Imagine you have a database, you decide to add something to it and now you have to solve 5000 sudokus. Also you can’t remove anything as well. Have fun
Imagine many entities have a shared database. You cannot trust anyone else but you have to add something. The consensus mechanism of the algorithm of your choice ensures that only good actors participate through sheer game theory. This naturally has a cost and you are happy to pay it. You have a lot of fun
So I’m clear, does blockchain always refer to those *coin currencies? Or is it be used for other purposes too?
It can be used for other purposes. It’s essentially a digital ledger that keeps track of all the transactions.
Donkey Shame!
Imagine you have a database, you decide to add something to it and now you have to solve 5000 sudokus. Also you can’t remove anything as well. Have fun
I do understand what blockchains are; my question is more to whether they are used outside of cryptocurrencies or not.
~I do also like your explanation.~
Imagine many entities have a shared database. You cannot trust anyone else but you have to add something. The consensus mechanism of the algorithm of your choice ensures that only good actors participate through sheer game theory. This naturally has a cost and you are happy to pay it. You have a lot of fun
Thank you for this. I’ve grown too tired of explaining it after the last 15 years.
Just because it’s not the solution for everything doesn’t mean it’s not a solution for something. Blockchain revolutionized global finance.
This is just plain wrong. Blockchain is not a synonym for cryptocurrency or proof-of-work.
Grifters ruin everything and this reply is a perfect example