Topic: Is blockchain real or hype? (Read 2353 times)

no
satoshi was talking about blockchain in the full context of bitcoin. because the topic he was talking about was bitcoin. he never really thought much about altcoins back in the first days, so was not talking about blockchain as just a separate topic

bitcoin is a patchwork quilt of many many things brought together. which makes bitcoin special. but blockchain and bitcoin are not on the same level. blockchain is a base level template. that needs building on

sha256 was a breakthrough in 2001
cryptographic signatures (ecdsa) was a breakthrough in 1999
proof of work was a breakthrough in 1997...
ripemd was a breakthrough in 1995

i could go on.

if you want to start saying blockchain has certain things as a prerequisite.. then you start getting into deeper questions like

if PoW is a prerequisite. then PoS coins are not blockchains?
or
if PoW is a prerequisite. then you cant leave PoW details blank otherwise its an empty gesture/useless to have included PoW as a prerequisite
if PoW is a prerequisite. then what PoW .. MD5 hashed, sha1, sha2, sha3.
if PoW is a prerequisite. then once you answer the detail of the hash required you then have to answer what length nonce is needed.
if PoW is a prerequisite. then once you answer the detail of the hash&nonce length required you then have to answer difficulty mechanism is needed
if PoW is a prerequisite. then once you answer the detail of the hash&nonce length& difficulty required you then have to answer difficulty retarget period.

yep. by saying PoW is needed you then start tumbling down a hill of creating an altcoin by having to get specific purely to even say PoW is needed because PoW needs prerequisites

however blockchain is a blank template. where it can go in any direction.. PoW, PoS PoA, etc. the data within the blocks can be anything. the timing of the blocks can be anything. distribution variation, diversity. etc etc etc

I agree,it's real as can be.Blockchain is the structure of BTC and it's vital for BTC because without it the whole validating process wouldn't be possible.So BTC relies on it and it is one of the most important things when it comes to BTC,the mining and the sending and receiving money need to be controlled and that's super important because BTC is defined by them and it will continue to be.

These days there are too many talks about blockchain. So, is blockchain real or hype?

is a distributed database that maintains a continuously-growing list of ordered records called blocks . Each block contains a timestamp and a link to a previous block.

Of course it is real. With its unique features such as tamper proof, de-centralized and transparent, it finds it way into the financial and retailer sectors in big time. In a few years many payment systems will be based on blockchain.

Then herein lies the real problem. Ask the banks what their definition of "blockchain" is and you realize and question if that is really a "blockchain" because the Satoshi definition is mostly the one for most of us. Before Bitcoin, did anyone really use the term "blockchain"?

If their definition of a blockchain, is a chain of blocks linked together then would that be enough to be called a "blockchain"? I think the breakthrough which is Proof of Word should always be there and should be inserted in that definition.

your thinking of bitcoins blockchain. trying to fit bitcoins concept into the banking industry..

wipe your mind of bitcoin and concentrate on underlying blockchain, again without thinking about all the unique bits that separates bitcoin from the other altcoins.

like going back to the design board and opening your mind to design your very own altcoin.

it doesnt need to be all data on every node(bitcoin) or all data on one server(banking).. it can be inbetween aswell

EG a texas sidechain where all the banks in texas reinforced each other. california have a different sidechain where all the banks in california reinforced each other

imagine each block is not hashed by PoW with a 10 minute target. but instead signed by xx regional hubs/bank branches in a split second.

imagine it like live data is instantly signed off as soon as its altered. and this continues on for a month. then at the end of the month. its locked for good, as historirc record. and then a new block copy is opened up to then change live. like a monthly statement of locked historic blocks and a live block ontop that is the 'current balance block'
making the live active block (much like mempool/LN) editable until its locked. but trusted available balance due to instant multisig signing

imaging instead of one central server hosting every bank account data, there was instead a bank branch that had its own account holders (sidechain) where they all inter-communicate between sidechains, like the same way routing numbers /sort codes recognise which HQ server to address for particular banking customers. but this time the data is distributed into hubs/regions/clusters/sidechains.

once you wipe your mind of bitcoin and see how loose the term blockchain is. you realise blockchain alone is just an empty tool. but is a tool that can do some very funky and unthought about things

Of course it is real. With its unique features such as tamper proof, de-centralized and transparent, it finds it way into the financial and retailer sectors in big time. In a few years many payment systems will be based on blockchain.

blockchain is real and i've been on it for 3 years from now and i still.. but somewhy transactions are slow these days

Blockchain is real thing that's why real tech companies like IBM has announced to go fully in blockchain. Some of the biggest financial institutions already have invested in blockchain tech. All these talks and investments indicate one thing that there isn't just hype and some real thing is existing in blockchain to take it to its best in future.