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>V1 of a technology as disruptive as this doesn't necessarily survive in the end. Version 2 or Version 3 is where it gets really interesting. The technology th

by tmh88j 9y ago

>V1 of a technology as disruptive as this doesn't necessarily survive in the end. Version 2 or Version 3 is where it gets really interesting. The technology that's here to stay is blockchain, the currencies associated with them are irrelevant in the grand scheme for now. I think Bitcoin has the brand recognition to hang in there for a while, but if nothing new is brought to the table with every newly introduced altcoin they're destined for failure. Even Kodak is trying to get into cryptocurrency/blockchain game. I think DRM via smart contracts is a feasible and cool concept, but no one is going to take Kodakcoin (it's a real thing) seriously unless it has liquidity and value beyond photographers. Until they can leverage atomic swaps it's going nowhere in my opinion.

prostoalex 9y ago
> The technology that's here to stay is blockchain, the currencies associated with them are irrelevant in the grand scheme for now. But blockchain's validity is validated by miners, and miners stick around because they're compensated for constructing a valid block. How does miner compensation work in the cryptocurrency-free environment, and if there are no miners, what are the guarantees that some central entity did not rewind and fork the blockchain?
- tmh88j 9y ago
  >How does miner compensation work in the cryptocurrency-free environment, and if there are no miners, what are the guarantees that some central entity did not rewind and fork the blockchain? You can establish whatever hypothetical situation you desire, but in the real world not all blockchain/cryptocurrencies are designed to operate the same way. Bitcoin, Ethereum and Ripple are all different approaches. They each have their own incentives and use cases, but they all sit atop blockchain.
  - prostoalex 9y ago
    Is there a significant difference between Bitcoin and Ethereum approaches? From what I can tell Ripple expects entities to run validation nodes as a service to the public https://www.reddit.com/r/Ripple/comments/6w5vsd/validator_nodes/ https://www.reddit.com/r/Ripple/comments/6w5vsd/validator_no... but glad to be corrected if other (stronger) incentives exist.
    - tmh88j 9y ago
      >Is there a significant difference between Bitcoin and Ethereum approaches? The two have very different approaches. Bitcoin was designed to be a currency, with blockchain being the mechanism to facilitate transactions. Ethereum was built from the start as a platform to run applications for zero downtime, along with its own cryptocurrency and smart contracts. If you follow the HBO series Silicon Valley, Pied Piper's platform running thanks to the smart refrigerators is reminiscent of Ethereum. >From what I can tell Ripple expects entities to run validation nodes as a service to the public Ripple is an oddball, but I threw it in as an example. It was created by a company which mined all of the coins from day one and held onto a significant portion of them, yet claim it was built to connect different payment systems together. For example, here's a statement their lead cryptographer made. “Payment systems today are where email was in the early ‘80s. Every provider built their own system for their customers and if people used different systems they couldn’t easily interact with each other. Ripple is designed to connect different payment systems together.”
      - shepardrtc 9y ago
        Yes, they removed distributed Proof-of-Work from the equation and used a distributed consensus algorithm instead. They're encouraging companies and institutions who are interested to run their own validator nodes. Running one doesn't make you any money, but it does help make the network more secure. Its an interesting alternative to PoW that doesn't require anywhere near as much electricity as PoW mining does.

by tmh88j 9y ago

prostoalex 9y ago

> The technology that's here to stay is blockchain, the currencies associated with them are irrelevant in the grand scheme for now. But blockchain's validity is validated by miners, and miners stick around because they're compensated for constructing a valid block. How does miner compensation work in the cryptocurrency-free environment, and if there are no miners, what are the guarantees that some central entity did not rewind and fork the blockchain?

tmh88j 9y ago
>How does miner compensation work in the cryptocurrency-free environment, and if there are no miners, what are the guarantees that some central entity did not rewind and fork the blockchain? You can establish whatever hypothetical situation you desire, but in the real world not all blockchain/cryptocurrencies are designed to operate the same way. Bitcoin, Ethereum and Ripple are all different approaches. They each have their own incentives and use cases, but they all sit atop blockchain.
- prostoalex 9y ago
  Is there a significant difference between Bitcoin and Ethereum approaches? From what I can tell Ripple expects entities to run validation nodes as a service to the public https://www.reddit.com/r/Ripple/comments/6w5vsd/validator_nodes/ https://www.reddit.com/r/Ripple/comments/6w5vsd/validator_no... but glad to be corrected if other (stronger) incentives exist.
  - tmh88j 9y ago
    >Is there a significant difference between Bitcoin and Ethereum approaches? The two have very different approaches. Bitcoin was designed to be a currency, with blockchain being the mechanism to facilitate transactions. Ethereum was built from the start as a platform to run applications for zero downtime, along with its own cryptocurrency and smart contracts. If you follow the HBO series Silicon Valley, Pied Piper's platform running thanks to the smart refrigerators is reminiscent of Ethereum. >From what I can tell Ripple expects entities to run validation nodes as a service to the public Ripple is an oddball, but I threw it in as an example. It was created by a company which mined all of the coins from day one and held onto a significant portion of them, yet claim it was built to connect different payment systems together. For example, here's a statement their lead cryptographer made. “Payment systems today are where email was in the early ‘80s. Every provider built their own system for their customers and if people used different systems they couldn’t easily interact with each other. Ripple is designed to connect different payment systems together.”
    - shepardrtc 9y ago
      Yes, they removed distributed Proof-of-Work from the equation and used a distributed consensus algorithm instead. They're encouraging companies and institutions who are interested to run their own validator nodes. Running one doesn't make you any money, but it does help make the network more secure. Its an interesting alternative to PoW that doesn't require anywhere near as much electricity as PoW mining does.