Follow @nxtchg

Author Topic: Open Ledger Project  (Read 627 times)

Titulaer

  • Jr. Minion
  • **
  • Posts: 88
  • Respect: +14
    • View Profile
Open Ledger Project
« on: December 18, 2015, 08:00:13 am »
0
Another effort from huge companies to use "blockchain technology":
http://www.wired.com/2015/12/big-tech-joins-big-banks-to-create-alternative-to-bitcoins-blockchain/

Quote
In backing a new project, they can exert more control over how it’s built and how it is used.

 ::)

NxtChg

  • Overlord
  • *****
  • Posts: 1114
  • Respect: +61
    • View Profile
Re: Open Ledger Project
« Reply #1 on: December 18, 2015, 11:05:34 am »
0
I'll just quote jstolfi's reply to some reddit post: :)

====
Quote
Blockchain is a breakthrough in efficiency

Huh? Totally the opposite. The bitcoin blockchain protocol is mind-boggingly slow, clunky, insecure, and inefficient. It is used in bitcoin because it was the only way that Satoshi found to achieve anonymous and uncoordinated volunteer mining.

Quote
normally you'd need a layer of softare on top of a database to validate business transactions - but with blockchain that validation can be built in.

The bitcoin blockchain protocol is a layer on top of the UTXO and unconfirmed tx databases.

Quote
Not only that, but because every client now has a copy of the data, the need for a massive centralized system

For the third time, distributed replicated databases are old hat. And they don't need "massive" servers for the volume that NASDAQ and Tzero have. For larger-volume applications, larger servers would be needed anyway, with or without "blockchain technology".

Quote
It blows my mind that you can't see evidence of a permissioned ledger being useful. How can you not see it??

You must add "distributed mirrored tamper-proof" to "permissioned ledger" for that to be different than a simple database.

It blows my mind how can you cannot see that the functionality of such a thing was already available well before bitcoin.

Quote
Why the hell do you think the whole banking industry is on fire over it? Because they don't see any evidence of it being useful??

It is not "on fire". So far the banks are only researching it to see whether there is something in it that they can use. Because they don't want to appear antiquated and technologically incompetent, perhaps? Because some startups with millions of VC capital are spouting fantastic things about it?

Let's see if and when they will actually use some "blockchain technology" for real. (Linq and T-zero do not need "blockchain technology", and probably do not use it to any essential extent.)
Tentacle Overlord, The Deranged Genius of The Abyss

NxtChg

  • Overlord
  • *****
  • Posts: 1114
  • Respect: +61
    • View Profile
Re: Open Ledger Project
« Reply #2 on: December 18, 2015, 11:11:06 am »
0
And another good quote from Marc Andreessen:

"Big companies desperately hoping for blockchain without Bitcoin is exactly like 1994:
Can't we please have online without Internet??"
Tentacle Overlord, The Deranged Genius of The Abyss