Blockchain Values

Started by zetta81, Jul 27, 2022, 11:46 AM

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zetta81Topic starter

The term "blockchain" is commonly associated with cryptocurrencies, NFT tokens, mining, investments, and economic pyramids in today's world. However, even among programmers and IT professionals, there is not always a clear understanding of its purpose.

The problem of authenticity arises when dealing with items that cannot be easily copied or duplicated, such as certain human values (assets) like shares, certificates of land rights, intellectual property, bonus points, theatre tickets, votes in elections, social capital, and business reputation. The existence of people who want to benefit from unauthorized copying of these values highlights the need for a mechanism to manage these values while ensuring their authenticity and fair circulation.

In cases where an external force intervenes in the fair circulation of values, like investing in a fraudulent business or buying a house from someone who doesn't know about the deal, the concept of a guarantor or escrow was introduced. However, finding a guarantor is not always possible, and they are not immune to the influence of evil third-party forces. Additionally, their services can be expensive.

Until blockchain technology emerged, the task of mediator and guarantor remained a fundamental problem for economic and social relations in society. Blockchain technology provides a guarantee of fairness in certain operations, which was previously impossible.


This is a great observation, but the Ethereum DAO hack challenges both "hack protection" and "decentralization". The Ethereum community abandoned its main principle of "Code is the law" in response to the use of code in Ethereum, and unanimously and centrally rolled back to hard fork.

Claiming to solve a problem and actually solving it turned out to not be equivalent. Similarly, decentralization is not a smooth process for Bitcoin as several large pools control nearly half of the mining, enabling them to carry out an Attack 51. While the crypt does not cover the entire blockchain, it is constructed following the same principles that do not always work.


However, there are some questions regarding the topic:

In the case of decentralized storage, having more information means more resources are needed to store it. It is unlikely that the entire amount of information is sent to all miners and updated with them after each update, especially if it's Terabytes of information.

Why are video cards mostly required for mining if the calculations are primarily mathematical?

Regarding solving problems with manners, it is unclear who sets these tasks and how they are set. Is it done through an algorithm or utility? Where is the algorithm stored? Is it centralized, and is it transmitted along with the blockchains?