I recently wrote this post about Bitcoin, the blockchain and cryptocurrencies for Traversing Tradition. I explain what the technology is, the idea and justification behind it, and some of the issues it comes with. I also talk about how we often get taken in by hype related to technological progress, which arguably applies to other things such as AI and Internet of Things as well.
Anyway, read, share and leave your feedback!
The rise of cryptocurrencies in 2017 brought attention to the technology powering them, called “blockchains” or “the blockchain.” This article will assess why this technology became popular and what kinds of problems it both solves and creates.
What is Blockchain?
Blockchain is best explained through analogy. Think of the website of a newspaper like The New York Times. The contents of the site are stored on servers in a centralized location. Imagine if instead of that, everyone had a full copy of the site stored on his computer with no central server. Every article, comment, and image was there. If a reporter wanted to submit a new article, he would have to get the approval of the rest of the journalists (perhaps in some automated way).
Let’s say one journalist contacts another and submits his post. The other journalist would verify this post using a mathematical technique known as
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