three important elements

[kamBlanV]

I think that blockchain has a higher sense than value, so BTC and crypto always need trust, and trust in BTC is not created suddenly. so the blockchain has three important elements
1. a distributed transaction ledger
2. consensus algorithm
3. cash units.
if these three elements are not perfect, they are only called ordinary data structures and are useless.

[dothebeats]

I think that blockchain has a higher sense than value, so BTC and crypto always need trust, and trust in BTC is not created suddenly.

You do know that 'trust' is not a factor to be considered on decentralized, P2P systems as it proved to be one element that can easily be exploited should people become careless in handling data. You don't necessarily 'trust' peers but rather rely on the data they transfer and validate it with other peers before confirming that the data is good and is not compromised. If there is a 'trust' element involved in the blockchain, a 'trusted' peer can send data on other peers and label it good without the other peers validating since it came from a 'reliable' and 'trusted' source.

The blockchain has three important elements
1. a distributed transaction ledger
2. consensus algorithm
3. cash units.
if these three elements are not perfect, they are only called ordinary data structures and are useless.

Number 3 isn't necessary. A blockchain can stand alone without cryptocurrencies but the same can't be said for cryptocurrencies.

[Velkro]

I think that blockchain has a higher sense than value, so BTC and crypto always need trust, and trust in BTC is not created suddenly. so the blockchain has three important elements
1. a distributed transaction ledger
2. consensus algorithm
3. cash units.
if these three elements are not perfect, they are only called ordinary data structures and are useless.

Only problem in this thinking is when there is no vlaue, there is no 2. consensus algorithm so there is no blockchain.
Only value can attract computing power that secures blockchain, without it its useless. You can't do it in any other way, because if goverment will give computer power to secure "their blockchain", its central authority already so its not distributed anymore .

Bitcoin is ONLY viable solution to blockchain, bitcoin is blockchain.

[Kakmakr]

I think that blockchain has a higher sense than value, so BTC and crypto always need trust, and trust in BTC is not created suddenly. so the blockchain has three important elements
1. a distributed transaction ledger
2. consensus algorithm
3. cash units.
if these three elements are not perfect, they are only called ordinary data structures and are useless.

You sound like one of these new financial guru's out there, that wants to push the "Blockchain is Good and Bitcoin is bad" agenda. Yes, the Blockchain is a wonderful technology, but the token is just as important. The protocol and the pre-determined features of the token are very important, because it determines the success of the coin.

A lot of developers are moving towards centralized decision making and private ownership and invite only membership and that is their downfall, because that is not what the public wants. 

[raumonds]

It seems to me that element 1 and 2 can be combined. In addition, this list, in my opinion, is not complete. Here you can write many more of the same elements if you want. I liked the phrase "Bitcoin is ONLY viable solution to blockchain, bitcoin is blockchain." I think this phrase makes sense

[jseverson]

I think that blockchain has a higher sense than value, so BTC and crypto always need trust, and trust in BTC is not created suddenly. so the blockchain has three important elements
1. a distributed transaction ledger
2. consensus algorithm
3. cash units.
if these three elements are not perfect, they are only called ordinary data structures and are useless.

Um, what? Blockchains have number 1 and number 2 by default. If not, then they're not really blockchains, or at least not the ones that we have now.

What are cash units, even? Are you saying that the blockchain is bigger than Bitcoin, but that they need to be used in a monetary way and are otherwise useless?

[palle11]

I think that blockchain has a higher sense than value, so BTC and crypto always need trust, and trust in BTC is not created suddenly. so the blockchain has three important elements

The trust and security that is talked about is not an end to itself. Rather, it is also on parties to keep to it. For instance , where a party exposes their security or 2FA in public, trust is gone because the block chain can only recognise figures infused into it and not a person.

[panganib999]

I think that blockchain has a higher sense than value, so BTC and crypto always need trust, and trust in BTC is not created suddenly. so the blockchain has three important elements
1. a distributed transaction ledger
2. consensus algorithm
3. cash units.
if these three elements are not perfect, they are only called ordinary data structures and are useless.

Indeed these elements has a sense and construct the blockchain and this made the cryptocurrency valuable that depends on law of demand and supply. Soon some elements will be added to add more security and safety to blockchain.

[omone1]

The point  1-2 are important in blockchain technology, however, point 3 is not necessary as the blockchain technology is not limited to currency alone, it cuts across various works of like such as but not limited to: accounting department, government offices, electoral voting system, logistics and transportation, storing of important document, population census, citizenship registration, banking sector, etc. Satoshi has been able to use the bitcoin as a currency to solve the age long issue of trust in our current banking system that is marred by irregularities, using the blockchain technology.

[Pursuer]

I think that blockchain has a higher sense than value, so BTC and crypto always need trust, and trust in BTC is not created suddenly. so the blockchain has three important elements
1. a distributed transaction ledger
2. consensus algorithm
3. cash units.
if these three elements are not perfect, they are only called ordinary data structures and are useless.

Um, what? Blockchains have number 1 and number 2 by default. If not, then they're not really blockchains, or at least not the ones that we have now.

What are cash units, even? Are you saying that the blockchain is bigger than Bitcoin, but that they need to be used in a monetary way and are otherwise useless?

oh good, it is not just me that finds OP's post very strange and can't make sense of it! I believe he is lost in translation or possibly is confused about what blockchain technology really means.

and what's up with the term "trust" I have seen many others use it before too when they want to talk about cryptocurrencies and in those cases they meant to say have "faith" in the altcoin blindly. something like trusting the altcoin dev to deliver what he promises and invest in it without thinking. I don't know if that is what OP meant but if it is I have to say that is a wrong way of thinking. there is no trust in decentralization. everything is either work as they should or the system is broken and should die.

[franky1]

the main thing that makes blockchain a working success is a good consensus protocol
it doesnt matter if the ledger is decentralised or distributed. its the security of the data from manipulation that counts, which is about the consensus integrity mechanism

having a good consensus protocol means the ledger can be distributed publicly or privately without need of trust.
the better the consensus model the more the ledger can be distributed without a controller deciding. thus distribution becomes decentralisation (2 things mean different things dependant on the consensus mechanism)

as for 'cash unit' well thats just a incentive to make those involved get financial gain for working collectively and in harmony like a symbiotic relationship of independence. that way they can then spend value as the gift for such.. but its not essential to have a cash unit as part of a blockchain.

many businesses think just having access to data is an incentive. so by not playing by the symbiotic relationship of consensus. they can be thrown out of having access.

[kamBlanV]

The point  1-2 are important in blockchain technology, however, point 3 is not necessary as the blockchain technology is not limited to currency alone, it cuts across various works of like such as but not limited to: accounting department, government offices, electoral voting system, logistics and transportation, storing of important document, population census, citizenship registration, banking sector, etc. Satoshi has been able to use the bitcoin as a currency to solve the age long issue of trust in our current banking system that is marred by irregularities, using the blockchain technology.

in my opinion, point 3 is also needed, because these units have functioned as digital tokens. This unit also functions as a driving element for transactions, can transfer and can be traded publicly.

so, specifically, these three elements have an important function to stabilize all transactions.

[boyptc]

Need trust? it was proven that record on blockchain is immutable.

3. cash units.

As you said, ordinary data structures and with blockchain, companies can adopt it even without this unit.