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Author Topic: Is blockchain real or hype?  (Read 2179 times)
Wind_FURY
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December 21, 2016, 03:03:18 AM
 #61

Then herein lies the real problem. Ask the banks what their definition of "blockchain" is and you realize and question if that is really a "blockchain" because the Satoshi definition is mostly the one for most of us. Before Bitcoin, did anyone really use the term "blockchain"?

If their definition of a blockchain, is a chain of blocks linked together then would that be enough to be called a "blockchain"? I think the breakthrough which is Proof of Word should always be there and should be inserted in that definition.

no
satoshi was talking about blockchain in the full context of bitcoin. because the topic he was talking about was bitcoin. he never really thought much about altcoins back in the first days, so was not talking about blockchain as just a separate topic

bitcoin is a patchwork quilt of many many things brought together. which makes bitcoin special. but blockchain and bitcoin are not on the same level. blockchain is a base level template. that needs building on

sha256 was a breakthrough in 2001
cryptographic signatures (ecdsa) was a breakthrough in 1999
proof of work was a breakthrough in 1997...
ripemd was a breakthrough in 1995

i could go on.

if you want to start saying blockchain has certain things as a prerequisite.. then you start getting into deeper questions like

if PoW is a prerequisite. then PoS coins are not blockchains?
or
if PoW is a prerequisite. then you cant leave PoW details blank otherwise its an empty gesture/useless to have included PoW as a prerequisite
if PoW is a prerequisite. then what PoW .. MD5 hashed, sha1, sha2, sha3.
if PoW is a prerequisite. then once you answer the detail of the hash required you then have to answer what length nonce is needed.
if PoW is a prerequisite. then once you answer the detail of the hash&nonce length required you then have to answer difficulty mechanism is needed
if PoW is a prerequisite. then once you answer the detail of the hash&nonce length& difficulty required you then have to answer difficulty retarget period.

yep. by saying PoW is needed you then start tumbling down a hill of creating an altcoin by having to get specific purely to even say PoW is needed because PoW needs prerequisites

however blockchain is a blank template. where it can go in any direction.. PoW, PoS PoA, etc. the data within the blocks can be anything. the timing of the blocks can be anything. distribution variation, diversity. etc etc etc


Ok I get your point. But I still do not get how a "blockchain" is more efficient and faster than the legacy systems they have right now like SWIFT. If you or someone can explain to me if there is a need for and how a "blockchain" or let us just call it distributed databases can make their systems more efficient and faster, I would be happy to listen. My whole point with my argument is banks do not need a "blockchain". It is only a buzzword used because Bitcoin is getting more popular.


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