crypt0j0e
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August 14, 2018, 03:49:47 AM |
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Like others have said cryptocurrency is the means of incentivizing miners to help verify transactions and reach consensus on the blockchain. I don't think that many people would be willing to pay a large electricity bill unless they are rewarded for their contribution. Aside from the technology benefits i believe there's also social benefits of bringing people together for a common purpose. It breaks down social barriers and enables people to change their lives for the better. Cryptocurrency is the driving factor behind all of this.
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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Zocadas
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August 14, 2018, 11:25:09 AM |
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Blockchain doesn't need any cryptocurrency. You also can realize projects of services, documents and goods and just data f.e. for managing passwords and documents for governments, services, insurances and more. [...]
Serious question -- can you give an example for a blockchain that enables any of these use cases while relying on neither (a) a native currency nor (b) a third party service provider securing said blockchain? There are many projects around without cryptocurrency for example in the section "self souvereign identity" f.e. sovrin, uport, blockstack etc. There are also planned blockchain projects by governments, agencies and private blockchains. So to return to OP's question, blockchain doesn't neccessarily mean, that cryptocurrencies are needed. Cryptocurrency based blockchain is only a part of the possibilities of this technology. |
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HeRetiK
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August 14, 2018, 12:14:27 PM |
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Blockchain doesn't need any cryptocurrency. You also can realize projects of services, documents and goods and just data f.e. for managing passwords and documents for governments, services, insurances and more. [...]
Serious question -- can you give an example for a blockchain that enables any of these use cases while relying on neither (a) a native currency nor (b) a third party service provider securing said blockchain? There are many projects around without cryptocurrency for example in the section "self souvereign identity" f.e. sovrin, uport, blockstack etc. [...] Both Sovrin and Blockstack rely on tokens ie. a native cryptocurrency. The Sovrin token addresses all three problems by providing a built-in incentive for the privacy-preserving value exchange of digital credentials. https://sovrin.org/wp-content/uploads/2018/03/Sovrin-Protocol-and-Token-White-Paper.pdfBlockchain protocol tokens serve two purposes today: they protect scarce network resources without introducing centralized gatekeepers, and they incentivize desirable behavior in network participants. https://blockstack.com/tokenpaper.pdfuPort is built on top of Ethereum, ie. relying on a cryptocurrency-based blockchain for its security. uPort's open identity network allows users to register their own identity on Ethereum independent from any centralized authority. https://developer.uport.me/overviewWhile their main use case is not monetary transactions, all three rely on either being a cryptocurrency as well (Sovrin, Blockstack) or on running on top of a blockchain that is secured by cryptocurrency (uPort). So we still only have examples of cryptocurrency-dependent blockchains :X |
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Ucy
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August 16, 2018, 03:45:17 PM
Last edit: August 16, 2018, 06:38:57 PM by Ucy |
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Guess you meant "Why Cryptocurrency needs Blockchain."
Blockchain can actually exist without Cryptocurrency, not sure if Cryptocurrency as we know it can exist without Blockchain.
Cryptocurrency needs Blockchain
- For decentralization
- for Censorship resistance
- For anonymity
- For Peer to Peer transactions
- To Have immutable transactions recorded on the Blockchain.
- To avoid double-spending
Etc
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shield132
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August 16, 2018, 05:26:30 PM |
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It will be better if you often visit cointelegraph and read some news (this is my go to source).
Georgia is the first country which implemented Blockchain Land title registry, this is innovative project and adds extra layer of protection to this service, it ensures customers that all data is safe. They have their NAPR webpage where you can search with document's hash code and you can search with the same code on websites like blockchain.info (blockchain.com) blocktrail, btc.com and etc...
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hosseinamin
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August 17, 2018, 04:25:21 AM |
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If a blockchain has no currency attached to it. There's no need for the blockchain itself. You will get an empty ledger.
The right question would be. Can we attach an exiting national currency to a blockchain? Very unlikely.
First of all there's need for massive cooperation from current system.
What i would ask. Why we need one? Most of national currencies are already working digitally. IMO they're working just fine.
Bitcoin's birth was because of lack of trust on existing national currencies. It also helped removing restrictions existed/imposed to transact inter-nationally.
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enhu
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August 17, 2018, 05:01:38 AM |
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A transaction in the blockchain can be configured to be not a currency. It doesn't have to be a currency per se. Lets say a developer created an election voting system that uses blockchain. Currency isn't involve in this situation but can just be a proof that you as a voter had already voted. Blockchain can be used in different manner so its not necessarily just for digital currencies.
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HeRetiK
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August 17, 2018, 10:18:04 AM |
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Guess you meant "Why Cryptocurrency needs Blockchain."
Blockchain can actually exist without Cryptocurrency, not sure if Cryptocurrency as we know it can exist without Blockchain.
There's also DAG-based coins though (of debatable merit of course, but that's a different discussion). And I'm still not sure how one would secure a blockchain without incentivising miners / stakers by means of a native token (or by building on top of an existing cryptocurrency). Cryptocurrency needs Blockchain
[...]
- For anonymity
Blockchains are transparent by design. Anonymity is achieved by specialized transaction formats,. [...]
- To avoid double-spending
Blockchains don't prevent double-spending. PoW does. (and arguably other forms of Proof-of-Resource such as PoS) |
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rachellee
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August 17, 2018, 02:38:28 PM |
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Actually, it's quite the opposite. Blockchain doesn't need cryptocurrency, but rather cryptocurrency was created for and using the blockchain technology. Simply said, blockchain will work without cryptocurrency. The blockchain is a ledger that shows and records all the transactions of a cryptocurrency. So basically, all of a cryptocurrency's workings can be tracked down in the blockchain, and it's tamper-proof. However, DApp or blockchain creators require cryptocurrency to somehow reward their users and miners and to attract more people to utilize it.
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audaciousbeing
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August 17, 2018, 05:19:46 PM |
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Aside the technicalities that surrounds the blockchain which makes it different from bitcoin which a lot of people don't even get to know or understand, blockchain needs crypto currency for awareness and publicity. Today, a lot of people don't get to know about blockchain until they got involved with crypto and the quest for knowledge led to the discovery of what blockchain is really about. The discussion about blockchain today wouldn't have been possible without crypto currency. There are several technological breakthrough happening in several fields today but because there is no attracting factor to laymen, it becomes a technical jargon only understandable to people in that field and that is what crypto makes available to blockchain.
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1NV3ST0NM3
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August 21, 2018, 10:20:45 AM |
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What do I answer if someone asks me this question? I have done some research but I am still confused so kindly help me out. And this is my first thread on forum kindly excuse me if I made any mistake.
Thank you!
Blockchain does not needs cryptocurrency infract the cryptocurrency needs blockchain technology. It is due to this technology that cryptocurrencies are decentralized. Blockchain is a public ledger where all the personal information can be stored and you will decide what part of information you want to share and which not. So it can be very helpful in many sectors like banking, insurance, healthcare, supply chain management, etc. |
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x3m
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August 21, 2018, 01:23:10 PM |
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What do I answer if someone asks me this question? I have done some research but I am still confused so kindly help me out. And this is my first thread on forum kindly excuse me if I made any mistake.
Thank you!
Blockchain does not needs cryptocurrency infract the cryptocurrency needs blockchain technology. It is due to this technology that cryptocurrencies are decentralized. Blockchain is a public ledger where all the personal information can be stored and you will decide what part of information you want to share and which not. So it can be very helpful in many sectors like banking, insurance, healthcare, supply chain management, etc. It's the other way around. Think about it: No bitcoin or no cryptocurrency means => no asset available to reward miners => No miners means => Official validators required But this means that we're turning around in circles back to a Central authority that provides governance! Another question is why should appointed validators use a blockchain when they're the only ones authorized to validate blocks? Why all the effort to mine and give PoW to themselves? |
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