Blockchain as a revolutionary technology?

[Hektur]

Hi guys, have you ever thought about blockchain? If it is really revolutionary technology? I am reading many pessimistic opinions and articles, that it is not good technology. For example speed and massive adoption, we see this problem in Bitcoin blockchain and the transactions on blockchain, because it is the oldest one and there are the biggest number of transaction stored in blockchain, will this happen to every altcoins in the future? Will the Lightining network solve this problem? Why the Lightning network is not fully released - thanks to the miners - they want bigger rewards or? And what about mining - what will happen if we invent a quantum computer? Could we really trust in decentralized anonymous transactions in today's world?

Looking for your replies.

[Nagricoin]

I think this is not so revolutionary technology. But this is good opportunities to create electronic currency and electronic goverment.
Also this is good opportininties for business to collect money for create new products and other technologies.
This technology will develop and will stay more faster ans safety.

[chesatochi]

The blockchain is simply an immutable datable that you cannot modify and you can trust the transactions on it. We are in the early stage of adoption and look on how many use cases that we see appear every day.

The fastest blockchain I know is Steemit, you can send a transaction in 3 seconds without any fee.

[Jating]

Hi guys, have you ever thought about blockchain? If it is really revolutionary technology? I am reading many pessimistic opinions and articles, that it is not good technology. For example speed and massive adoption, we see this problem in Bitcoin blockchain and the transactions on blockchain, because it is the oldest one and there are the biggest number of transaction stored in blockchain, will this happen to every altcoins in the future? Will the Lightining network solve this problem? Why the Lightning network is not fully released - thanks to the miners - they want bigger rewards or? And what about mining - what will happen if we invent a quantum computer? Could we really trust in decentralized anonymous transactions in today's world?

Looking for your replies.

It looks like you have 2 sets of question. As far as LN goes, I suggest you read its whitepaper.

https://lightning.network/lightning-network-paper.pdf

As for blockchain, yes its a new technology that has a lot of uses not only bitcoin but other industries as well, specially in the banking industry. Ironic though that banks keeps on attacking bitcoin, but adopting the underlying technology behind it.

Blockchain can record all transactions, and its very difficult to alter the data, unlike data which a database admin can make updates on the records. So that's one big advantage of bitcoin. Another that I'm seeing is that it can really reduced the cost of transaction and data can be used immediately. Imagine a one bank and it needed another information from another branch. And through this technology the one needing the data can get it immediately by just looking at the records in the blockchain.

[Hektur]

Hi guys, have you ever thought about blockchain? If it is really revolutionary technology? I am reading many pessimistic opinions and articles, that it is not good technology. For example speed and massive adoption, we see this problem in Bitcoin blockchain and the transactions on blockchain, because it is the oldest one and there are the biggest number of transaction stored in blockchain, will this happen to every altcoins in the future? Will the Lightining network solve this problem? Why the Lightning network is not fully released - thanks to the miners - they want bigger rewards or? And what about mining - what will happen if we invent a quantum computer? Could we really trust in decentralized anonymous transactions in today's world?

Looking for your replies.

It looks like you have 2 sets of question. As far as LN goes, I suggest you read its whitepaper.

https://lightning.network/lightning-network-paper.pdf

As for blockchain, yes its a new technology that has a lot of uses not only bitcoin but other industries as well, specially in the banking industry. Ironic though that banks keeps on attacking bitcoin, but adopting the underlying technology behind it.

Blockchain can record all transactions, and its very difficult to alter the data, unlike data which a database admin can make updates on the records. So that's one big advantage of bitcoin. Another that I'm seeing is that it can really reduced the cost of transaction and data can be used immediately. Imagine a one bank and it needed another information from another branch. And through this technology the one needing the data can get it immediately by just looking at the records in the blockchain.

It is okay, but look on Bitcoin blockchain and how many computers/mining rigs are working to make transaction smooth, I know that if blockchain has less miners, there will be lower difficulty, but when we see mass adoption - blockchain can´t store every transaction, or could? I don´t know if I am wrong, please correct me, if yes. It is proof of stake better? I read that with proof of stake there is bigger possibility to shut down the network with hacker attacks or? Sorry, I am not expert, but I would like to learn more about it .

[bigcash2011]

I will just say that no need to panic, bear market is tough to face and the fud and begativity comes along with bears but bull market makes everyone dance with happiness, blockchain technology is definitely the way forward, there is absolutely no doubt about that, stay positive.

[MAJICOIN]

Yes i agree that blockchain technology is revolutionary technology and if we have to the user of this currency then we must pay attention to the blockchain technology and in the present time this technology is more advanced and the crypto users are able to use bitcoin and to hold bitcoin this all because of that. The blockchain wallets and the online stores and other use of crypto the blockchain technology is in the first row i have seen and i hope that this will intriduce more good things for bitcoin and alts.

[dongle]

   The blockchain revolution has arrived, and this is a great technological revolution in which the people of prosperity and the contrary perish.

[sindikat]

It seems to me that blockchain revolution is impossible without revolution in people's minds. The main problem of our time is that people have not changed. Revolution in the consciousness of not happened. People remained true to their addiction to Fiat and so we are faced with the current crisis. Those who spread fakes that the sale of 40,000 bitcoins could provoke such a fall in prices do not understand the mechanism of price formation. This situation can significantly reduce the interest not only in cryptocurrency but also in blockchain.

[ManaMan]

Hi guys, have you ever thought about blockchain? If it is really revolutionary technology? I am reading many pessimistic opinions and articles, that it is not good technology. For example speed and massive adoption, we see this problem in Bitcoin blockchain and the transactions on blockchain, because it is the oldest one and there are the biggest number of transaction stored in blockchain, will this happen to every altcoins in the future? Will the Lightining network solve this problem? Why the Lightning network is not fully released - thanks to the miners - they want bigger rewards or? And what about mining - what will happen if we invent a quantum computer? Could we really trust in decentralized anonymous transactions in today's world?

Looking for your replies.

Scaling is not an issue as we can modify the speed of block creation as well as their size, but then it comes the question of decentralization. Because with bigger load you will need to have higher internet speed as well as stronger hardware that can take the load and this is mainly why we are experimenting with LN. Lighting Network can solve the problem till some degree, we will see after it gets major acceptance.

Blockchain as a tech is revolutionary because you can keep the data decentralized with trusting others and every piece of data is permanently stored on this ledger which means you can't edit/delete something as it is transparent on it's own. There are other database like structures such as DAGs which work with graphs - but main idea is same: decentralized trust less ledger.

Altcoins will msotly live, at least one with good vision and determination from devs side and community. We have many currencies in the world and I don't know single one of them, which tells me there is space for altcoins - but bitcoin will be known like EUR, USD, GBP and simmilar top currencies are well known by anyone on this planet.

Quantum computers are not huge treat, from my opinion as if necessary bitcoins code will be updated accordingly to meet the need of quantum computers. Anyway mining has difficulty set in place which changes according how fast miners mine blocks.

Transactions are not anonymous with bitcoin, rather they are pseudo-anonymous.

[MISS_nSTASSY]

I think this is the real technology, real future.
In your post you took a closer look on Bitcoin and crypto only, as an example, but imagine blockchain in other structures of economics, and this is only the small part of possible usage area of blockchain. You said that there is too many information stored in blockchain - but this is its purpose. It is perfect if we could storage all information of the past and everybody can check it. If you are concerned about where we can store it -
in 1990 we used floppy disc. Now imagine how much disc space you can place in floppy disc size. And this amount will rise with geometric progress.
So blockchain is the technology that can change the world like internet imo

[aalborg]

I belive that it is really revolutionary technology. It is innovative approach of currency and new kind of capital. In any way even being pessimistic and focusing on its mistakes and weaknesses, blockchain technology is initial step of economy development. Sure, it need some changes and improvements in future.

[whatthesith]

Somebody know something new about Lightning Network? When they release it? Because it is scheduled for this year. And probably Bitcoin price will rocket to the moon, or?

[sourish]

I think blockchain is a revolutionary technology to the extent of widespread adoption in nearly every aspect of life as we know it. Easy Access to unchangeable data speaks if untampered ease of working, and that i think bodes for a more secure environment.

[Xioma]

It's definitely a revolutionary technology that will affect a lot of industries and businesses. Some governments have already  invested in them and started using them (Estonia for example).

Saw this on cryptocoin news about mobile gaming, one of its many uses.
https://cryptocoin.news/analysis/8-ways-blockchain-technology-will-change-mobile-gaming-for-the-better-9454/

[Haley craft]

Blockchain is a revolutionary innovation, but the current blockchain still has many problems, so I think people will solve these problems in the future, so there is no need to worry about it.

[LeroyBro]

Blockchain is a revolutionary innovation, but the current blockchain still has many problems, so I think people will solve these problems in the future, so there is no need to worry about it.

It's definitely not perfect now but I still think it can already be used for good. Just curious, what do you think are some of its problems?

[whatthesith]

Blockchain is a revolutionary innovation, but the current blockchain still has many problems, so I think people will solve these problems in the future, so there is no need to worry about it.

It's definitely not perfect now but I still think it can already be used for good. Just curious, what do you think are some of its problems?

Scalability, speed of transactions, very high fees, 150GB of blockchain, there are many better alternative of blockchain, for example Tangle I think is good.

[Pain Packer]

I think you can't still call the blockchain as a revolutionary technology as not all people around the world change their lives because of it. It will still take years for it to become perfect and it will have to improve more.

[X-ray]

Somebody know something new about Lightning Network? When they release it? Because it is scheduled for this year. And probably Bitcoin price will rocket to the moon, or?

Lightning network is off-chain scalability solution to the bitcoin blockchain soon. It will be tested in the litecoin network just like segwit. Segwit has been designed to make the lightning network can run in the bitcoin blockchain. To make off-chain scalability more easier. But not sure about the price of bitcoin because the fact that segwit already enough to decrease the transaction fees of bitcoin.