Blockchain

Last updated 5 days ago

Use cases

  • Event tracking

Different implementations:

  • Proof of work

  • Proof of state

Concerns:

  • No customer service

  • Losing private key

  • Linking transactions

  • Not instantaneous

  • Writes Transaction speed

  • Data that is stored off the chain

    • If so few things are on chain, why even have blockchain.

  • Size of the chain

  • Benefits of blockchain requires decentralization. In order for decentralization, other people need to be incentivized for hosting.

    • I don't think people would be incentivized to host.

  • Scaling challenges of blockchain

    • transactions per second

    • size of the chain (in Gigabytes)

  • Introduces complexity without reducing it

  • Financial cost of Proof of Work

Chain

Transactions per Second

Size

Bitcoin

7 tx/s

197 GB (Jan 2019)

Etherium

25 tx/s

670 GB (Jan 2019) or 20 GB ...

Ripple

40,000 tx/s

Thoughts:

Block chain is a distributed social enterprise .

Block chain is about people wanting control. But they don’t realize how much control they have let go.

Individual vs group.

Requires good actors in all environment factors.

Blockchain is not used in the porn industry.

Implementing Blockchain

Requires you to think of:

  • what is on chain, and what is off chain

Questions:

What can you prototype faster with blockchain?

When is trust broken?

  • When one actor has more than 33% or 50% (depending on implementation) of the nodes

    • Forks; Bitcoin Cash, Ethereum Classic, etc

  • Requires adoption by all parties

    • Including competitors, which will most likely not adopt your solution

  • This is so new and complex, how can you be an expert at this?