10 years after BitCoins “whitepaper”, the BlockChain and crypto currencies are a big hype. Time to look at the results of the experiment, see what failed and what works, check the consequences for society, and propose improvements.
BitCoin's technology has three problems which need to be fixed:
- The unfair distribution of coins
- The energy consumption of proof of work
- The non-scaleable replicated, but not partitioned ledger
The lightning network tries to address the last point, by doing transactions off-chain.
- Bullshit Bingo Sheet
- Purpose & History of Currencies
- Proof of What?
- Speculation Objects?
- Ethical Mining
- The Decentral Bank
- Dumb Contracts
- Appendix: Literature
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Note: I want to point out that a service-oriented business model for free software works, but inevitably pushes the companies into a business model, where only the complaint department makes money. If you don't want to stick your head into a pig due to the depressive AI of the useless Sirius Cypernetics Corporation products you got, make sure that there is a business model for creating good, easy to use, and cheap to maintain software.
Incentives matter. Economy is all about game theory.