Benefits of using Blockchain - Discussion

Blockchain and Bitcoin 101
#527

Hi @IDJ! :wave: :smiley:

#528

How do they ‘use’ this nonce. Is that the number or variable that the hardware is guessing or changing to produce this hash. What am I am missing here?

#529

Government has less regulation which means more free markets.

#530

Not sure, you answered correctly though :stuck_out_tongue: Its a number that is used in the hashing process, the resulting hash is then compared to the target and if its not below it, the nonce is changed and hashed again and the process is repeated until the desired hash is found. :slight_smile:

#531

Hey guys, I have a question. Ivan is talking about the importance of having a global protocol we can use to build applications on which increases the security and trustlesness of the network and therefore that of the applications in the network.

However, a quick google search for BTC vs ETH will tell you that ETH’s blockchain technology is far more robust than BTC’s. If we already have different blockchains such as these 2, how can we hope for a global protocol/network? Are we hoping for the Ethereum one to be the number 1 solution forever? How do we know that in 30 years’ time there won’t be a newer better blockchain everyone will want to move to? Or do you reckon there will only be Ethereum upgrades from hereon?

That’s actually a bunch of questions lol, sorry. Maybe there’s something I’m missing but do let me know your thoughts. Thanks! :smile:

#532

Imo there will never be only one blockchain because the use cases for each are very different. Bitcoin is considered as a store of value while Ethereum is a smart contract platform to develop dapps.
I think eventually these blockchains will be brought together via a decentralized protocol that will enable blockchain interoperability. One of the most hyped projects right now is the Polkadot, another one is being developed by Cosmos.
You can read this article that describes both really well:
https://medium.com/@davekaj/blockchain-interoperability-cosmos-vs-polkadot-48097d54d2e2

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#533

Yeah, you’re right, there are different use cases for each. I’ve been hearing about the Polkadot hype but I wasn’t too familiar with the project. Maybe I’ll give the whitepapers a read, this is an interesting problem the project is addressing.

Thanks for the article, I’ll give it a read and maybe come back with questions when I’m done :nerd_face:

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#534

Sure, if you have any more questions don’t hesitate to ask :smiley:

#535

  • Decentralisation

  • Peer-to-peer transactions

  • Accessibility via the internet

  • Transparency

  • High Speed transactions

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#536

Decentralized. Immutable. Extremely fast. No intermediary. Trustless.

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#537

The benefits of using Blockchain is that everything is transparent and we know no one can cheat the system since you would need 50% of the world’s mining power to try to hack into the blockchain. At least that was what I read in a book titled Bubble or Revolution

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#538

Everyday we are more people in this world and everyday we need to get more connected with each other, that means there is more information circulating around. The system we have been using so far its getting obsolet with time (this is how technology works, always innovating) Blockchain is the solution we need to send more information faster and secure.

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#539

hello ! new to the program,thanks for all the great info

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#540

For me, some of the benefits of using a blockchain, whilst utilizing the technology away from the more traditional platform of digital monies, are that they are decentralized, transparent, and censorship resistant. This would make blockchain a good candidate for a number of applications, with elections and voting receiving considerable benefits from implementing this technology.

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#541

Benefits of using Blockchain:

While a ‘block’ is a portion of an online visible ledger, the ‘chain’ connecting the blocks is its real strength. This chain makes this technology very unique. Suffice it would be to say that with the hash of the previous block and the key of the next block (if I remember correctly from my reading assignment of Satoshi Nakamoto’s paper), it is difficult for anyone to change the sequence of blocks because that would require a lot of work for a criminal. I think the probability of cutting thru the chain and catching up to complete the chain in a malignant way diminishes exponentially as the time progresses from the instance of ‘attack’. This is the biggest benefit of using blockchain.
The second benefit, of course, is that the ledger is replicated on all nodes. So, if some nodes fail, the ledger stays intact.
With its technology making it self-sustainable, we do not need another party to ratify the transactions. Hence, this makes it trustless, yet trust-worthy!
As all my friends have mentioned earlier in this post, more benefits emerge from its unique strengths.
Trust has been the biggest issue since the use of currency historically. Now those intermediaries won’t be needed (banks, trust companies, attestation guys, notaries, and to a large extent, lawyers in financial transactions).
Governments are likely to become more answerable to taxpayers as their transactions will now be visible to all and sundry!
Thanks to Ivan on Tech for the reading assignments that all make sense as people share knowledge.

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#542

Its just revolutionary.

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#543

Blockchain is secure, transparent, and decentralized.

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#544

No more uncle Sam and the feds printing money

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#545
  • More Safe
  • It doesn’t let just a few people control the $$$
  • Perfect for traveling around the world.
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#546

Blockchain is beneficial because it allows a larger number of people a more equal opportunity to have funds that can be transferred worldwide without a required “middleman.”

I live in the United States and the recent scandal involving RobinHood banning its users from buying certain stocks also goes to show how traditional means of making money and markets are easily manipulated by a rich few.

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