A lot is possible on the blockchain. But, the blockchain does not have power to solve every problem thrown at it.
Diamond provenance protection, asset trading, land title registry, passport issuance, smart contracts, currency... you name it, there is already a startup building the solutions for it on the blockchain (the decentralized public ledger that underlines most cryptocurrencies, including Bitcoin). And the list of possible opportunities that the technology has to offer seems to grow longer each passing day.
As a matter of fact, it is now almost a given that at every Bitcoin meetup, conference or forum you attend, there will be someone who sees it as the right place to let the world know of the new blockchain innovation they have been working on. What's more, the impression that there is nothing that can't find a solution from the distributed ledger technology has done more than take hold in the Bitcoin community. It is now catching on with the mainstream financial institutions, technology companies and even beyond.
I have a phone, and I have no idea how it actually works despite the fact that people, like me, created it. I know that there are detailed descriptions of its operation, nevertheless, when I make a call, it is magic for me. I am used to it, and I perceive it as something routine, but it is still a kind of magic.
We are surrounded by these "black boxes" that perform some operations we do not understand. We have created some of them and, generally, understand what they do. Some "boxes", however, were created by nature and we have poor understanding of their magic, or we have none at all.
What are we going to discuss here? The point that a number of small super-efficient systems are better than one large system. Does that mean that a number of alternative DNS root are better than one large ICANN? Well... What about Blockchain-powered roots?
A man was honored for 50 years of loyal service to a Virginia bank. At the party celebrating his long service, he was asked what he thought had been 'the most important change that he had seen in banking in his half century of service?' The man paused for a few minutes, then went to the microphone and said: 'air conditioning'.
Martin Mayer, The Bankers.
Financial experts put enormous effort into making their work look like rocket science. It pays off by keeping their club closed. However, the basic financial concepts are simple enough to explain them in ten minutes. Understanding how banks work leads to understanding how alternatives to banks work, what their advantages and disadvantages are and if we can trust them.
Peer-to-Peer lending is one of such alternatives. The Internet provides people with an option to permanently abandon the large and cumbersome centralized mediator that makes decisions for issuing loans or sets interest for deposits. Now, the Internet allows people to lend money to each other. All they need is a suitable platform.
Smart Contracts are mentioned more and more frequently on the Internet. Banks issue investment advice and publish research, journalists write articles describing the hi-tech future, and opinion leaders share their forecasts about when Smart Contracts are going to turn the world around.
The forecasts, as it often happens, are too optimistic, and the possible effect that Smart Contracts will have on people's lives is exaggerated. Should we keep going deeper into this field and keep track of development and adoption of Smart Contracts?
Bytecoin Team's view: Yes, we certainly should. Despite the fact that Smart Contracts cannot reform our world as much as some activists believe, they will have a niche in the world economy: Increase reliability of the contracts, reduce the role of the State in economy and automate many routine processes.
In order to improve the world, Smart Contracts should be implemented smartly. To do this, we need to start with some non-utopic capabilities of Smart Contracts, but approaching them from their limitations.
You might celebrate Christmas with your family at home. Or you might be coding for the whole night. Or have a nice party with friends. Or argue with the spirits of the Past, the Present and the Future. It does not matter if you do celebrate Christmas, Solstice or Kwanzaa, never mind any of them or summarize another fading year.
Strict traditions and canons become less and less valuable in the modern global multicultural society.
Bytecoin Team consists of many different people, whose ideas and preferences are quite diverse. Therefore, we are not going to hold on to one feast. We feel that tomorrow is a special day, and we want to congratulate you with it.
As a team, we feel that summarizing our achievements in the year 2015 and telling you about our plans would be the best way of celebration...
The illiterate of the 21st century will not be those
who cannot read and write,
but those who cannot learn, unlearn, and relearn.
Alvin Toffler, American writer and futurist.
Cryptocurrency frauds constitute a very sensitive issue. Though sensitive and unpleasant, we cannot evade it and act as if it does not exist. The Alpha and the Omega for fighting the frauds are knowledge and capability for reasonable thinking.
Cryptocurrencies stay out of the legislation of any country. Their very essence protests against interference and control executed by the government. Therefore, the options offered by the cryptocurrencies for the development of the business also open possibilities for development of fraudulent projects.
Negligible involvement of the states in the life of cryptocurrencies means only one thing: the quad has become a bicycle. In order to balance, we have to be responsible, reasonable and learned.
You must have heard of "51 percent attack", "double spend" and other frightening phrases that disturb cryptocurrency-related communities. Although such caution is not unfounded, the fuss together with ignorance give rise to numerous rumours. Are Bitcoin and other digital currencies in danger? Let's clear things up and review the most widespread attacks that might affect the sphere.
We cannot help starting with the most familiar attack, which was described in the article by Satoshi. This one covers a situation when someone (one person or a group) has more than half of all the mining powers in the network.
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