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Many fans of Bitcoin anticipated decentralized organizations, decentralized identity, etc... in a way comparable to the way Bitcoin is a decentralized currency.
by chrispeel 11y ago
Many fans of Bitcoin anticipated decentralized organizations, decentralized identity, etc... in a way comparable to the way Bitcoin is a decentralized currency. Unfortunately Bitcoin and other blockchain platforms do not provide easy development tools to build those other decentralized organizations. Yes, similar things can be built on Bitcoin as on Ethereum; it's just not as easy.
> I have yet to figure out just what problem ethereum even solves
Ethereum makes the blockchain easily programmable.
- imtringued 11y agoIn exchange it makes computation incredibly expensive not only because the Etherum VM is grossly inefficient but also because every node has to compute the same computations to verify the results (with bitcoin proof is easy but finding a block is hard). This means the processing power of the etherum blockchain with one full node is the same as with a million nodes. We are jumping back to the nineties from a performance perspective despite potentially spending millions of dollars. I wouldn't be surprised if etherum could be DOS'd simply by a government spending a lot of cash on a smart contract that does absolutely nothing for a whole week. Etherum startups don't make a lot of sense unless you want to make some betting platform that would usually be taken down by the government.
- deleted 11y ago[deleted]