These are the 12 Blockchain Truths
.1. Blockchains are computer programs (“Software”). They have been written by someone, with a goal. When considering one, it’s worth asking “what is its design goal?”
.2. “Blockchain” is not a trademarked label. Anyone can call anything a “Blockchain”. Buyers beware.
.3. Blockchains’ theoretical design has been known since the 1990-ies. Yet no significant application reached mainstream before BITCOIN.
.4. Corollary: analyzing any blockchain without constant reference to BITCOIN and its success is a mistake.
.5. Blockchain is a structurally inefficient software design. If one looks to optimize one’s IT costs, one should steer clear of blockchains.
.6. Trust is one of the most important and costly resources of human societies. Blockchains reduce the cost of trust. The trade-off is increased IT costs. There is no free lunch.
.7. Bitcoin’s success is undergirded by the fact that “the desire of gain is a universal passion which operates at all times, at all places, and upon all persons” (D. Hume, 1740)
.8. Blockchains foster trust and collaboration whenever participants can be expected to desire the blockchain’s coin.
.9. Blockchains can be designed without a coin. Blockchains without a coin are just slow, expensive, inefficient databases. They are a diversion.
.10. Blockchains are primarily a social, economic, and institutional innovation. They are best used as building blocks for IT solutions that strengthen or replace contracts and laws.
.11. Blockchains and their coins are tools and cannot be held accountable for how unscrupulous humans wield them.
.12. Blockchains and their coins can be the basis for software solutions which are strictly inferior to existing, contract- and law-based ones. Yet even so, such solution have the merit of offering an alternative, however imperfect. On balance, the world is better off WITH them than WITHOUT them.
Blockchain-powered governance and monies are a secular institutional evolution
Are these your truths? 🙂
What do you mean? Yes, I've been in the blockchain space for almost 10 years now, I've studied, practiced, built, taught ... so yeah. At this point in time, I've distilled my thoughts about blockchain in this list.
What do you think ? What are your truths about blockchain ? 😊
Just checking the provenance so I understand the context 😁
I think: I agree with many of them and with some of them (maybe five, I think), my reaction is "it depends", requiring further thought (on my part) and discussion (with any willing participants).
I'm curious about twelve ... is it really twelve or maybe eleven (or some other untidy number) - just a thought.
I need to think further about whether I consider any are missing. The Hume quote is interesting, just one of many philosophers, though.
Something enjoyable to think about over the weekend. I may have more to say. Thank you for the interesting ideas.
As a base for financial and governance systems blockchain technology does seem quite appropriate. While they may generally be inefficient, Hive's iteration appears to be at least somewhat more efficient. Holochain touts itself to be better than blockchain tech, what are your thoughts on that project? 😁 🙏 💚 ✨ 🤙
I've only watched about a third of the presentation video. It looks interesting but I didn't find the answers to some key questions in the 4 minutes I watched (perhaps they appear later in the speech). The proof of the pudding is in the eating. Check Truths 3 and 4 - there is, to the best of my knowledge, no runaway success like Bitcoin in the Holochain space ... so I'd say Holochain is unproven at this stage. Like Blockchain was in 2005 for instance. Maybe Holochain's time simply hasn't come
I appreciate your perspective, thank you. I've kept my eye on it for a while, but it still seems to be in such a developmental phase that I don't see much that I can do with it yet. I see many projects saying that they are bringing some unprecedented new thing to the crypto world, but most barely get off the ground. Hive is still quite exceptional in this regard. 😁 🙏 💚 ✨ 🤙
I fully agree. Hive is exceptional in many respects
Very much so, which is why I've been all-in for the long haul on Hive, giving my all every single day! 😁 🙏 💚 ✨ 🤙
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