Blockchain's Big Innovation is Trust, Not Money
It’s been referred to as a "revolutionary technology" by IBM, and a "once in a generation opportunity" by PricewaterhouseCoopers. But perhaps the most descriptive title came from The Economist when they dubbed blockchain "the trust machine". It is a breakthrough in computer science that holds the promise of reducing the cost of establishing and maintaining trust for both individuals and organizations. "Blockchain" is a relatively new term that refers to a specific type of computer database. The Oxford English Dictionary defines blockchain as "a....
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Trust is something we've taken for granted for a long time. Until recently, nobody ever thought to formally study the concept, except for the Machiavellian goal of learning to falsely instill it in others. One of the most revolutionary things accomplished by cryptocurrency and related fields is to turn that question on its head: instead of wondering what makes people trust others, Satoshi questioned whether trust is necessary or efficient in the first place. Who do we really have to trust with our money, why, and what can we do to change that? Origins. Long-time Bitcoin Magazine readers....
In mining we trust. On the side of the US $1 bill it says "In God, we trust". Because money is all about trust. Trust that it's real, trust that it will remain at a similar value for the duration of the transaction at least, trust that the products are represented honestly. In the past trust that the paper was redeemable in gold, and more recently trust that our dollar will be backed by the "full faith and credit of the US Government". And when that trust is lacking society shuts down. To some extent, the crisis of 2008, in the same manner as the one in 1929 was about the lack of trust.....
Oracles are necessary to bring off-chain data and information into the blockchain Money’s Oracle blockchain technology is building the mechanisms used in the legacy financial system for the cryptocurrency space Money is also working on the Decentralized Finance equivalent of a credit score, which delivers a user’s DeFi history to lending protocols Leveraging trust in […]
Money is an interesting thing; it infiltrates our lives at every turn. It has become a necessity for life, and through its use, people can gain access to just about anything they need or want. From something as simple as bread and other foods needed for basic subsistence, to extravagant luxury items like mansions and diamond-encrusted Rolex watches. It’s....
Trust is a component in both gold currency and Bitcoin, although working in two fundamentally different ways. With gold, trust is almost always required, be it in mining, minting, or banking. On the other hand, with Bitcoin, mandatory trust only enters the equation with a centralized mining network. All other trust requirements with Bitcoin occur when an individual voluntarily gives a company or other person control over his or her coins. However, contrary to popular belief, Bitcoin’s trustless nature does not necessarily make it a winner over gold when it comes to trust. If Bitcoin mining....