0

I am new to the Bitcoin world and am trying to get an overview within a research project. I see that Bitcoin was born out of a certain motivation to decentralize money and that decentralization, open source, maybe security and verification are important. My question is, can one consider that the interest of other actors/stakeholders would change something about the concept of "blockchain"? For example, by the growing interest of large companies in smart contracts? Could block chain, for example, stand less and less for transparency and more for efficiency? Or does it not matter, because it is less about transparency and more about replacing trust?

3
  • The Bitcoin blockchain system is intended to be inefficient - it is based on proof of work. The security of the Bitcoin system depends on this deliberate inefficiency as well as blockchain's transparency. As you say, it is about avoiding the need for trusted third parties. That was paramount in the initial design. – RedGrittyBrick Jun 29 '20 at 13:06
  • So what do you mean with unefficiency? Do you want to say that nobody will be interested in blockchain without the interest on transparency because blockchain is inefficient? Banks are interested in blockchain although the inefficiency, because, as I red someehere here, the money transfer is faster, they want to reduce prices for transfers... But banks are not interested in transparency, or are they? They want the centralized system. If they are not and they are also working on blockchain, I am asking me if it would change blockchain. How could they adapt it to the current economic situation? – pauladobi Jun 30 '20 at 9:23
  • 1) involves use of computing resources vastly greater than required for a blockchain not based on PoW. 2) No. 3) No because bank xfer is a few seconds here. Contactless payment instant 4) No they are not. 5) yes. 6) Not the Bitcoin blockchain. 7) You could but then it wouldn;t be the Bitcoin blockchain. 8) In millions of different ways, none relevant here.9) Comments are not for discussion - try Bitcoin Chat – RedGrittyBrick Jun 30 '20 at 9:44

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Browse other questions tagged or ask your own question.