2018/06/05: the recurring, “flow”, payments to miners for running the blockchain must be large relative to the one-off, “stock”, benefits of attacking it. This is very expensive! The constraint is softer (i.e., stock versus stock) if both (i) the mining technology used to run the blockchain is both scarce and non-repurposable, and (ii) any majority attack is a “sabotage” in that it causes a collapse in the economic value of the blockchain; however, reliance on non-repurposable technology for security and vulnerability to sabotage each raise their own concerns, and point to specific collapse scenarios. In particular, the model suggests that Bitcoin would be majority attacked if it became sufficiently economically important - e.g., if it became a “store of value” akin to gold - which suggests that there are intrinsic economic limits to how economically important it can become in the first place.
Startups-and big companies like IBM and Walmart-are betting that blockchain technology will change how goods travel around the world.
The hype around blockchain is massive. To hear the blockchain hype train tell it, blockchain will now: What the heck is a blockchain, anyway? And can it really do all these things? Can blockchain
I am intrigued by blockchain technology and in the future use of smart contracts. Here, when I say "blockchain" I refer a secure, trustless,
An inherent property of asymmetric cryptography is that it supports billions, trillions, quindecillion, accounts by johan-nygren
Blockchains are a brilliant application of cryptography to the concept of a distributed, immutable log. But here's the thing: there is a 99% chance that blockchains are totally inappropriate for
Bitcoin's underlying technology, the blockchain, is widely expected to find applications far beyond digital pa...