this post was submitted on 21 Nov 2023
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The plausible solution is named Blockchain and smart contracts. Until then...
Cryptocurrency is the number one vector for scams and money laundering today despite blockchains.
I'm not cryptobro but I hate that people give out about it's use in crimes... it's a currency, it being used in crimes is only evidence of it being used as a currency. All my drugs are bought with euros.
That's because transactions can't be rolled back, opening accounts doesn't require identifying info, and there's no possibility of payments being intercepted by a third party.
Sure, fiat can be safer when your bank is being responsible. It can be much more dangerous when they aren't. Just ask a victim of Wells Fargo.
Okay. I’ll answer seriously to this. Blockchain can’t store an entire contract (not within reason). Likewise, contracts will never be made public. So at most you’ll get is a pointer to where the contract is held. The contents of the contract can be changed (though you could put a checksum in the chain too), but that still doesn’t address things. Also if you are concerned about “well no one else has a contract” then all that needs to happen is everyone gets a contract, then the chain is inundated with contracts and all you’d have is a pointer and a checksum and you have no idea what’s in the actual contract.
Not only that. Backroom deals without public documentation has been done since the beginning of humanity.
Even if blockchains were widely used, these things would happen outside the blockhain and no one would be the wiser.
A contract is text only, that would be a few kb at most when compressed… blockchain can definitely hold that, it can hold images, and someone even put Doom on the blockchain.
What do you mean by this? I don't work directly with blockchain, but it appears Eth has a 12MB block limit, which is 10,000 pages of simple text.
A block isn’t a single transaction. It’s way too inefficient to scale that way
A block is a group of transactions
Sure, that makes sense, so it looks like each contract could only be 20 pages of text, at least per transaction.
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Blockchain has no viable uses. Append only databases already exist. Distributed databases already exists. It's all a scam.