I could imagine that one day a certain amount of most popular blockchains store hashes of blocks from other popular blockchains. That way they kind of secure each other with each others consensus algorithms.
When it comes to competition, they only compete economically as two blockchains may exist for the same purpose. However, if we end up with two blockchains after the Segwit2x block, these blockchains will compete in a lot more serious sense, since there will be no replay protection, they will not be able to coexist in the same user base. As using one means you have to ignore the other one or use them as one blockchain. You won't be able to safely split your coins.
Topic: Technicalities of competing blockchains (Read 407 times)
There are a lot of different blockchains afterall e.g. nem, ethereum, neo, QTUM and bitcoin blockchain, just to name a few. Do they together benefit from having more people using, so that the total 'blockchain-network', so to say, becomes bigger?
They benefit from each other in that they share an economy that functions independently of traditional banking systems. So while we currently have to mostly rely on centralized entities such as exchanges to trade crypto-currencies and tokens for one another, this may enable a decentralized global market place further down the road.
What is the technical overlaps of different blockchains, and how do they complement each other?
Technical overlaps depends on what you mean. Many alts technically overlap in that they are forks of the Bitcoin codebase. Many alts overlap on a higher level in that they reach consensus via proof of work. I'm sure some other members have additions to make.
Roughly I guess you could break it down into 2 kind of blockchains: 1) currencies and 2) utility tokens.
Currencies may have various properties that may benefit one use cases over the other. Some currencies may be better as store of value, some may have better privacy properties.
Utility tokens usually act either as a kind of security / stock or as a way to use the service of a decentralized application in the broadest sense of the word.
There are a lot of different blockchains afterall e.g. nem, ethereum, neo, QTUM and bitcoin blockchain, just to name a few. Do they together benefit from having more people using, so that the total 'blockchain-network', so to say, becomes bigger?
What is the technical overlaps of different blockchains, and how do they complement each other?
I know there is not a simple answer, since some of them compete, and some of them might work together.. I am just trying to get a better technical understanding of the interdependencies
Thanks!
What is the technical overlaps of different blockchains, and how do they complement each other?
I know there is not a simple answer, since some of them compete, and some of them might work together.. I am just trying to get a better technical understanding of the interdependencies
Thanks!
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