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> Blockchains and crypto tech does seem to provide solutions to many challenging problems: distributed ledgers, immutable and decentralized data, ownerless cont
by creshal 5y ago
> Blockchains and crypto tech does seem to provide solutions to many challenging problems: distributed ledgers, immutable and decentralized data, ownerless contracts and program execution, secure and decentralized ownership of a digital asset (eg: owning a domain name), programmable free markets, preventing the double spend problem, etc.
Emphasis on "seem". These aren't even problems in the practical sense, but rather tools you can use to solve concrete problems. And in many cases, you can use similar tools that don't involve blockchains (merkle trees, FSS+PKI, …).
And it's still not clear whether blockchains can in practice deliver on the promises of decentralization: There's no good solution to problems like 51% attacks, other than rallying behind a central authority like the chain's developers. Why even bother with a blockchain then?
- alephu5 5y agoThis. I've read many accounts of people advocating for use of blockchains in industry or government, which mostly boil down to different entities emitting documents in a verifiable way, e.g. for property ownership. As you've said this can be handled using boring PKIs and the like.
- creshal 5y agoCynic mode: You can't handle it the boring way because nobody is funding boring solutions. We already know those won't make you a billionaire overnight.