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One of the most important features of the blockchain is consensus, requiring nodes to contribute computing power to verify transactions (mining). Part of the ge
by programmarchy 10y ago
One of the most important features of the blockchain is consensus, requiring nodes to contribute computing power to verify transactions (mining). Part of the genius of Bitcoin is that the incentive to contribute is built into the protocol. What would be the incentive to "mine" a hyperledger? Is it application dependent, e.g. a distributed fee for nodes that settle securities?
It's nice to have an open source, "agnostic" blockchain implementation, but seems like figuring out the magic formula of incentive structure is still a huge piece of the puzzle -- and probably the most difficult aspect of gaining network participation.
- niftich 10y agoI imagine this is solely intended as a building block (based on their previous announcements), and the question of incentivizing mining is left as an application-level concern. Notably, this can be used as a private blockchain which doesn't need to incentivize mining. The operating organization simply runs all transaction verification themselves.
- icebraining 10y agoNotably, this can be used as a private blockchain which doesn't need to incentivize mining. The operating organization simply runs all transaction verification themselves. But then why would you need a blockchain at all? Just use a regular database, which will be more efficient and much better tested.
- buttershakes 10y agoBecause marketing.
- niftich 10y agoBecause a blockchain a specific type of distributed database, where sequentiality and tamper-protection come built-in. Although the hype behind blockchains is strong right now, they're a useful construct for recording a continuous set of truths like you'd want for a transaction ledger.