Christ_bit
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January 25, 2019, 05:02:58 PM |
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Running each contract requires ether transaction fees, which depend on the amount of computational power required.  |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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Whyknow78
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January 25, 2019, 05:05:18 PM |
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The Ethereum Virtual Machine then executes smart contracts in ‘bytecode’, or a series of ones and zeroes that can be read and interpreted by the network.
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Croosss123
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January 25, 2019, 05:08:06 PM |
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The Ethereum Virtual Machine then executes smart contracts in ‘bytecode’, or a series of ones and zeroes that can be read and interpreted by the network. 
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Christ_bit
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January 25, 2019, 05:09:17 PM |
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Why use blockchains?
As the implications of the invention of have become understood, a certain hype has sprung up around blockchain technology.
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Choco_boy
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January 25, 2019, 05:10:14 PM |
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This is, perhaps, because it is so easy to imagine high-level use cases. 
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Whyknow78
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January 25, 2019, 05:11:30 PM |
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But, the technology has also been closely examined: millions of dollars have been spent researching blockchain technology over the past few years, and numerous tests for whether or not blockchain technology is appropriate in various scenarios have been conducted.
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Christ_bit
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January 25, 2019, 05:12:19 PM |
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Blockchain technology offers new tools for authentication and authorization in the digital world that preclude the need for many centralized administrators.  
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Croosss123
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January 25, 2019, 05:13:35 PM |
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And simple as that:
As a result, it enables the creation of new digital relationships.
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Christ_bit
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January 25, 2019, 05:14:53 PM |
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By formalizing and securing new digital relationships, the blockchain revolution is posed to create the backbone of a layer of the internet for transactions and interactions of value.
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Whyknow78
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January 25, 2019, 05:15:34 PM |
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 But, with all the talk of building the digital backbone of a new transactional layer to the internet, sometimes blockchains, private cryptographic keys and cryptocurrencies are simply not the right way to go.
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Choco_boy
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January 25, 2019, 05:16:49 PM |
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Many groups have created flowcharts to help a person or entity decide between a blockchain or master copy, client-server database.
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Christ_bit
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January 25, 2019, 05:17:32 PM |
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Is the data dynamic with an auditable history?Paper can be hard to counterfeit because of the complexity of physical seals or appearances.
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Croosss123
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January 25, 2019, 05:18:21 PM |
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 Like etching something in stone, paper documents have certain permanence.
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Whyknow78
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January 25, 2019, 05:19:53 PM |
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But, if the data is in constant flux, if it is transactions occurring regularly and frequently, then paper as a medium may not be able to keep up the system of record.
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Choco_boy
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January 25, 2019, 05:20:18 PM |
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 Manual data entry also has human limitations.
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Croosss123
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January 25, 2019, 05:28:25 PM |
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So, if the data and its history are important to the digital relationships they are helping to establish, then blockchains offer a flexible capacity by enabling many parties to write new entries into a system of record that is also held by many custodians.  |
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Whyknow78
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January 25, 2019, 05:29:03 PM |
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Should or can the data be controlled by a central authority?
There remain many reasons why a third party should be in charge of some authentications and authorizations.
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Choco_boy
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January 25, 2019, 05:30:31 PM |
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There are times when third-party control is totally appropriate and desirable. |
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ks2018ks
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January 25, 2019, 06:22:06 PM |
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AlexGryb1998
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January 25, 2019, 08:13:43 PM |
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