You don’t understand blockchain
As if I understand it!
Wait, don’t go away. I do seem to understand a few pieces of it better than a few others. So I wanted to say a few things. Ofcourse, you could be more knowledgeable, and you can also say all you want, in the comments. But before that let me say a few things — after all, I’m the author of this blog :-)
Following are some interesting stuff I keep hearing. I think these will affect one or more of the core strengths of a blockchain — decentralisation, security measures, replication or the very philosophy of the blockchain.
I want to provide blockchain as a service
A service implies a service provider and centralisation of infrastructure and services on it. So, no, not a blockchain purist thought.
The actual data can be off the chain and only hashes on the chain
The off-the-chain data will need traditional security mechanisms. But blockchain could help in keeping the changelog immutable though, for future verifications.
My blockchain nodes are permissioned
Permissioned means applying some centralised control. So decentralisation is affected.
I want to build my interactive web application using smart contracts
You could probably do that, but why use smart contracts? You would be better off with web services or some API for that.
I want to use blockchain as a database
A database may need storing large amounts of data, faster queries and data updates. These are not core abilities of a blockchain.
I want to monitor and manage the blockchain deployments
Monitoring is fine, but managing refers to centralisation.
There is no block reward or cryptocurrency in my blockchain
Security in a blockchain is partly achieved by the difficulty in block creation and its incentive. So, in your case, it could be either centralised or security is not a major concern for you.
I can shard my blockchain if it grows large
Data sharding has benefits, but the current design of blockchain doesn’t allow sharding it. So, you better not bet on it.
Decentralisation means spreading the stuff across several nodes
Nope. It means spreading the stuff across several independent controlling authorities who don’t collude.
Blockchain means no more cheating
That’s what we were told when selling democracy to us — no more bad stuff, because we choose our King.
Bitcoin price will keep going up forever
Not quite related to blockchain, but want to mess with it anyway. Demand for a currency depends on it’s depreciation possibility in terms of a reference currency or assets. That points to existence of a reference currency, which can always be used when the seller doesn’t want to gamble on other currencies. I think bitcoin will follow the path of gold, but with a bit more volatility.
Do you want to add other stuff you keep hearing about or disagree with what I say? Say it then!
