Blockchain Society: Trustless Blockchain do | BLOG Certified
In my previous article, Blockchain's Broken Promises, I skipped the tech jargon and the details in order to be understood by a wider audience. But it is a long read. For people who understand tech, the article can be much shorter: A fully trust-less blockchain can not scale to replace e-banking There are no truly trust-less chains There is no point in a non-trust-less chain Why trust-less blockchains don't scale A blockchain, as data, is a database transaction log, where every transaction is signed by the sender and a verifier (miner). Getting data about anyone's account without trusting someone else's word for it, you have to re-do this transaction log on your own, initially empty, database. You can do it once, and then keep track of everyone in the world's account state continually, ie run every single transaction in the world, or you can add it to the log and only "re-do" the log for one single account when you want to validate a transaction from there. Or you can re-download