Cash equals freedom. Cash equals freedom and electronic cash equals freedom on the web.
Your cash is your ability to pay for goods and services in an un-censorable and un-monitorable way. In an over-monitored world, cash truly is your freedom. For decades, this freedom has been eroded in the name of protecting your wealth and providing you convenience. Also, for decades, the greatest minds of our times have been engaged in the development of the illusive electronic cash. Electronic cash aims to combine the convenience of electronic payment systems with the un-censorability and un-monitorability of paper cash. …
It was 4 pm. I was walking past a coffee shop. They make the best brownies in town. The warm, sweet smell pulls me in.
Me: Can I get a macadamia nut brownie?
Lady at the counter: Sure sir, that’d be S$4.5.
I hand out a S$5 bill.
Lady at the counter: Sorry sir, no cash. We only accept cards.
Me: Huh? I am sorry, but this is Singapore. I am giving you Singapore money. You should accept this.
Lady at the counter: Sorry sir, card only.
Me: It is illegal to not accept Singapore money in Singapore. …
Among the most basic needs of humans is the need for social ordering. In today’s world, the market is the ordering principle for society. It is the governing dynamics based on which society orders itself. In the past religion, social norms and politics were the prevailing governing dynamics.
The market comprises of commodities, products, services, buyers, sellers and a means of exchange. Apart from these, crucially, there are what are called fictitious commodities, which is anything treated as market commodity that is not created for the market. Human life reborn as labor is one such fictitious commodity. It can be…
“9 out of 10 blockchain POC projects do not go into production” — Forrester, July 2018.
Forrester is dead wrong; it’s more like 9.999 out of 10. By now you’ve heard many reasons for this abject failure of the private consortium blockchain.
Let me assure you that…
Lately, Proof-of-Stake (PoS) consensus algorithms have been proposed as a replacement for Proof-of-Work (PoW). This prompts an interesting question: How many transaction validators should there be in a PoS blockchain?
The tradeoff is between trustworthiness and performance. Consider a PoS consensus algorithm offering Byzantine Fault Tolerance (BFT) properties. If the number of validators is high, the blockchain would be more trustworthy but offer lower throughputs. If the number of validators is low, the blockchain would be less trustworthy but would offer higher throughputs. This article proposes a market driven approach whereby the number of validators is determined by market dynamics.