First, Bitcoin and blockchain tokens are bearer assets. They belong to the person who has possession of the private key. Second, the current system architectures which we have built to ensure private key security are complex, insecure, and brittle. This is why we feel we must explain things. If I introduce someone to Bitcoin or Ethereum, I feel o…
…hink that may be because even blockchain’s most educated proponents often lack technical consensus. People may, for example, suggest immutability and trustlessness are inherent, technical characteristics. I contend that immutability is not inherently specific to blockchains and that trustlessness can ultimately be collapsed into the exchange of value. This debate has led to confusion about what blockchains should be used for, and has created a debat…
The crypto community has got much better at answering the question of what blockchain (as well as cryptocurrency) is. However, these descriptions still remain too technical and verbose which prevents the audience from understanding the main point. So here is the one sentence answer to “What is blockchain?”: Blockchain is a technology that allows natively digital transfer of value. That’s it. Full-stop.