Do private, permissioned blockchains make sense or have value? What interesting features will they lack? What consensus issues will they have? Which permissioned blockchain projects have failed so far?
These questions are from the July monthly Patreon session, which took place on July 28th 2018 respectively. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop
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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
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The conclusions drawn here are correct. One thing to note is that, at least in Bitcoin's original proposal, the proof-of-work-based consensus mechanism did not constitute Nash equilibrium, as Sirer et al. showed in their "Majority is not Enough" paper; so everybody acting in their own self-interest is not the honest protocol. It's likely that it is close to that, or perhaps that it can be modified to behave that way (for example, by adopting Sirer's recommendation for the priority of block adoption).
The thing you did not mention about the fallacy of permissioned blockchain is that "chaining blocks" (creating blockchain) WITHOUT consuming resources (In the case of PoW, this resource is electricity) does NOT make sense, as re-calculating all hash values does NOT have any considerable cost and it takes few seconds! So, in a permissioned blockchain network (such as Hyperledger whose consensus mechanism is PBFT) WHY DO WE NEED TO CHAIN THE BLOCKS (creating blockchain) ?! What does really mean chaining blocks without consuming resource/energy? , where re-calculating all hash values and as a result replacing all blocks can be done EASILY and RAPIDLY. The thing can make transactions history immutable in Bitcoin, is a PoW with ENOUGH difficulty. Otherwise, only chaining blocks based on a PBFT consensus is a FALLACY and deception, and nothing else …
I feel EOS has something in common with permissioned blockchains like R3
Are blockchains or bullshit?
https://www.youtube.com/watch?v=SMEOKDVXlUo&t=585s
Hi Andreas. I was curious as to what you think of IOTEX Random Delegated Proof of Stake Protocol (RDPOS) ?
I have to disagree with this "Selfish approach", because "everyone acting purely in their own self-interest" only works until one of those selfish people gets hold of 51% computational power on the system (51% attack). And that's when all of the other selfish folks gather around and hope that this selfish entity with 51% control decides not to act solely in their self interest.
This was excellent! Thank you Andreas!
Hi andreas antonopoulos I'm from India ,we are facing ban on Crypto currency and it's really difficult to get into Crypto currency exchange are closing one by one even price of many Coins are really high difference in price and customer service are also going worst …. I request you to make a video about situation in India… Crypto currency community is facing a serious threat , please share your opinion ????
Not convinced
Great topic
As always, wonderfully explained Andreas
We already have digital permission-ed ledgers in most countries.
one is a one world currency. The other is Bitcoin and many alts….
If 100% of the miners were corrupted surely they could just agree to validate their changes so could do whatever they want?
Bitcoin will rise to become synonymous with blockchain same as TCPIP came to be synonymous with the internet. Only room for 1 POW store of value chain. Other edge cases like dApps may support a few variants of POS, but their addressable market pales in comparison to store of value.
Permissioned = database
Thanks for reviewing the important differences.
So Andre, Does that mean we'll still have a choice of where to invest though?…centralized vs. de-centralized block chains, coins & tokens? I'm thinking no one can stop the de-centralized system, but that a centralized system will exist as well. Am I wrong here?
Smashed the like
Is XRapid a permissioned block chain?
Great video
Timely with the likes of Baidu & similar companies launching 'Super Blockchains'
Apparently EOS can take all your funds if your wallet is inactive for 3 years. That means 1. Don't go to prison. 2. Don't get into a coma!
And if you think they're bluffing TRYBE token reached into people's wallets and took back tokens that they misallocated. Why decentralise?
Edit: Link attached -> https://thenextweb.com/hardfork/2018/09/12/eos-platform-botched-airdrop/
Funny Enuf is that also authentication <> authorization ?
Watched, liked & shared = true ;
Greetings from Africa Kenya
Agreed.
permissioned <> decentralized