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BookChain is a work-in-progress platform for storing important books
- dane-pgp 8y agoThere are three technical concerns that I think are significant when talking about blockchain projects (ignoring the financial and legal issues somewhat, despite those being perhaps more relevant to this service). First, obviously, is the issue of energy consumption, although it is hoped that a system like Proof-of-Stake could solve that to some extent. Second is the issue of unwanted immutability or traceability, in that even the creator of a transaction cannot (perhaps after the fact) demand that their transaction is hidden. Interestingly, work is being done on this too, with Zero Knowledge proofs for privacy, and using Chameleon Signatures for optional mutability: https://www.cio.com/article/3122846/internet/censorship-and-healthcares-redactable-blockchain-trapdoor.html https://www.cio.com/article/3122846/internet/censorship-and-... Thirdly, there is the issue of how to correctly set the cost per byte of storage for a blockchain. If the cost is too high, no one will want to write to it (i.e. high transaction fees for a blockchain currency), but if the cost is too low then miners won't want to mine it (due to the amount of storage space and network capacity they need). Market pricing may in practice be sufficient for deciding this parameter, but I don't know if there are strong reasons to believe that the market will always be able to find a price that is sustainable for both users and miners.