"Understanding a blockchain’s governance structure is as important as understanding how it operates."
Links to the best articles, videos and podcasts about Blockchain.
"When people get into blockchain, there’s a natural discussion about what type of blockchain, because blockchain comes in many different types."
"Liveness and safety are two inseparable properties of consensus protocols. Liveness is a guarantee that a protocol will do something useful even in the face of failures. CBC Casper, a family of consensus protocols, leaves out liveness from their analysis. Treating 1 out of 2 doesn’t get you 50% of the way to a full protocol; it leaves you with almost nothing."
"Second layers are a big part of Logos’ scalability plan. But our primary focus is scaling the first layer to the limits of hardware and beyond."
"An externality is a cost or benefit that affects a party who did not choose to incur that cost or benefit."
"In the anonymous, unregulated Internet, participants are free to act as economic agents, often with few consequences for deviant behavior. Instead of assuming that greater than 51% of all actors will be acting honestly, Bitcoin assumes that greater than 51% of all actors will be acting according to their best economic interest."
"The same utopian promises that bloomed during the Internet’s early days are back. Be afraid."
"Blockchain has yet to become the game-changer some expected. A key to finding the value is to apply the technology only when it is the simplest solution available."
"It’s time to talk about layers."
"In the last few years, many people have realized that Bitcoin is not anonymous, and some of them have realized it with dire, life-destroying consequences."
"A traditional business is generally best positioned setting up shop in a location with existing residents, utilities, law, security, and a vibrant market economy. Similarly, developers benefit from building on top of shared resources such as an existing user base, data, security and running code."
"Today’s global debt markets are robust — transmitting trillions of dollars in value across a multitude of services that allow the economy to operate at never before seen scale. But while efficiency continues to increase, there are still a number of foundational issues that plague existing credit markets including a lack of transparency and a general over-reliance on trusted third parties."
"To fully understand the significance of public-key cryptography, we must first take a few steps back and understand how our society is principally organized around the concept of property."
"I have been skeptical about Turing complete on chain computation for a long time. Many early proponents took the position that there is no issue because a mechanism such as Ethereum’s gas limits how long a computation can run."
"Beyond the environmental concerns, this inefficiency threatens blockchain as a meaningful platform for enterprise. The high energy costs are baked into the system, and, because the cost of running the network is passed on in transaction fees, users of these networks end up paying for them. Initially, companies that use bitcoin may not see the financial consequences, but as they scale, the costs could become fatal."
"What follows is a very lightly edited transcript of one of our chats. In it, Ed attempts to explain “blockchain” to me, despite my best efforts to cling to my own ignorance."
"The buzz around blockchain has reached unavoidable levels—from cryptocurrencies to tracking where your Thanksgiving turkey is coming from, it seems everyone is abuzz. And while most take a decades-long view to consider the future of Bitcoin and whether token sales can replace venture capital, a large and disruptive move is already here: blockchain may mean the end of the middle manager."
"Harberger Tax is an economic policy that aims to strike a balance between pure private ownership & total commons ownership in order to increase general welfare of society. It helps ensure that property is more productively utilised by the society, resulting in an increase of overall economic productivity and general welfare of society. It keeps the power of the market, whilst reducing the inefficiencies in how property is currently allocated. At a relative cost to efficiency in investment returns, it reduces the prevalence of monopolies that exclude society from an asset’s wealth generating capabilities."