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One possible use case: A notary for digital goods. Crypto currencies have a built-in incentive mechanism that keeps a ledger running and verifiable. This allows
by jcfrei 8y ago
One possible use case: A notary for digital goods. Crypto currencies have a built-in incentive mechanism that keeps a ledger running and verifiable. This allows for a decentralized way to verify ownership of digital goods. More concrete, you could verify that you are the owner of a very rare sword you obtained in an online RPG. Even when the company goes out of business or stops the servers you could still prove that you own it. In other words, owners of valuable digital items might want their ownership to be stored on a public blockchain rather than a database by a private entity.
- petertodd 8y agoYou don't need a cryptocurrency specifically to do this. Rather you can piggy back on a different consensus system: https://petertodd.org/2017/scalable-single-use-seal-asset-transfer https://petertodd.org/2017/scalable-single-use-seal-asset-tr... For example, while it'd be a bit of a hack, you could fairly easily re-use even the various Certificate Transparency blockchains to trade stocks. Also, I wouldn't say that the incentive mechanisms keep the ledger running. Rather they keep the PoW consensus mechanism running; in all existing trustless decentralized currencies it's your node that verifies the ledger is working correctly, and other people are voluntarily distributing the data without a reward.
- smokeyj 8y agoI've never heard of Proof-of-Publication ledgers. Any resources I should look at?