[2017-09-28]PBOC Media: Bitcoin and Blockchain Should Be Treated Separately

hl5460

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Quote from: iram1011 on September 28, 2017, 10:56:15 AM

Quote from: Wekkel on September 28, 2017, 10:23:04 AM

How is a blockchain supposed to function without a token?

I didn't understand why according to you blockchain won't function without tokens?

From Wikipedia:-
A blockchain – originally block chain – is a continuously growing list of records, called blocks, which are linked and secured using cryptography.

Where is the mention of token here? Blockchain is usually used for storing data in a transparent and secure manner free from any type of unauthorized manipulation. It has potential to disrupt many industries like banks, e commerce, social sites etc by making the storing of data better and secure.

Blockchain can certainly thrive without cryptocurrencies.

Blockchain projects funded by institutions are fine without tokens.

Wekkel

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But would it be blockchains or just databases dressed up with a fancy word called 'blockchain'?

iram1011

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Quote from: Wekkel on September 28, 2017, 11:10:24 AM

To me, the token forms the incentive to sustain the blockchain. How would unrelated parties be incentivised to upkeep and sustain a blockchain without a reward? How would transactions be limited and protected from abuse without (token) fees?

Many of the companies in discussion about blockchain are looking at private blockchains, like what all the big banks in R3 are looking at implementing, have different needs and requirements. They don't need miners and they can create some small token just pass it around internally with each granted permission given into the network.

By no need of token, I meant those cryptocurrencies that are already established like Bitcoin or altcoins. Government can certainly ban those coins but can benefit from blockchain tech. Blockchain can exist without these decentralised cryptocurrencies.

iamTom123

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Quote from: hl5460 on September 28, 2017, 04:06:02 AM

Today the Financial News, a media under PBOC, reports that shutting down exchanges is not going to affect the development of blockchain technology. The article justify the “Exchange Ban” as “an important measure to maintain financial security and stability” and cryptocurrency and blockchain should be treated separately. The authority still favors the development of blockchain technology. Meanwhile, Bitkan, a Shenzhen-based blockchain startup founded in 2013, announces service shutdown by 30 September. http://news.8btc.com/pboc-media-bitcoin-and-blockchain-should-be-treated-separately

China wants to have the advantages presented by the blockchain technology without accepting the Bitcoin as the main coin for this new innovation. Since blockchain technology is an open source there is no one who can stop China from getting into blockchain...and I am wondering had Satoshi patented the same technology and just grant limited access into it maybe China would pay a big price just to get hold of this innovative platform.

I still believe though that even if Bitcoin can live and prosper without the big China market, one day China will be back into the Bitcoin club but maybe requiring all participants and stakeholders to observe strict regulatory framework. I am also happy that it seems the market has already moved on from the China influence and is now surging due to some good news from the other countries which are already into Bitcoin.

Wekkel

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To me, the token forms the incentive to sustain the blockchain. How would unrelated parties be incentivised to upkeep and sustain a blockchain without a reward? How would transactions be limited and protected from abuse without (token) fees?

iram1011

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Quote from: Wekkel on September 28, 2017, 10:23:04 AM

How is a blockchain supposed to function without a token?

I didn't understand why according to you blockchain won't function without tokens?

From Wikipedia:-
A blockchain – originally block chain – is a continuously growing list of records, called blocks, which are linked and secured using cryptography.

Where is the mention of token here? Blockchain is usually used for storing data in a transparent and secure manner free from any type of unauthorized manipulation. It has potential to disrupt many industries like banks, e commerce, social sites etc by making the storing of data better and secure.

Blockchain can certainly thrive without cryptocurrencies.

Wekkel

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Activity: 3108

Merit: 1531

yes

How is a blockchain supposed to function without a token?

hl5460

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news.8btc.com

Today the Financial News, a media under PBOC, reports that shutting down exchanges is not going to affect the development of blockchain technology. The article justify the “Exchange Ban” as “an important measure to maintain financial security and stability” and cryptocurrency and blockchain should be treated separately. The authority still favors the development of blockchain technology. Meanwhile, Bitkan, a Shenzhen-based blockchain startup founded in 2013, announces service shutdown by 30 September.

http://news.8btc.com/pboc-media-bitcoin-and-blockchain-should-be-treated-separately

Topic: [2017-09-28]PBOC Media: Bitcoin and Blockchain Should Be Treated Separately (Read 4346 times)