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If you want the benefits of a blockchain without the Wild West stuff, why not set up a private chain with an "approver" instead of miners? I'm sure many compani
by aakilfernandes 10y ago
If you want the benefits of a blockchain without the Wild West stuff, why not set up a private chain with an "approver" instead of miners? I'm sure many companies interested in Ethereum are going this route.
- kang 10y agoPrivate/Federated blockchains are just applied cryptography, which is not the same as the technology behind bitcoin; blockchain & proof-of-work.
- aakilfernandes 10y agoAgreed. I think the ship has sailed on the term "blockchain" and it no longer requires decentralization. It means a signed transaction log which can't be secretly forged. Not as sexy as bitcoin, but language is fluid and I think the definition has shifted.
- kang 10y ago> "which can't be secretly forged" Not possible without proof-of-work
- aakilfernandes 10y agoSure it is. If all blocks are relayed to all participants, theyll have a record of whenever theres an attempt to change the block history. All they need to do is show two coflicting blocks signed by the "approver"
- kang 10y agoHow was this not possible earlier?