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I can't read the article in it's entirety but decentralisation is not what makes a crypto currency a crypto currency. Visa, Master card, Joe shmoe, anyone can s
by c0wb0yc0d3r 7y ago
I can't read the article in it's entirety but decentralisation is not what makes a crypto currency a crypto currency. Visa, Master card, Joe shmoe, anyone can start a centralized ledger that uses crypto.
- colordrops 7y agoWhat sort of crypto? Just hiding the ledger behind SSL or encrypting the data is not what makes the "crypto" in cryptocurrency.
- glitchc 7y agoNeither does calling it crypto, which stands for cryptography. Call it distributed ledger technology or blockchain for specific popular variations.
- colordrops 7y agoUnlike a centralized ledger, a distributed ledger could not exist without cryptography.
- deleted 7y ago[deleted]
- SI_Rob 7y agoI would strongly disagree here. Decentralization, though a term fraught with poorly acknowledged and contradictory premises, is essentially the defining value proposition of cryptocurrency. Take away decentralization (which I would be more comfortable calling "aspirational decentralization" to reflect actual practice) and cryptocurrency is indistinguishable from conventional electronic currency.
- magnamerc 7y agoWell, Nakamoto consensus or practical byzantine fault tolerance is decentralization. It's literally how groups of nodes come to consensus.