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  • we talked earlier, the Blockchain itself, what would you think it's going to be used in in the future?

  • And what is it just obvious that it's not going to be used in or it's just being thrown out there because it's a buzz word.

  • So to me, I think one of the important things to realize is what is important about a Blockchain and what capabilities does it to me, and I've talked about the five pillars, um, and you can add a few more and maybe talk about the seven pillars, but so the pillars of a Blockchain that I care about are it has to be open, meaning that you should be able to access it and use it without any vetting authorization or setting up an account, just download software and participate in the network.

  • No one gets to tell, you know, you can't be part of this.

  • So it has to be open.

  • It has to be borderless.

  • This is an internet, technology is fundamentally borderless where you come from, where you are.

  • Does not matter.

  • It has to be neutral.

  • Uh Blockchain technology.

  • Let's give an example of payments.

  • It does not care who the sources, who the destination is, what the value is.

  • It routes from one end to the other.

  • Just like the internet doesn't care about source destination or content.

  • That neutrality is a critical component for freedom as well as very, very rapid innovation and the development of new capabilities.

  • It has to be um censorship resistant, meaning that no one should be able to stop a transaction from happening whether that's a payment or some other form of transaction or block people from participating in the system.

  • And censorship resistant does not mean censorship proof.

  • You can shut down parts of it, you can donate, deny, disrupt access to parts of it some of the time, you can't disrupt all of it all of the time.

  • Just like the internet, some parts of it go down last week google had a really big hiccup.

  • Sometimes you can't access certain sites from certain places but eventually determined people always find a way to get around these restrictions and find a clear path no matter where they are, no matter what they're trying to do and that's important.

  • I also think it has to be public so the system has to be open and everyone should be able to verify it.

  • Which means it's also transparent.

  • In terms of payments you also need privacy without privacy.

  • Then many of the other features become weak like if you don't have sufficient privacy then you can't prevent it from doing a transaction.

  • But you can be punished afterwards right if I get a million pounds in Bitcoin to my account and it's public information that I might be able to be found out or taxed or something.

  • After the fact I'll give you an even simpler example, if I send money to someone who is a citizen of Iran, I'm in violation of the State Department and Treasury rules.

  • Okay.

  • It's a felony, right?

  • That's as simple as that.

  • But also, you know, if you by an inhaler from the Silk Road or something else like that by something that is perfectly legal in the country where you are perfectly legal to consume.

  • But is illegal in another country that you have an association with or that you visit later.

  • Right, Okay.

  • So that's why privacy is important, privacy is important because even in free countries because it's a fundamental human right, but it's even more important to non free countries because in those countries, your political associations um can be very easily not only scrutinized but also disrupted by control over finance.

  • Okay.

  • A couple other things is that we mentioned everything, that I think I mentioned everything and and and immutable is one of the characteristics that we see in Bitcoin and others, which is once you've recorded something on the Blockchain, it can't be erased from history or reversed in mutability is characteristic that builds over time.

  • So if I make a transaction now for the next hour or so, it could probably with a bit of effort get reversed after.

  • It's had six confirmations as we call it the big 16 10 minute periods have passed.

  • Six blocks have been mined.

  • It's pretty much guaranteed to stick around after a day.

  • Uh It is immutable.

  • The probability of reversing that transaction has dropped so low.

  • I've made this prediction.

  • I say, you know, in our generation we say it's as good as written in stone and our Children will say it's as good as on a Blockchain, it cannot be changed.

  • And that brings some very important applications.

  • You can do things like proof of existence.

  • I can record a document and say this document existed on this date unless that's recorded on the Blockchain after a day, I can always prove look on that date.

  • It was there, wow, not the worst.

  • Mhm.

  • Uh huh wow.

  • Former White House.

  • Mhm.

we talked earlier, the Blockchain itself, what would you think it's going to be used in in the future?

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B1 blockchain transaction privacy censorship reversed resistant

The Importance And Capabilities Of Blockchain - Andreas Antonopoulos I London Real With Brian Rose

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    林宜悉 posted on 2021/05/31
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