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"If you're a technical person, you don't need to trust Blockchain technology; you can verify that it works on your own. If you're not a technical person, you ca
by cphoover 8y ago
"If you're a technical person, you don't need to trust Blockchain technology; you can verify that it works on your own. If you're not a technical person, you can find independent technical experts to verify it for you."
That holds for Proof-of-work based currencies... It seems like it's trickier than that for proof-of-stake, as these have to be trustful systems.
- baby 8y agoIndeed, the proof-of-work of bitcoin is way easier to understand than the byzantine agreements used by other cryptocurrencies.
- jameslevy 8y agoBecause exit scams are a thing, it may be difficult to prove that a proof of stake blockchain will always be trustworthy, but it should be possible to verify that historic proof of stake records are accurate. I'd expect we will see some independent auditing tools of this type for monitoring PoS blockchains.
- cphoover 8y agoI'm not sure why having trusted actors is necessarily a bad thing. DNS Authorities, and Certificate authorities are both examples of decentralized systems with trusted entities.