Aretha Franklin Blockchain is not only a poor technology, but also a bad future vision. lyrics
Blockchain is not only a poor technology, but also a bad future vision.
Aretha Franklin
GENRE
Blockchain is not only a poor technology, but also a bad future vision. Since systems based on trust, norms, and institutions inherently perform better than the form of no-need-for-trusted-parties systems blockchain envisions, it has yet to gain widespread acceptance. That is unchangeable: no matter how much blockchain progresses, it will continue to move in the wrong direction
I wrote a widely circulated article in December about the inapplicability of blockchain to any real-world problem. People werе mainly opposed to the technology argumеnt, but hoped that decentralisation would bring about honesty
To begin, Venmo is a free service for transferring dollars, while bitcoin transfers are not. However, after I wrote an article in December claiming that bitcoin had no use, someone replied that Venmo and Paypal were raking in money from customers and that they should turn to bitcoin
What a bizarre comparison between blockchain's lack of utility/adoption and its adherents' faith! It's clear that this person didn't become a bitcoin supporter because they were searching for an easy, free way to send money from one person to another and came across bitcoin. In reality, I believe there isn't a single person alive who hasn't had a problem to solve, discovered that a blockchain solution was the perfect way to solve it, and then became a blockchain enthusiast as a result
There has never been a single person who had a problem to solve, found that a blockchain solution was the best way to solve it, and then became a blockchain enthusiast as a result
The number of merchants embracing cryptocurrency as a form of payment is dwindling, and the industry's biggest proponents, including IBM, NASDAQ, Fidelity, Swift, and Walmart, have gone long on press yet low on implementation. Even Ripple, the most well-known blockchain corporation, does not use the technology in its product. That's right: Ripple determined that the only way to transfer money across international boundaries was to avoid using Ripples
A blockchain is a true, not figurative, technology
Why is there so much passion for something that is so ineffective in practise?
People have made a variety of implausible assumptions regarding blockchain's future, such as that it should be used for AI instead of the kind of behavior-tracking that Google and Facebook do. This is due to a misconception of what a blockchain is. A blockchain is a complex data structure: a linear transaction log that is usually replicated by computers whose owners (called miners) are rewarded for logging new transactions
Dust pervades the world in The Golden Compass. It is formed by consciousness and is aware itself, and it has the ability to condense into angels. That is not the case for blockchain
There are two aspects of this data structure that are particularly appealing. One is that any alteration to a block invalidates all subsequent blocks, making it impossible to tamper with past transactions. The second is that you're only compensated if you're operating on the same chain as everyone else, because everyone is motivated to follow the consensus
The end result is a common historical record that is unmistakable. Furthermore, since consensus is created by each person behaving in their own best interests, adding a false transaction or operating from a different history simply means you won't be paid when everyone else does. No government or police department has to come in and warn you the transaction you've logged is incorrect because the codes are mathematically enforced (or extort bribes or bully the participants). It's a strong concept
So, to summarise, blockchain-the-technology is this: “Let's build a very long sequence of small files — each one containing a hash of the previous file, some new data, and the response to a difficult math problem — and distribute money every hour among everyone willing to certify and store those files for us on their computers.”
“What if everybody stores their data in a tamper-proof archive that is not owned by anyone?” says blockchain-the-metaphor
An example of the distinction: Walmart introduced a system in 2006 to track bananas and mangoes from field to market. They abandoned it in 2009 due to logistical difficulties in getting everyone to access the info, and they re-launched it on blockchain in 2017 (to much fanfare). “I know: let's build a very long series of small files, each containing a hash of the previous file,” is a nonsense response to “the mango-pickers don't like doing data entry,” but “What if everybody holds their records in a tamper-proof repository not owned by anyone?” at the very least, it answers the correct question!
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I wrote a widely circulated article in December about the inapplicability of blockchain to any real-world problem. People werе mainly opposed to the technology argumеnt, but hoped that decentralisation would bring about honesty
To begin, Venmo is a free service for transferring dollars, while bitcoin transfers are not. However, after I wrote an article in December claiming that bitcoin had no use, someone replied that Venmo and Paypal were raking in money from customers and that they should turn to bitcoin
What a bizarre comparison between blockchain's lack of utility/adoption and its adherents' faith! It's clear that this person didn't become a bitcoin supporter because they were searching for an easy, free way to send money from one person to another and came across bitcoin. In reality, I believe there isn't a single person alive who hasn't had a problem to solve, discovered that a blockchain solution was the perfect way to solve it, and then became a blockchain enthusiast as a result
There has never been a single person who had a problem to solve, found that a blockchain solution was the best way to solve it, and then became a blockchain enthusiast as a result
The number of merchants embracing cryptocurrency as a form of payment is dwindling, and the industry's biggest proponents, including IBM, NASDAQ, Fidelity, Swift, and Walmart, have gone long on press yet low on implementation. Even Ripple, the most well-known blockchain corporation, does not use the technology in its product. That's right: Ripple determined that the only way to transfer money across international boundaries was to avoid using Ripples
A blockchain is a true, not figurative, technology
Why is there so much passion for something that is so ineffective in practise?
People have made a variety of implausible assumptions regarding blockchain's future, such as that it should be used for AI instead of the kind of behavior-tracking that Google and Facebook do. This is due to a misconception of what a blockchain is. A blockchain is a complex data structure: a linear transaction log that is usually replicated by computers whose owners (called miners) are rewarded for logging new transactions
Dust pervades the world in The Golden Compass. It is formed by consciousness and is aware itself, and it has the ability to condense into angels. That is not the case for blockchain
There are two aspects of this data structure that are particularly appealing. One is that any alteration to a block invalidates all subsequent blocks, making it impossible to tamper with past transactions. The second is that you're only compensated if you're operating on the same chain as everyone else, because everyone is motivated to follow the consensus
The end result is a common historical record that is unmistakable. Furthermore, since consensus is created by each person behaving in their own best interests, adding a false transaction or operating from a different history simply means you won't be paid when everyone else does. No government or police department has to come in and warn you the transaction you've logged is incorrect because the codes are mathematically enforced (or extort bribes or bully the participants). It's a strong concept
So, to summarise, blockchain-the-technology is this: “Let's build a very long sequence of small files — each one containing a hash of the previous file, some new data, and the response to a difficult math problem — and distribute money every hour among everyone willing to certify and store those files for us on their computers.”
“What if everybody stores their data in a tamper-proof archive that is not owned by anyone?” says blockchain-the-metaphor
An example of the distinction: Walmart introduced a system in 2006 to track bananas and mangoes from field to market. They abandoned it in 2009 due to logistical difficulties in getting everyone to access the info, and they re-launched it on blockchain in 2017 (to much fanfare). “I know: let's build a very long series of small files, each containing a hash of the previous file,” is a nonsense response to “the mango-pickers don't like doing data entry,” but “What if everybody holds their records in a tamper-proof repository not owned by anyone?” at the very least, it answers the correct question!
For More amazing articles, please visit
MyArticles
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