Why the Blockchain Wallet Architecture is Broken For Mass Adoption

“The blockchain is an invention dating back to around 2009 which combines a few things like public key cryptography, peer-to-peer networks and most importantly the solution to an old computer science problem called a Byzantine generals’ problem. What that solution allows you to do to groups of humans who are anonymous and don’t know each other to establish trust with each other and that is a fundamentally very very important thing because in human history we’ve only had a few ways to regulate large groups of humans. We’ve done that either through having a democracy where it’s one person one vote or an aristocracy where an elite is in charge or a monarchy or a king or dictator is in charge or corporations in charge. And now to that we’ve added sort of a fifth way which is groups of people can achieve consensus with each other on the Internet even though they don’t know each other and unlike a democracy it’s merit-based, it’s based on what you provide into the network.” — Naval Ravikant @ GS

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