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You're in for a treat, then. A blockchain is a world computer. Each program on the computer has its own storage that nothing else can write to, so anyone sendin
by natrius 11y ago
You're in for a treat, then. A blockchain is a world computer. Each program on the computer has its own storage that nothing else can write to, so anyone sending a transaction to the computer knows exactly what the result will be. (Most blockchains only have one program, like Bitcoin. Others have multiple programs that can call each other, like Ethereum.) This shared, unforgeable platform can be used to coordinate interactions between individuals, corporations, or other entities.
This technology gives mankind a new superpower: we can interact with anyone on the planet with predictable results and near-zero transaction costs. Interactions that only involve information, like financial markets, can be guaranteed to follow the rules of the blockchain, which will eliminate all financial middlemen you pay fees to today. Real world interactions can't be governed by software, but they can be guided by software. Reputation systems that run on blockchains will tell you exactly how likely you are to be satisfied with a real world interaction, so you can interact with complete strangers who live anywhere on the planet.
I think most trade will be blockchain-mediated in the near future.
- aliakhtar 11y agoGreat essay. Now, can you point out which of those use cases can't be done with regular USD, if someone like Paypal released an API? Edit: I also disagree with 'reputation based blockchain'. Reputation based anything online is easy to beat, and given the massive amount of scams in bitcoin, it clearly doesn't work.
- natrius 11y agoPayPal collects fees. They also restrict access to their platform and funds held on the platform. I am not talking about currency. Let's pretend the world will run on dollars indefinitely. Blockchains grease the skids of trade. You will trade with far more individual strangers than you do today. You will trade in new ways that weren't possible before blockchains let us encode the rules for interactions in a world computer. Blockchains will reshape our world. I think our currencies will be defined by blockchains as well, but don't get distracted just because you don't believe that particular bit. Blockchains are bigger than currency.
- deleted 11y ago[deleted]
- aliakhtar 11y ago> PayPal collects fees. So do miners. Again, you haven't really given me any specific use cases, you've just made some vague statements about how blockchains will revolutionize everything. If you mean smart contracts, they can be done more efficiently with a centralized service, without using a decentralized blockchain.