Imagine you have a database, you decide to add something to it and now you have to solve 5000 sudokus. Also you can’t remove anything as well. Have fun
cannot remove anything is a feature, it prevents people from changing history (imagine being able to undo all your outgoing payments)
And the reason you have to solve 5000 sudoku is by proving you have a limited resource, in this case processing power (and proof of stake makes it the money you have and skip the 5000 sudokus). Because if you are identifying people by a user account, there’s nothing stopping 1 person from creating 20 billion accounts.
Imagine many entities have a shared database. You cannot trust anyone else but you have to add something. The consensus mechanism of the algorithm of your choice ensures that only good actors participate through sheer game theory. This naturally has a cost and you are happy to pay it. You have a lot of fun
So I’m clear, does blockchain always refer to those *coin currencies? Or is it be used for other purposes too?
It can be used for other purposes. It’s essentially a digital ledger that keeps track of all the transactions.
Donkey Shame!
Sure, you could use it for that if you so desired.
Imagine you have a database, you decide to add something to it and now you have to solve 5000 sudokus. Also you can’t remove anything as well. Have fun
cannot remove anything is a feature, it prevents people from changing history (imagine being able to undo all your outgoing payments)
And the reason you have to solve 5000 sudoku is by proving you have a limited resource, in this case processing power (and proof of stake makes it the money you have and skip the 5000 sudokus). Because if you are identifying people by a user account, there’s nothing stopping 1 person from creating 20 billion accounts.
Imagine many entities have a shared database. You cannot trust anyone else but you have to add something. The consensus mechanism of the algorithm of your choice ensures that only good actors participate through sheer game theory. This naturally has a cost and you are happy to pay it. You have a lot of fun
Thank you for this. I’ve grown too tired of explaining it after the last 15 years.
Just because it’s not the solution for everything doesn’t mean it’s not a solution for something. Blockchain revolutionized global finance.
I do understand what blockchains are; my question is more to whether they are used outside of cryptocurrencies or not.
~I do also like your explanation.~
This is just plain wrong. Blockchain is not a synonym for cryptocurrency or proof-of-work.
Grifters ruin everything and this reply is a perfect example