to do fancy things that could help lower the cost of transactions, like the Lightning network [2]. [1] https://github.com/ElementsProject/elements https://github.com/ElementsProject/elements [2] http://lightning.network/ http://lightning.network/
- magicmu 11y agoI've never seen Elements Alpha or heard of sidechains, that's a really interesting project! Thanks for the link.