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I think of it as centralization in that all transactions will be stored in one “database”, but decentralized in that the database has millions of nodes and anyo
by meowtimemania 5y ago
I think of it as centralization in that all transactions will be stored in one “database”, but decentralized in that the database has millions of nodes and anyone can add their hardware as a node
- phoe-krk 5y agoThat's centralization, just replicated for redundancy.
- theK 5y agoNot completely. The main difference between blockchain and classical banking is that the protocol defines what transaction can be done and the network of block producing nodes manages the evolution of its state. In classical banking you have multiple routes that go around the protocol (law in this case) and you also live in a federated feudal system where your bank reigns supreme in what you own.
- xchaotic 5y agoI call bs on this argument. Protocol on the blockchain still has to abide by the rule of law. And the idea that certain things are not allowed on the blockchain is false - someone will create a new fork, chain or there will be a more elaborate workaround. It’s just a very complicated way to deliver anything.
- theK 5y agoAdoption of forks depends on public adoption. Let's call this common consensus. Classical law is just the public deciding which set of rules leads to a healthy society, these laws are then adpptedby societal structures. Let's call this... Hmm common consensus? You are seeing differences where there aren't any.