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Author Topic: How do other blockchain implementations affect Bitcoin?  (Read 883 times)
panda9228
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August 02, 2014, 08:05:54 PM
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I know that the blockchain technology which is the backbone of Bitcoin has lots of other applications.  For example, it could potentially be used by companies to issue shares of stock, or for two individuals to construct a public contract.

My question, and I realize this probably requires speculation, is as follows:  If this type of behavior caught on, would it provide support to the bitcoin network/currency?  Since the bitcoin blockchain is by far the biggest/strongest/(most stable?) does it make sense for these contracts to exists on the same blockchain somehow?  Or would they simply exist as completely separate entities, using the same technology (the blockchain concept)?

I am both an investor and an enthusiast.  When I explain bitcoin to friends/family, I cite the "alternate blockchain usage" as a potential support for bitcoin as a currency.  But I am unsure if this make sense in theory.
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goozman96
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August 03, 2014, 03:36:33 AM
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Interesting question. My guess would be that the blockchain is simply a tool bitcoin uses for transactions, the same way any other application could use the blockchain (contracts, etc). If those alternative usages increased, I don't think it would have any impact on the bitcoin network. I could be totally wrong though.

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lihuajkl
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August 03, 2014, 05:30:35 AM
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I don't think it is a good idea. If too much other information fit into the block chain, the block chain will increase a lot as a results that syc the bockchain tooks ages.
goozman96
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August 03, 2014, 06:51:23 AM
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I wonder if there are potential ways to shrink the size of the block chain without reducing the data capacity - such as a superior compressing algorithm a la 7zip, etc. Just throwing ideas out there Huh

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The00Dustin
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August 03, 2014, 11:39:15 AM
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If separate blockchains were set up to implement such things, and those blockchains used the same mining algorithm, it could be possible for the entities providing work on those chains couldn't merged-mine bitcoin, so it could theoretically add some additional support for the bitcoin blockchain in that way.  The separate blockchains could also piggyback on the bitcoin blockchain so the additional bitcoin mining would then be part of the setup from the get-go.  I'm not sure whether or not there would be a benefit for the new blockchain in the latter configuration, but since I've heard of other chains doing this before, it leads me to think there may be.
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