I am back today and I wish I had a nice, neat article with insight for people on a specific topic.
At the same time, I am here to learn and be natural so I will allow myself the right to question things and get insight when possible from those of you more prepared in an area or another, on specific topics.
I'm thinking about blockchain technology today.
How little I know about it.
I may not have had the time or patience to gather more information in this regard, but I am interested enough to read as much as possible.
From what I know, from what I understand, there are several questions that arise ...
Since crypto mining is energy-intensive and the "proof of work" algorithm does not produce a useful result, other than the cryptocurrency itself, why a proof of work could not be exactly a useful calculation, such as part of a calculation regarding weather forecasts or any other calculation for which distributed computing power could be used? Thus mining could also have a scientific / practical value and thus the resulting coin market would be correlated with a concrete need.
I know that proof of stake often replaces proof of work in crypto, precisely because of energy consumption. But what if the energy consumption is not necessarily the problem, how much is the lack of a utility in all this wasted processing power, other than the currency itself?
The mined information could be encrypted in the blockchain with a public key, by a key that only the beneficiaries have, or it could even have a purchase value in that currency.
BRIDGES IN TIME, connecting generations
I know ... it's about cryptography, not "unnecessary calculations." The goal is to secure the blockchain and implicitly the transactions, not to discover the secret of immortality.
But who knows?
I'm trying to read more, more, and more: https://eprint.iacr.org/2017/375.pdf
Any list of research, readings, opinions, references would be welcome if you have any. Thank you.
Maybe it's been more than 12 years since blockchain technology was invented or maybe it's been more than 12 years and we haven't been informed. I tend to doubt media and history related to any specific fact. I notice that with each passing year it becomes more and more interesting. It can be implemented in many areas and, theoretically, comes with a lot of value. I say theoretically because it is still in the testing phase, we do not have a concrete adoption yet.
The tests were started by names like IBM, Microsoft, Samsung, Wallmart, some players in the automotive and real estate industry, etc. Banks and governments are testing the blockchain technology now for their advantages, and the term decentralized finance (DeFi) has appeared. OK! ....Trendy economical moves!
Smart Contracts (SC) are programs that run on a decentralized virtual machine, which contain a number of rules and options that remain unchanged once the contract has been published in the VM. The respective program runs continuously and immutably as long as the respective network works. This can bring many advantages but also disadvantages. Some of the advantages would be that once the code is implemented on the virtual machine, any participant can see, audit, copy, test it.
One personal belief, if I may:
The disadvantages would be that the code cannot be modified (in case of a bug, it becomes vulnerable forever), it requires many trial tests until the final product, etc.
On the "What you see is what you get" system, smart contracts are a trustless way to interact between participants in a variety of areas.
Look at gram.free....they're issuing smart contract daily and paying people to sign them, 99% of them being risky....what's in it for the end user, for us?
Remember, remember ...BORDERS and Limitations
Fact: For public information, blockchain is useful.
Very cool what they did in Georgia. Because they were invaded by Russia and the Russians are notorious for falsifying data, they created the blockchain-based cadastre system. Don't get me wrong, I am fine and appreciate each nationality. And I can see the beauty each country carries in its people, habits, songs even ...
Getting back to the subject: Basically the borders are mapped and saved in such a way that they cannot be challenged.
...supports risk-management ;)
I'm not going to conclude on anything related to the BLOCKCHAIN. I'm always asking myself and others questions so I can have a bigger picture of something. It's the same here. If you have any idea that can help me see things better, more clearly, I would appreciate it!
Lastly, I found out about both Public Blockchain and Private Blockchain. The idea of mapping a territory and implementing stereo coordinates on a public blockchain is a "use-case" of its own. The idea of distributed open ledger is not new and blockchain technology through cryptographic functions is not new either. Long before year 0, people used consensus (decentralization) through the land book service. The "Council of Elders" from several tribes in Africa kept track of properties (agricultural land, pastures, etc.) by consensus of 50% + 1. We could see the same technology today in its digital form on the blockchain.
I will come back with more. And I hope that something from what I write will help others at some point, if not, at least, it helps me be here and understand more through this ecosystem of Hive.
Thanks for reading!