What is the driving force of a blockchain?

syedakhlaque

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Quote from: BTCtalker3000 on February 20, 2021, 06:32:50 PM

What do you think? (this question is a little bit philosophical maybe)

The question is really good. Its answer is based on a good technological answer the driving force of the blockchain system is based on:
*Driving force is a method of conforming blockchain sticks.
*Consensus mechanism of blocks is also a driving force for blockchain.
*Inflation of Bitcoin's price & competing for digital currencies also supports blockchain technology.
*The main features of blockchain are decentralization, transparency, immutability.
*The transactions and their recorded & mining also support this system.
*The whole transactions, store records, made by users also support it.
*Now there is also an Indexica's study that shows that developers are introducing a new blockchain payment system

aysg76

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Quote from: BTCtalker3000 on February 20, 2021, 06:32:50 PM

What do you think? (this question is a little bit philosophical maybe)

Blockchain has come a long way and now used both as permission less and permissioned blockchain by the industries according to their needs.But the main function of blockchain is open source decentralised ledger which records all the transaction which cannot be altered after recording and is visible to all.The transaction are recorded in each block mined by the miners after finding cryptographic solution to a puzzle and after verifying it is added in blockchain.
It is currently based on POW concesus but POS is also suggested but not implemented till date.The immutable foot prints and transaction are also main security features of the blockchain technology.

Dutchyyy

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Quote from: BTCtalker3000 on February 20, 2021, 06:32:50 PM

What do you think? (this question is a little bit philosophical maybe)

The main driving force, in my opinion, is based on the three main characteristics of the blockchain, which are:
- decentralization,
- transparency,
- immutability.

Blockchain technology changes the game because it combines three main technologies:
- Cryptography with confidential keys
- Shared book distribution network
- Maintain transactions, store records and network security

These three combine to turn the blockchain into a decentralized, unchanging and transparent Blockchain system.

slaman29

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Livecasino, 20% cashback, no fuss payouts.

Quote from: target on March 06, 2021, 03:32:43 AM

It's opensource. That alone made people come into the space to create their own project and sell it to the public that thinks their project solves a problem. Look at how many developers had been attracted to it if you check the CMC, the number of cryptocurrencies: 8,697. That's all the listed ones, the unlisted ones could be more than its half and blockchain is just 10 years.

Nice to think that it being open source is driving it but many of the web tools I use are open source and I love them yes, but the majority of internet and web is still not open source.

And do you think most crypto users actually care? I care but even if you give me the code I can't tell if something is wrong with it, so I only use software that has been around and is used by a lot of devs.

Jazzi Mahesh

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Bitcoin's price moves are being driven by competing digital currencies and new blockchain technologies. Indexica's study showed talk around Mastercard's partnership with R3 to develop a new blockchain payment system as a strong driver of recent returns.

Amman MD321

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Driving power is a way of conforming to which the blockchain sticks. The best way to agree depends on the application. With something like human money that Bitcoin is, PoW is the only way.In the event that a host of distrustful organizations both seek to establish a mechanism for communication and record keeping, PoS will work better and PoW may be a waste of resources

target

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Quote from: BTCtalker3000 on March 06, 2021, 03:22:18 AM

Thank you all for your interesting answers! Any more opinions on that topic maybe?

It's opensource. That alone made people come into the space to create their own project and sell it to the public that thinks their project solves a problem. Look at how many developers had been attracted to it if you check the CMC, the number of cryptocurrencies: 8,697. That's all the listed ones, the unlisted ones could be more than its half and blockchain is just 10 years.

BTCtalker3000

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Thank you all for your interesting answers! Any more opinions on that topic maybe?

amishmanish

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The driving force is the consensus mechanism that the blockchain sticks to. The best consensus mechanism depends on the usage. For something like a people's money that Bitcoin is, PoW is the only option.

For something where a bunch of mutually distrustful entities want to establish a form of communication and record-keeping, PoS would serve better and PoW would probably be a waste of resources.

mk4

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Paldo.io 🤖

To start with, a blockchain is just a database. It's not the blockchain in itself is what's great, but what the blockchain is used for— in this case, Bitcoin, a currency without a centralized authority. Whereas a blockchain is taken advantage of for all people to be able to have copies of all the bitcoin transactions that have occurred since Bitcoin's inception, stored onto their respective devices.

benjamin07

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The one and only driving forces for a blockchain is immutable transactions. Additional driving forces apply to BTC including but not limited to it not being deflationary, difficulty adjustment, calculated mining rewards, open ledger.

If you haven't used privacy coins before, i give you an example. Say you want to send Dash to someone, then what you do is this:
1. You send the amount to someone's address

Then

2. You give the transaction ID and the amount.

If the two match then Bob's your uncle.

I don't like privacy coins.

BTCtalker3000

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What do you think? (this question is a little bit philosophical maybe)

Topic: What is the driving force of a blockchain? (Read 228 times)