Distributed Decision of Trust We live in an age where most, if not all of us use interconnected technological devices all day, everyday. The interconnectivity is sometimes established by trusted third party servers, and sometimes established in a completely peer-to-peer way thanks to the advanced technologies like bluetooth and wi-fi.
Context Since its genesis in late 2008[¹], Bitcoin had a rapid growth in terms of participation, number of transactions and market value. This success is mostly due to innovative use of existing technologies for building a trusted ledger called blockchain.
Bir önceki yazıda, Bitcoin sisteminin neden sürdürülebilir olmadığından söz etmiştim. Bu yazıda, bir başka önemli husus olan adalet konusuna değineceğim ve Bitcoin sisteminin neden adil olmadığını aktarmaya çalışacağım.
I attended to IOTA Meetup France organized in Paris held at the Microsoft building a few days ago (14 December 2017).
Below, I will try to convey my impressions about what the IOTA presenters talked about in this event:
Interested cryptocurrency users have already realized that sometimes the values graphs of cryptocurrencies look quite similar. For example, such a phenomenon has been noticed between Bitcoin, Ethereum and Litecoin and reported on StackExchange.
In the classical Bitcoin protocol, the current maximum block size (1 MB) limits number of transactions per block (around 3 transactions per second). This can force regular users to compete for transactions by increasing the fees, pricing some users out of the network, once the corresponding blockchain system is popular enough, which is the case for Bitcoin currently.
Context Blockchain technologies are suited to enact a large number of interactions among system users without the need of a central authority. Trust among users is built in a decentralized manner thanks to a distributed protocol permanently running among geographically distributed nodes.