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Can't a database be potentially breached and suddenly my account has all the "currency" copied I to it from yours? Until Quantum Computing comes of age, this i
by steveharman 7y ago
Can't a database be potentially breached and suddenly my account has all the "currency" copied I to it from yours?
Until Quantum Computing comes of age, this is theoretically much harder with DLT / blockchains.
- roywiggins 7y agoBlockchains can (and quite often do) have bugs in their implementation too, they're not entirely magic.
- simias 7y agoAll banks are effectively running a huge database at the core, yet that's not a common problem. They have procedures, they have backups and they have human oversight. The last element is key, if somebody manages to hack into the system and send all the money into their own account the bank's administrator can detect the problem and say "well, that's clearly not supposed to happen, let's roll that back". On a decentralized, trustless blockchain you have no such thing. So you either end up hard-forking like Ethereum did after their DAO debacle (but then are you a decentralized trustless system anymore?) or you continue normally and basically the people who lost their money are screwed.