Houses made of blockchain
Is blockchain a solution for everything?
The Polish novel "Przedwiośnie" was written by the leading Polish neoromantic writer Stefan Żeromski, and first published in 1925.
- immutability
- security
- decentralization
- transparency
- openness
- mistakes cannot be undone
- only if you know how to keep things secure
- network effect, economy of scale
- merchants do not like that
- DDOS attacks
Things which are great about blockchain:
...and why those things sucks:
Does Bitcoin Solve Byzantine Consensus?
Blockchain is made of:
- Consensus algorithm (PoW, PoS, DPoS, PoC, PoB)
- Economy model (incentives) & rules
- Community
Rules for rulers: https://www.youtube.com/watch?v=rStL7niR7gs
Disadvantages of different consensus alghorithms
Proof of Work
- miners decides about future of network
- burn a lot of electricity
Proof of Stake
- "rich gets richer"
Delegated Proof of Stake
- a lot of politics is involved
Politics
- blocksize
- distribiution
- incentives structure
- consensus algorithms
From developer perspective
- running full node require powerful machine
- storing data in blockchain is expensive
- asynchronous programming
- debugging is difficult
- lack of good support for unittests
- development tools are not mature
- speed of processing is critical
- code is a documentation
From users perspective
- ugly addresses
- confirmation time
- public/private keys
- imposible to remember
- no "forgot my password" option
- legal doubts
- everything is about money, people do not trust that
- no help-desk
- lack of stability (price)
- you need to have a stake to be a participiant
Funding / ICOs
- premine
- ICO
Satoshi has around ~1 million BTC
Zcash and 20% “Genius Tax”
About Me
Krzysztof Szumny
blog: http://steemit.com/@noisy
