How to reach consensus outside of the blockchain? Expert opinion

Date:

2018-07-15 21:15:13

Views:

3727

Rating:

1Like 0Dislike

Share:

How to reach consensus outside of the blockchain? Expert opinion Source:

Chairman of the Advisory Board Michael Casey shared his opinion about the problems around private blockchains. According to Casey, kryptonyte not yet ready for new mechanisms of consensus.

the

not so simple

To Manage bloccano difficult.

This is probably the only clear conclusion from the last EOS. A project with a huge funding was intended to solve the problems of management and scalability of the blockchain. But everything turned out much worse — a startup is mired in litigation and dead-end strategies.

First, the selection process 21 producer blocks takes longer than planned. Then EOS Core Arbitration Forum (on the outside of the blockchain, which must resolve the disputes) ordered block producers is 27 allegedly suspicious accounts.

ECAF immediately showered with accusations of censorship and deliberate centralization of the network. Among the holders of EOS was made in long-term reliability of cryptocurrencies. One of the representatives of the ECAF started to threaten judicial punishment, the manufacturer of power from new York. Under constant pressure he renounced his involvement in the project. Recall, there's something to give each unit a producer receives daily fees in the amount of $ 10,000.

CTO Block.one Dan Larimer has recognized the decisions of the ECAF mistake and stated that their actions on the project pushes more people than any hacker attacks or other incidents. Larimer even wants to rewrite the whole Charter of the EOS Constitution.

After the launch of the EOS it's only been a month, and cryptocommunist already have a reason to open the popcorn and watch the verbal wars on Twitter. The history of cryptocurrency is strongly reminiscent of Tezos, who managed to tarnish their reputation even before any distinct product releases.

To compensate For the growing lack of confidence there must be a mechanism or a body that would suit everyone in the ecosystem. The problem is that next to the great concentration of money fails the main cog in the system.

the

best laid plans go awry

The initiative of the creators of Tezos, and EOS can be understood. Similarly, deserve respect developers Decred, NEO and Cardano. Exploring new voting records, or staking coins, they try to find the way to the ideal of democracy on the blockchain. Simply put, it is an attempt to make «bloodless revolution». Previously, all disputes in decentralized systems like Bitcoin or Ether was solved the next fork.

Not to say that the management bloccano will not work. On the other hand, some semblance of centralized control is not the only future for the industry. Now you can overcome all troubles decentralized mechanisms or try to impose this role on well-defined bodies, thereby substituting under blow to the privacy of users. One thing is clear — to create a working algorithm in a toxic environment of distrust and money is very difficult.

It is Worth mentioning that the ECAF was formed by community EOS. Body existing outside of the blockchain, was supposed to solve all problems. However, the implementation of ECAF is poor — unclear mechanisms of work of the court led to the above events.

The Question is: would it be better for all if the project was not based on blind faith in a utopian mechanism DPOS? It turns out that the root of all problems EOS is much deeper than we think.

In fact, the reliability of the mechanism DPOS were tested of the money collected for ICO EOS. Huge financial support, based on expectations of the best, turned the project into a solid greed. Somehow everyone appeared confident that those who have more influence in the project, will be able to change his strategy.

Larimer and other fans of EOS obviously trust different tests and algorithms that are supposed to protect ordinary users from the Almighty producers of blocks. We will remind, now need the consent 15 of the 21 block producers to cancel the transaction. At the same time the system constantly hangs the threat of a fork.

Acne Buterin can be a staunch opponent of EOS — they do , after all. But the warnings Buterin is the truth. Three months ago he announced a possible occurrence of corruption around the block producers, because they can even get bribe for cancelling unwanted transactions. Money and power breed corruption. Always.

Buterin supports his colleague Vlad Zamfir in this dispute. Both the developer are sure that at this stage of development of the technology the consensus model EOS just can't work. The level of trust to the mechanism of DPOS is still too small for a scalable system.

the

workaround

So what to do? The debate about the size of a block of Bitcoin has resulted in hardwork, and the sometimes acne is often accused of «dictatorship» inside the Ethereum ecosystem. Recall last summer coin plummeted in price on the background of the fake news about Baterina, which once again proves the fact of centralization of cryptocurrency.

At the moment, you can resort to the method that has been rejected by the most ardent fanatics of decentralization. Instead of blind trust to the algorithms necessary to create organs outside of the blockchain with clearly spelled out in the Charter.

The Failure of DAO has taught us that code is not yet law. In a system where the software has completely replaced all the legal mechanisms, the hacker is not even considered criminal.

We need to create an organization that will be able to resolve troubles, not bringing them to a protracted trial. ECAF failed because of the vague model of consensus between people. The team of don and Alex Tapscott gave an example of a working modeladministration, which operates more than a dozen years.

Corporation for assigned names and IP addresses (ICANN), the Engineering Council of the Internet engineering task force (IETF) and the world wide web Consortium (W3C) has proved in practice the possibility of achieving consensus on a global scale before the creation of Bitcoin. Governance model of all three organizations does not give any power in the world to obtain full control over the Internet.

A series of developments ICANN is not suitable private blockchains, since the latter rely on decentralized anticorporation methods. However, for the future is important only to those systems that can provide the service of a large array of users. While the EOS is not exactly one of them.

How do you like the view? Let's discuss it .

How to reach consensus outside of the blockchain? Expert opinion appeared first on Two Bitcoin.

Recommended

Co-owner Bitcoin.org Coinbase Pro ridiculed and called a stock exchange Scam

Co-owner Bitcoin.org Coinbase Pro ridiculed and called a stock exchange Scam

co-Owner Bitcoin.org and most popular forum about cryptocurrency Bitcointalk.org Cobra called Coinbase Scam Pro trading platform American crypto currency exchange Coinbase. In his tweet he wrote «if you read Coinbase Pro backwards, get the word ...

The Ethereum is a cryptocurrency Scam. A new report Chainalysis

The Ethereum is a cryptocurrency Scam. A new report Chainalysis

When people learned how to create a new cryptocurrency and began to build their infrastructure like marketplaces, in the field began to appear and fraud. According to blockchain auditor Chainalysis for the past two years, fraud in the ecosystem has s...

VEB and the Grozny mayor's office transferred the housing sector on the blockchain

VEB and the Grozny mayor's office transferred the housing sector on the blockchain

In February, the first Deputy Chairman of VTB Olga Dergunova positively the prospects of the blockchain. According to her, the technology will improve the speed of transactions and security standards. To move from words to action the Corporation took...

Comments (0)

This article has no comment, be the first!

Add comment

Related News

Almost half of the network Lightning Network busy founder Shitcoin.com

Almost half of the network Lightning Network busy founder Shitcoin.com

At the end of the June edition of Diar.co that Lightning Network, you cannot make transactions more expensive 3 cents. In addition, the distribution of the nodes in the network still remains unclear: the publication claims that 10...

Waiting for jump: Coinbase will add to the listing Cardano, Stellar and zcash for

Waiting for jump: Coinbase will add to the listing Cardano, Stellar and zcash for

At the end of June the trading platform with 10 million active users of eToro in listing a coin Cardano. Then token rose 5 percent, to 16 cents per coin. Now the intention to add to the listing Cardano (ADA0, as well as Basic Atte...

Japanese police for the first time confiscated the cryptocurrency as a penalty

Japanese police for the first time confiscated the cryptocurrency as a penalty

Police confiscated cryptocurrency 59-year-old citizen of Japan for non-payment of Parking tickets. The actions of the security forces are fully legal — in April, the authorities allowed to confiscate the crypt as any other propert...

In China arrested the organizers of the tote, which gathered $ 1.5 million in Bitcoin rates

In China arrested the organizers of the tote, which gathered $ 1.5 million in Bitcoin rates

Today, Russia will end the main sports event of the year — the world championship on football of 2018. It seems that this event has nothing to cryptocurrency, but there is a connection. In China, the police arrested the organizers...

Now in Russian: Rostov University has launched courses on the blockchain and cryptocurrency

Now in Russian: Rostov University has launched courses on the blockchain and cryptocurrency

this week one of the best universities in the world, the London school of Economics, sessions on the blockchain and cryptocurrency. Now to obtain professional education of capturadora in the top ten universities around the world, ...

Bill Barged: Bitcoin will surely grow up to 50 thousand dollars

Bill Barged: Bitcoin will surely grow up to 50 thousand dollars

Director General of the cryptocurrency service Abra'm sure in the long run Bitcoin will overcome a mark in 50 thousand dollars. However, the bill Barged gave no time frame for his prediction. About it writes . the Bitcoin will def...

In Russia will create a

In Russia will create a "white list" of companies in the field of blockchain and cryptocurrency

In April , the Chinese on the Moscow markets, "Moscow", "green thumb" and "Fudsiti" are the country's largest buyers and sellers of cryptocurrency. During the year their turnover was 600 billion rubles. However, the bitcoin trade ...

The U.S. Department of justice: the failure of the election of the President was funded via cryptocurrency

The U.S. Department of justice: the failure of the election of the President was funded via cryptocurrency

Yesterday, the U.S. Department of justice accused the 12 Russians in a Federal crime associated with the election of President in 2016. It is noteworthy that to Finance its activities, the suspects used the cryptocurrency. About i...

Cryptopleura Square Cash was ahead of the competitor from PayPal

Cryptopleura Square Cash was ahead of the competitor from PayPal

Application for trading cryptocurrencies Square Cash is growing three times faster than similar platform Venmo from PayPal. The number of clients grows Square, even despite a sharp decline of capitalization of the stock market. It...

CTO Coinbase: the stock market could grow by another 60 times

CTO Coinbase: the stock market could grow by another 60 times

Technical Director Coinbase sparked the present dispute on Twitter with his statement about the popularity of the cryptocurrency. Balaji Srinivasan mentioned that if 63 percent of all people in the world own smartphones, cryptocur...

"Kaspersky's laboratory": the hacking of exchanges collapses quotes cryptocurrency

Director of development platform the industrial Internet, "Kaspersky Lab" Andrei Suvorov believes that attacks on stock exchanges have a major impact on the prices of coins. It is also much more than it seems. His words are quoted...

Kaspersky Lab: more than $ 10 million in Ethereum stolen from gullible investors

Kaspersky Lab: more than $ 10 million in Ethereum stolen from gullible investors

the cyber security Experts Kaspersky Lab have noted that over the past year, scammers managed to steal 21 000 coins Ethereum through social schemes. It is reported . How to keep your Bitcoins According to the report, hackers have ...

What a surprise: more than half conducted by ICO Scam

What a surprise: more than half conducted by ICO Scam

Recent research by Statis Group has revealed that more than 80 percent of ICO in 2017 turned out to be a Scam. Analysts studied the life cycle of startups from the beginning of comensal before listing on the stock exchange. It is ...

Fall market? 12 of the 23 Korean kryptomere not been tested for safety

Fall market? 12 of the 23 Korean kryptomere not been tested for safety

In late January, the South Korean government ban on trade anonymous cryptocurrencies. Since traders need to bind the virtual accounts to personal accounts, and the exchange must transmit information about the operations of the ban...

An anonymous trader has put 6 million into Bitcoin for 280 thousand dollars by 2023

An anonymous trader has put 6 million into Bitcoin for 280 thousand dollars by 2023

At the end of January Foundstrat founder Tom Lee said that Bitcoin will grow to 25 thousand dollars by the end of the year. Later, he forecast up to 22 thousand dollars. The reason was the drop in the market and lack of regulatory...

The Economist: Bitcoin consumes more electricity than the whole of Ireland. Myth or truth?

The Economist: Bitcoin consumes more electricity than the whole of Ireland. Myth or truth?

recently In the media say that mining cryptocurrencies is expensive due to energy consumption. «Bitcoin has attracted the attention of people for years» so now he spends so much kilowatt, how much would be enough for a s...

Waiting for growth: the Robinhood platform adds support for Litecoin and Bitcoin Cash

Waiting for growth: the Robinhood platform adds support for Litecoin and Bitcoin Cash

Tools Robinhood added support for Litecoin and Bitcoin from Cash to Crypto Platform Robinhood. The company mentioned in your blog. Information is confirmed . How to buy Litecoin in Robinhood platform Developers say that in the fut...

Learn from the best: what coins hoblit Chapter eToro

Learn from the best: what coins hoblit Chapter eToro

In late June, the General Director of the trading platform eToro Yoni Assia cryptocurrency with Apple in 2001, "when the company released the iPod and the iBook and has increased dramatically". According to him, digital money a lo...

The average size of the blocks of Bitcoin consistently above one megabyte

The average size of the blocks of Bitcoin consistently above one megabyte

the Bitcoin Network regularly produces a block size more MB. Recall Segregated Witness (SegWit) the size of one block was limited to this amount. Information reports . the Units of Bitcoin become more the Popularity of the home cr...

CEO Binance: let's not wish for others to

CEO Binance: let's not wish for others to "burn in hell"

last week, the acne Buterin that «centralized exchanges should burn in hell». Now my opinion regarding the honesty Vitalik was expressed by the head of the exchange Binance. About it writes . the the Principle of decentr...