10 votes

There's No Good Reason to Trust Blockchain Technology

2 comments

  1. rkcr Link
    If you want a more in-depth version of this essay, listen to Schneier's excellent talk about the blockchain from early 2017. It hits essentially the same beats, only with a lot more detail.

    If you want a more in-depth version of this essay, listen to Schneier's excellent talk about the blockchain from early 2017. It hits essentially the same beats, only with a lot more detail.

    5 votes
  2. gabelanglais Link
    Trustless networks should focus on moving the trust in network away from some sort of centralized monopoly and toward the users. I think that Bitcoin and other cryptocurrencies are stepping in...

    Trustless networks should focus on moving the trust in network away from some sort of centralized monopoly and toward the users. I think that Bitcoin and other cryptocurrencies are stepping in right direction, though they do have a long way to go. For instance, while Bitcoin might have moved the trust away from banks and institutions that act in their own interest, it has been moved to miners that act in their own interest. This was very prominent with the BTC vs BCH debacle a while back. Maybe new innovations with Proof-of-Stake will help alleviate some of these issues, though at the end of the day one will still have to trust the dev teams.

    4 votes