cool hit counter Distributed ledger is not a token, it is the true successor to Satoshi Nakamoto's vision_Intefrankly

Distributed ledger is not a token, it is the true successor to Satoshi Nakamoto's vision


Ten years after the 10th anniversary of the Bitcoin white paper - undoubtedly one of the most important technological achievements in recent history - the community it created and united around its grand vision is in crisis.

Over the past 10 years, we have worked to develop protocols that go far beyond Satoshi Nakamoto's initial efforts in terms of scale and ambition, but we are still trying to answer fundamental questions about the nature of the technology and the role it should play in our society. Yes, these still include basic questions such as "What is blockchain?" and "What's the point of blockchain?"

It's hard to understand the relationship between bitcoin and blockchain technology, token and smart contracts, public and private chains. There is a view that blockchain technology is best suited for creating digital currencies (tokens) such as Bitcoin, and another view that blockchain technology holds promise for creating new types of decentralized computer applications (smart contracts).

Meanwhile, another debate is going on about the value of different types of blockchain networks - specifically, whether blockchains should be "public" so that anyone can join the network, or "licensed" to vet membership.

It turns out that tokens are more useful than smart contracts when layering on a public blockchain consensus protocol.

Reviewing today's Bitcoin white paper, it's striking that Satoshi Nakamoto is exactly right about the best use of the public blockchain: digital currency and payment systems.

The whitepaper only discusses tokens and public chains, so we'll just have to figure out for ourselves how to best leverage his groundbreaking invention and extend it to other use cases.

Counterparty is a public blockchain smart contract platform, although it focuses on issuing and trading tokens, while Symbiont is a fintech company that develops and licenses its blockchain-based smart contract system to improve the infrastructure of traditional financial markets.

What I've noticed in my work at Counterparty, and what close observation since Ether's beginnings has revealed, is that while both systems were originally built to support powerful smart contract applications, their primary use is to create and transmit the simplest of digital tools - tokens.

With Counterparty, our vision is to create a network for decentralized finance that requires no trust no middleman. We implemented token balance smart contracts, the world's first decentralized, trustless exchange, a platform that uses CFDs to predict markets, a protocol for transparent elections, and a provable fair game system. Everything we do is as an extension of the Bitcoin blockchain itself, not as a separate network. However, Counterparty's adoption has always revolved around its token issuance and trading capabilities, rather than based on the more advanced and exciting applications it supports.

Likewise, it's been three years since Ether was launched, and pretty much everything anyone does with it can be easily managed with colored coins. With all the attention and excitement about Ether's theoretically unlimited capabilities, people have so far only actually used it for the simplest of decentralized applications.

Part of the reason why the technology used by Ether has been lackluster is that its smart contract language, Solidity, makes it difficult to safely build real applications. Nonetheless, it's surprising that any state-of-the-art ethereum smart contract adopted is a cat-themed trading card game, not unlike Genesis or Rare Pepes, which launched on the counterparty side of the trade long ago. Like its previous counterparts, Ethereum has been used almost exclusively to track token in the past, although it has the potential to do more.

I don't think a smart contract for the general public is feasible.

The value of acquiring a given application and putting it on a blockchain platform is primarily in making that application more widely accessible and trust-free. For digital currencies, this has tremendous value. Digital currencies benefit directly from wider adoption and purity of form. That is, Bitcoin is better than fiat money as a payment system and store of value that is not (easily) confiscated, devalued, etc., because it is not controlled and interfered with.

However, for more complex interactions between end-users, where efficiency is more important than universality, it is not too difficult or painful to rely on a "higher authority" to play the role of trusted intermediary. Interactions between individuals are not complex enough to allow us to transform them into decentralized computer programs.

On the other hand, smart contracts have more to look forward to in the licensed blockchain space. The target users are not individuals, but large organizations (e.g., governments and corporations). The biggest benefit of a licensed blockchain is not more inclusion or transparency, but more consistency and correctness than the existing infrastructure, which cannot provide a single source of truth for multiple parties in a decentralized manner.

The goal of the Enterprise Distributed Ledger is to take existing business logic managed by fax and phone and then encode it into a shared computer application that automates workflow and reduces operational overhead.

Large institutions tend to interact with their peers in intricate ways and, insofar as they are large institutions, there is no natural third party higher authority on which to rely for global coordination.

Ideally, this orchestration should be managed by blockchains and smart contracts as a shared system of records and a single source of facts, without giving a single "super user" access to a central canonical repository of mission-critical market data.

Blockchain is a decentralized computer network in which multiple parties agree on a consistent view of the world, and thus blockchain technology is replacing consistent centralized systems with consistent decentralized systems (Bitcoin replaces fiat currency), or when inconsistent decentralized systems are transformed into a consistent system (smart contracts will replace decentralized financial market infrastructures).

In the former case, the value created is a central unmediated role ; Increased efficiency of coherent, authoritative authentic sources in a decentralized system.

Token - The simplest smart contracts should be as widely accessible as possible, and smart contracts are most useful in licensing settings where they are faster, cheaper, and easier to use.

I have come to the conclusion that the greatest use of a public blockchain, as originally envisioned by Satoshi Nakamoto, is actually as a digital currency and payment system. Satoshi Nakamoto, since the launch of Bitcoin, is partially reflected in the enterprise distributed ledger space, which does not compete with Bitcoin.

Instead of replacing fiat currency with digital currency, they may be used to build new databases to support workflows that are completely unmanageable in traditional customer service. Creating complex smart contracts on a public blockchain network does not solve the problems inherent in the design of existing decentralized systems (as Bitcoin does); And just become a more useful version than the centralized system.

The author, Adam Krellenstein, is co-founder and CTO of Symbiont, Inc. is a fintech company that focuses on combining traditional financial markets and blockchain technology. He was also one of the first to try using the Bitcoin blockchain for more experimental purposes.


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