BLOCKCHAIN FOR NEWBIES
Blockchain technology was one of this past year's biggest stories. For example, Bitcoin, the pioneer of cryptocurrencies, closed out 2017 at nearly $15,000. As Bitcoin's popularity has grown, more blockchain innovations and cryptocurrencies have emerged from the shadows. Now, it's nearly considered mainstream. Since then, investors and fund managers have flocked to blockchain for fintech.
This talk is about how I got to where I am, but mostly about why the decentralized future is people. People like you — everyone reading this today — that are building, using, and improving this decentralized future.
Creating a centralized network that supports transaction scalability is not difficult from a technical perspective. Paypal, Visa, and Mastercard and many others have done that before. What is difficult is creating a blockchain system that offers users the optimal combination of scalability, decentralization, and security. Vitalik coined the scalability trilemma here, which states that blockchain systems fundamentally can only have two out of the three following properties
In its most basic form, blockchain technology is viewed as “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value” according to Don Tapscott, co-founder and executive director at the Blockchain Research Institute.
When you think of blockchain, you most likely think of bitcoin. Bitcoin is the most widely used application of blockchain technology. However, there are plenty of business use cases beyond it where businesses can leverage the distributed ledger.