/biz/ - Business & Finance

>>9007448
cuz it will chain blocks

>>9007448
To me it's accountability for contracts.

>>9007489
Hence why ETH exploded like it did?

>>9007448
>compare it to the internet

I think it's more like an accessory to the internet, basically the next step.

Now we have the technology to EASILY and seamlessly buy and sell things with absolute trust without having to go through all the bullshit of typing up your credit card information, identification, etc. etc.

>>9007448
It's not it's literally meme tier garbage like beanie babies. Just glorified excel spreadsheets stored piece by piece across many databases. Life changing

Data is centralized right now, everytime you access a website you're accessing a centralized database. Data is also incredibly valuable and we're just starting to realize that (i.e facebook selling personal information to 3rd parties). There needs to be a way to not only decentralize databases across a more even playing field (a shared, immutable ledger) and also find a way to effectively monetize our data.

The blockchain infrastructure aims to solve both of these massive problems by creating a decentralized node-based ecosystem, in my mind no one will work within a couple decades. We will all run nodes out of our homes as our sole source of income. I hope that helps you understand a bit of what the goal is here.

It's just a ledger that the public openly controls. May not sound like a big deal, but for the first time in history, we have a publicly controlled record book that can't be altered by a central party.

Scribbling on a clay tablet must not have seemed like a big deal compared to all of the new masonry, forging and irrigation developments that came decades and centuries before it. But it made keeping records on answers to what, where, when, why and how.

Blockchains replace trusted administrative bureaucracies that have to heavily rely on redundancy and skilled labor with expensive credentials for record keeping. And that's not even where it gets interesting.

Layer smart contracts on top of blockchains and we are talking about a voluntary, participatory governance framework that autonomously enforces agreements.

Think of blockchain as a combustion engine and bureaucracy as a horse drawn buggy. Blockchain is still in the choo-choo train stage of development and the rails are still being laid out. You'll see what's possible when all this is firing on all cylinders.

>>9008309
Another big thing is that it cuts out the middle men and all their predatory fees. Huge deal. Like mega huge.

I'm playing ethergoo right now. inb4 "gtfo pajeet shill", i'm not encouraging anyone to play, just explaining the concept. It's an idle game - that genre of video game where you buy units that produce resources to buy more units to produce resources and so on.
The game takes ETH to play, and redistributes ETH in proportion to how well you do in the game. Right away you've got something incredibly valuable from a practical standpoint: the dev team has no need to build a complicated system dealing with several third-parties to implement payment processing, id verifications, deal with chargebacks, fraud, etc.. Use Ethereum, and you've got an efficient payment processor baked in.
Accounts? No need to build your own account system nor to even keep that data secure on your end. It's all on the blockchain, transparent and tamperproof.
So you've got a game in which real money can be used without friction. This makes for a gameplay experience you wouldn't see in previous settings, mashing elements of gambling/betting and video games.
Next part of the virtuous loop: transparency. Players don't have to trust you on faith about the rules of the game, things are open source if you publish your code, and current community sentiment strongly encourages for code to be published.
(As an aside, this might be the best case for blockchain yet: it's a trojan horse to push the idea of open source development *and* easily secure funding for it)
There's no large team behind this game. Just one guy coding this as a pet project. A fully working if limited in scope video game, with complex backend systems delegated to the network. This is what the ethereum blockchain is, you get $40 billion dollars worth of security for free.
That's just one example, video games. Possible applications range as far as programming itself. Business, legal, healthcare, governmental processes. It's endless, and it's likely 20 years from now everything will run on a second or third layer of a blockchain.

>>9007448
The value of the blockchain comes in the form of [COST SAVINGS]. It also [AUTOMATES] and [REMOVES] the need for many human jobs revolving around monitoring and exchange of value.

>>9008364
>I'm playing ethergoo right now. inb4 "gtfo pajeet shill", i'm not encouraging anyone to play, just explaining the concept. It's an idle game - that genre of video game where you buy units that produce resources to buy more units to produce resources and so on.
>The game takes ETH to play, and redistributes ETH in proportion to how well you do in the game. Right away you've got something incredibly valuable from a practical standpoint: the dev team has no need to build a complicated system dealing with several third-parties to implement payment processing, id verifications, deal with chargebacks, fraud, etc.. Use Ethereum, and you've got an efficient payment processor baked in.
>Accounts? No need to build your own account system nor to even keep that data secure on your end. It's all on the blockchain, transparent and tamperproof.
>So you've got a game in which real money can be used without friction. This makes for a gameplay experience you wouldn't see in previous settings, mashing elements of gambling/betting and video games.
>Next part of the virtuous loop: transparency. Players don't have to trust you on faith about the rules of the game, things are open source if you publish your code, and current community sentiment strongly encourages for code to be published.
>There's no large team behind this game. Just one guy coding this as a pet project. A fully working if limited in scope video game, with complex backend systems delegated to the network. This is what the ethereum blockchain is, you get $40 billion dollars worth of security for free.
>That's just one example, video games. Possible applications range as far as programming itself. Business, legal, healthcare, governmental processes. It's endless, and it's likely 20 years from now everything will run on a second or third layer of a blockchain.

Thanks for the informative replies. This thread is blowing my mind. Please continue.

>>9007448
Fuck read a book you newfag. This is despicable on the amount of spoon feeding that goes on here

>>9008512
value of smart contracts*

>>9008847

>>9008309
>Can’t be altered by a central party

>he doesn’t know what a 51% attack is because he’s a fucking 22 year old neet retard

>>9007995
And why link will too

>>9008876
The constant shitposting here makes people lose sight of the wealth of information and intelligent individuals on this site. I’ve read Cryptoassets already and made this thread to gather valuable perspective from other Anons. It’s not spoonfeeding, it’s a discussion.

>>9008920
try your 51% on bitcoin you dumb fuck

>>9008920
That only happens to faggy gimmicks that nobody respects, like XVG. If users give a shit about the network, they'll run a node.