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>Disagree. First, you don't need an "altcoin" to have a blockchain. In a public permissionless blockchain the token is a system-native item of value used to co
by SkyMarshal 10y ago
>Disagree. First, you don't need an "altcoin" to have a blockchain.
In a public permissionless blockchain the token is a system-native item of value used to compensate miners/stakers/validators for securing the system. If you remove it from the architecture then you need a compelling answer to the question, how is the system secured? I haven't heard such an answer yet, though it may be out there and I just haven't come across it yet. Have you?
Essentially what I'm looking for is an explanation of a tokenless security-model in similar depth as this explanation of Bitcoin's security model:
http://www.coindesk.com/bitcoins-security-model-deep-dive/ http://www.coindesk.com/bitcoins-security-model-deep-dive/
Haven't seen that yet.
- trentmc 10y agoTo me, incentives can be intrinsic (built into the system) or extrinsic (outside the system). Each has pros and cons. Bitcoin is intrinsic, based on mining reward and tx fees. Traditional private blockchains are extrinsic, where the folks running the network are incentivized to pay for hardware based on cost savings, higher profits, etc, ie something extrinsic to the network itself. IPDB is also extrinsic where the folks running the network participate because they care about the future decentralized internet, and their costs of running a node are covered by SaaS-style transaction fees.