I caught some Jow Forumslet making this statement in a 'crypto is dead' thread
>Blockchain will stay , the tech to be stolen by big corporations. No one will be rushing to buy our shitcoins for real use case. This I know for a fact
my understanding might be faulty, but doesn't blockchain require public small time investors like us to decentralize their blockchain? without us, isn't the point of blockchain rendered null?
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Yes. Private block chains are just databases.
No you fuckwad. The fundamentals behind blockchain technology are just a distributive ledger system. It has private applications without you and your coins.
so this?
If you think any of these coins are decentralized you're a fucking retard.
Sure, if you want to put it in the most brainlet way possible.
They won't be buying Jow Forums bags for sure. Companies don't care about centralized/decentralized blockchain/dlt. The handful of companies dabbling in dlt/blockchain are using their own centralized/private blockchain. For example, Google is experimenting with blockchain tech for their cloud solution, they're not buying crypto bags for that. Accept this and the fact that this market is 100% speculation.
it will be of no benefit to them then. its just a waste of computing resources to store a database on the blockchain without reaping any of its benefits
>The fundamentals behind blockchain technology are just a distributive ledger system
so why not using a google sheet instead? it's distributed among several data center and if pw protected can be private
t. has no understanding of the technology
yup, when most of the hashpower is controlled by a bunch of chinese mining pools working together you're just paying to move numbers on the chinks' ledger, and everyone else participating gets a copy of their ledger too.
Thank you. I fucking say this all the time. If you have a trusted environment it's pointless.
Cool, so someone can alter it at random? No? Then fuck off and die.
all i know is that when all of the hashpower is controlled by a bunch of giant centralized chinese mining pools that the private company hires, all they're doing is paying to move numbers on their own ledger aka just throwing away money
you're a fucking idiot. you don't need mining pools or even a fucking cryptocoin to use blockchain technology.
"all you know" is absolutely nothing your braindead moron
private blockchains are just like databases with a few pros and cons. The advantage is that you can do trustless transactions since once it's stored it's immutable, and there's no single party responsible for maintaining the database since it's distributed. And there's no dba that can fuck things over, intentionally or unintentionally.
Disadvantages are that you can't really make mistakes because correcting them can be very difficult, and it's more difficult to manage private keys. And it's hard to get multiple companies on board to work together because entire systems need to be adjusted or removed in order to support this tech, so it's a slow process. Also, data privacy is an issue at this point, and that's also a problem for public blockchains if companies decide to utilize them
what are the cons of keeping their blockchain internal and not something decentralized miners all around the world participate in?
YOU FUCKING IDIOT. HOW MANY TIMES DO I HAVE TO MAKE IT CLEAR THAT THE ONLY BLOCKCHAIN APPLICATION THAT REQUIRES MINERS IS CRYPTO WHICH IS ONLY ONE VERY SPECIFIC APPLICATION OF THE TECHNOLOGY.
depends on how it's implemented. If the companies involved use PoW then they're retarded as the goal is to work together without having to trust the other partners, and PoW fucks that over easily. Usually you're looking at something like proof of authority where each company has one node that has permission to append the blockchain.
One of the advantages of PoW is that with more people involved, the hashrate increases which makes it more difficult to retroactively adjust the blockchain. But this security model is less relevant for PoA since you know who's involved and you're always connected to everyone, making foul play easily identifiable (if it's even possible to play foul that way)
For example, you don't have to broadcast sensitive information to the whole world.
then why the fuck using a blockchain and not an encrypted doc/database?
The biggest use case for Blockchain is the fact that everybody looks at the same data. And that the data can't be manipulated .
Business don't want to have their company data on a public Blockchain reasons are
- global privacy rules
- giving competitors insight in their businesses.
- your company will be in the picture when the Blockchain solution you use have a incident .
Of course you could say just get enigma. But why would you want to add an other layer while you could just use a private Blockchain solution. Also Enigma doesnt solve the situation that a customer wants al his related records removed from the Blockchain.
Source : I advise a large financial firm about the use of Blockchain . We decided to go for a private Blockchain solution. Won't discuss further details about it.
t. has no understanding of the technology
if you trust them with your data, it sure is far superior. It's the trust that people have been fucked with.
So you went with wanchain, neat
what's your problem man?
Others can have an easier time believing the information they see is the information that was stored. You can see a permissioned blockchain as mostly a database.
well what are some examples of non private blockchains that benefit a centralized organization and a private blockchain is definitely not an option for them? two I can think of: ontology and funfair
The blockchain space today is crowded by illiterate people that don't understand the technology.
Blockchain is about censorship resistance and being a decentralized system without a central authority.
Just buying coins doesn't make decentralized, you have to run a node. Mining or staking is what the node does, but with the mining pools being the gateway to mining as it is today, I'd say that the original idea doesn't work out anymore.
People saying that EOS will be centralized because it will operate only 21 nodes is ridiculous if you compare it to the handful of mineing pools for Ethereum or even Bitcoin.
i'm pretty sure that any blockchain that the public needs to interact with requires miners. Private blockchains may not require miners due to it being based on PoA, but if the public can't interact with it, then there are a lot of use cases that corportations are missing out on. For example, provably honest product reviews.