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pilatesfordogs | 10 years ago

Does anyone have a link to a simplistic explanation of the block chain and why it seems to be so relevant?

discuss

order

brighton36|10 years ago

It's a buzzword, its a database, but with better marketing behind it.

macns|10 years ago

blockchain aims to solve the "Two Generals' Problem"[0] short explanation in video[1]

On what the article says, transactions not relying on the first bitcoin blockchain are more vulnerable to 51% attacks[2]. Though if that many big corps joined, they could achieve a well established, attack-proof consensus relatively fast - - this probably is bad news[3] for Bitcoins' blockchain "ambitions" which is considered by many a solution to de-centralize the "internet" or services depending on third parties.

[0] In computing, the Two Generals Problem, is a thought experiment meant to illustrate the pitfalls and design challenges of attempting to coordinate an action by communicating over an unreliable link: https://en.wikipedia.org/wiki/Two_Generals%27_Problem

[1] https://www.youtube.com/watch?v=sYduOfRLHq0

[2] https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_...

EDIT: format, clarification

UPDATE: [3] just saw the linux foundation page, this might actually be a good thing, forgive my ignorance

sanswork|10 years ago

>blockchain aims to solve the "Two Generals' Problem"[0] short explanation in video[1]

PoW aims to solve that. Blockchains are just a way to store data in an agreed format with immutability and known ordering.

>On what the article says, transactions not relying on the first bitcoin blockchain are more vulnerable to 51% attacks

51% attacks are an issue for PoW systems. Private chains don't need PoW so aren't vulnerable to them.