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comment by mk
mk  ·  3314 days ago  ·  link  ·    ·  parent  ·  post: Blockchain: The trust machine

Absolutely. Not necessarily bitcoin specifically, but something like it. Ethereum is pretty amazing. Not only is it turing complete, they are planning a transition from 'proof of work' to 'proof of stake' later this year to secure the Ethereum blockchain. That is, they will be using an internal metric (control of ETH) rather than hashing power to make the addition of new blocks an expensive game.

https://en.m.wikipedia.org/wiki/Proof-of-stake

If they pull it off, I could see Ethereum being put to use in a wide number of applications, rapidly replacing traditional agents of trust.





theadvancedapes  ·  3312 days ago  ·  link  ·  

    Absolutely. Not necessarily bitcoin specifically, but something like it.

This is my general impression as well. It seems like a general case with a big innovation that the particular content of the innovation is not that important (i.e. in this case bit coin), but that the universal property (i.e. in this case digital currencies supported on a system of open, transparent trust) nonetheless presents us with an immanent emergence.

    replacing traditional agents of trust

Would be nice. Of course it is ironic to consider our current "agents of trust" as such. I think the existence of money itself is an explicit sign of mistrust.