Topic: A little help understanding separate futures of Blockchain and Cryptocurrency? (Read 205 times)

Announcing MyEtherWallet v3.24.00: Difficulty Bomb&Updating blockchain

Due to the complexity of the Bomb and the increased risk of hacking, we pushed a rather drastic update that implements a number of changes and improvements, including enhancement of efficiency and scalability of the blockchain, acceleration of transaction speed, and additional security in the form new formats private keys which will help protect users against hacking.
If you are using private key or UTC, then you need to go into the wallet and update manually, otherwise they risk being unprotected.

How do i update my Ethereum wallet?

1. Go to our website /]MyEtherWallet.com
2. Unlock your wallet using your Keystore File (UTC / JSON) or simply use your private key.
3. Click Unlock and wait for the update.

Please note that you need to manually update your wallet, failure to do so may result in funds being lost.

We are taking these measures to protect both you and our network from phishing and malicious attacks.

Thank you for your cooperation and understanding!
MyEtherWallet Security Team.

If you use other methods, then ignore this message.

Well, I took some of your advice guys and did my best to treat the other non-trading forums like a course. Taking notes and whatnot. I'm going to have to be honest, but I definitely got swept up in the hype of it and saw it through rose-colored glasses. I'm not in ANY way trying to downplay it, but it definitely does a lot less than I thought it would.

Kind of like if you saw an article saying, "Cure to cancer discovered! Medical details inside!"
I'm not going to know a single thing they're talking about. But I'm still curious enough to take a look. I guess my basic understanding of it is grounded in reality now lol

with the chain of blocks you can do a lot in medicine for example inventories of medicines from diseases of cures for imformation in a file for purchase of medical equipment where they do not accept your currency you pay with crypts to keep track of the diseases of the world population for its follow-up to the blood banks to comfy some shipment of medicines for scientific studies for a health care network through the chain of blocks

It is also because almost all of the altcoins are useless so the only thing people use them is for speculation and profit making. If you look around, there are also discussions about technology. Bitcoin is undoubtedly one of the most widely used and trusted electronic money in the world. Market conditions will be much better if those people learn the difference between Bitcoin and the blockchain system, which will also make the community grow.

blockchain
if its open sourced, distributed to entities of not the same group.. its "blockchain"
if its closed source or only distributed within a company/oligarchy then its "distributed ledger technology(DLT)"
.. functionally similar. but who has access to it is the differential

though many think DLT are useless because if its within the same organisation they already have a mutual trust level to just use one server. but infact the costs of maintaining one server far exceeds that of using DLT distributed over multiple locations.
think about it. needing a facility, and a team of security monitoring the single source and ensuring it never goes down.. vs a self auditing multilocation model that doesnt need a team managing it because it self manages and audits. it also can still function in blackout conditions thus less requirement on generator backups and electrician checkups of wiring etc. doesnt need HR monitoring users as users wont get full control to trojan horse the network

so business organisations can sack alot of their IT security staff, auditors, maintenance guys and just get normal regular staff to have it running in normal offices in different locations..while normal staff do thir normal other tasks.

as for the protocol updates
blockchain should remain consensus. whereby its a community majority decision that doesnt update unless clear majority.. (unlike a recent mandatory fork last year(facepalm))
DLT can do mandatory forks as its their closed/corporate software and thus they can have more say on how things ar done.
... but in short blockchains should not have one dev team dictate the future using threats of banishment if not adopting their desires.

as for the data held within
it could be cryptocurrncy. or cryptoID. or cryptoLand registry. anything that needs to be logged and then accessed by mor than one person in one location could use blockchain/DLT based data secured cryptographically

as for cryptocurrency on its own
well LN wants to use cryptocurrency without the blockchain (bar using a blockchain as thee seed generation of a currency) and then later only used 'factories'(fort knox channels) to settle/reset channels all offchain to not require returning to blockchains
but stuff like that, due to it being unaudited by the community and not immutable by blockmining. bypasses all the security measure of why blockchains were invented. and as such. could leave LN being gamed/tricked by users who twak their softwar to have the upper hand vs their multisig channel partner. and it would be possible because the transactions are not auditd by the community/miners.


anyway.. back to blockchain
many people think that a blockchain has to be a single block that is chained to another single block that chained to another block in a single row.
but that does not have to b the case.
infact analogically bitcoin has 2 blocks. the legacy 1mb block and the witness block. stuck side by side, but are processed as on row

sidechains can be where one chain doesnt hold cryptocurrency. but holds lists of hashes of multiple other chains.
imagine it like each local bank branch has its own blockchain. and serves only 10000 bank customers per branch. the block header of each branch plus the total reserve of that branch is sent to a head office chain where each headoffice block is a list of a few thousand bank branch headers and reserve totals. now that bank head office chain is gtting audited by the bank branches and the bank branches can self audit each other too. allowing for 1billion customers to have functionality. without a block of a chain exceding 10,000 tx's/listings a block.. EG not everyone needs to have all the data. but it can be split up regionally to share certain data.

Great information. I think every investors need to research about this market and they also need some information about crypto currency and blockchain. In near future this information will help them to take decision.

Since you are new, it is better if you get engaged and stay connected to those various forums and platforms where topics related to crypto are discussed on a vast scale and in depth. You can also try looking up on the internet to get a better view of the crypto market.

No doubt Bitcoin is one of the most trusted and widely used cryptocurrencies in the whole world. And there are many people who fail to understand the difference between Bitcoin and blockchain system. The market condition will be in a much better state if those people learn the differences between Bitcoin and blockchain system, also it will cause the community to grow.

Mainly block chain technology is really great to use also this created a good market based on this topic many big firms and company created or applied this tech and crypto market is fully depended on this system and blockchain tech is fully decentralized system.

Thank you for the article. I think that it will clear the confusion between Bitcoin and Blockchain. As people face confusion between this two things a lot.

we all can see that crytocurrency and blockchain are potential so there is no doubt that it has a better future but yes there is lot more to know about this by learning you will start understanding so try to read more about block chain and crytocurrency it will helps to find you all answer

Do not apologize, this is far not a basic knowledge I would say Most of us, guys doing bounties and all that stuff have no clue what are you talking about, so it is very respectful, that you are so interested in idea of cryptos.

it is mainly because you hang out in places where they are discussing the price. it also is because almost all of the altcoins are useless so the only thing people use them for is for speculation and profit-making. so there isn't much discussion left to be made about them, unfortunately.
if you look around there are discussions about the technology too. for instance check stackexchange website, it is filled with technical discussions/questions about bitcoin and other altcoins in their respective sections.

The future of the blockchain and crypto currency slightly depend on each other in general. As the blockchain is the backbone system of the crypto transactions, with the development of crypto currency the blockchain system also develops.

Thanks for the information. A lot of people were asking about this.

I hate to be the person to tell you this. Many "businesses" that think they need a blockchain, only need a databse. You will recognize it as you go on to learn more in your "blockchain" journey.


Stop. Read the Bitcoin whitepaper, the Bitcoin wiki and the Bitcoin developer documentation.


Learning is a process. Sometimes when you believe that you already "know", you recognize that there is more you do not know. Plus sometimes debating in the forum helps because you learn from the other person.


Welcome to the forum. Take what everyone says with great cynicism, including mine.

Hi everyone!

I would like to request the help of those who are more educated in this subject. I follow a lot of news about Blockchain and the bright future it can provide for societies and industries all over the world. If you follow it too, you have to admit, that stuff is INVIGORATING. It certainly filled me with enough passion to try and create a business to break out of the 9 to 5!

But when I follow discussions about Cryptocurrencies, not just here but sources elsewhere as well, it is almost strictly treated as an asset. In fact, it borderline sounds like stock trading discussions. Why have these two diverged in this way? I was always under the impression that they went hand in hand. Basically in my mind, Blockchain has this glow that holds so much amazing potential. When I think of the word Cryptocurrency, I start to feel bleak.

I apologize if this seems like basic knowledge to most of you. I am a personal trainer studying to become a physical therapist, so am not quite advantageously poised to make the most of this revolution. Honestly, the only aspect of it I can really wrap my mind around, is how Blockchain will benefit the health industry. Again, since that is the field that I have dedicated most of my time and attention to.

Thank you very much guys. If you need more elaboration on where my confusion lies, please let me know, and I'd be happy to help you help me understand lol