1) What is Ethereum's vision, and is it dependent upon other networks? 2) Why the upcoming switch from Proof-of-Work to Proof-of-Stake? 3) What is 'gas' in Ethereum? 4)Does Ethereum have a blocksize cap? 5) What is the governance model of Ethereum? 6) How is Ethereum development funded?
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Understood this perfectly. One of the smartest things I've seen in a while.
Its a pretty amazing idea: to store currency ( that which we hold as valuable ) within a digital asset ( such as a website like amazon or ebay or google ). <--- key word "LIKE" :: but instead of all the data, rules and such being dictated by a single body ( such as a corporation like google ), the digital asset ( such a gmail service ) is secured by the very money that has been invested into it.
And not only on a public service scale, but privately as well. Say you own a business, or rather you are a book writer and you sell your books, perhaps on your website or a type of community bookstore website. Insurance that your book can be sold ( such as the website staying online and processing payments ) is secured by crypto coins. So instead of paying a web developer to build your site and host your store, or worse paying a big company with 1000's of clients they could care less about to build your store, instead you invest in the coin hosting the service selling your book.
... atleast thats how I understood it.
And if I'm correct then this will decentralize things ( a good thing )... but I don't see how it can exactly keep a copy of virtual everything ( content ) to live on the web... ( because if you stop selling books per above example, then you sell your coins and no more sell books.... )
The concept of "programs that cannot be shut down", scares the hell out of me. What if malware were written, added to the block chain, programmed to wait until it was deeply embedded and then unleash to say: "Attack electrically grids, or airline servers"? You seem to be saying that such a program could not be stopped. What if the creator was rich, and gave his evil code plenty of "gas". How could it be stopped? Are there any safeguards in place to prevent malware programs from being added to the chain? It seems like the Etherium network is currently opened to anybody who wants to write anything.
I like ether...cus the price went up....but I don't know what to do with it.....with bitcoin I can gamble, bet on sports and elections, invest, buy games, etc - what can I do with ether? I'm really curious not being troll.
Great Interview, I have a question about smart contract. I heard smart contract is able to remove coins from a node wallet in silency mode as part of automation , as part of contract rules. The question is: What guarantee people will have the address of wallet informed by any payer node is really his/her corrrect address ? what happen if any node decide to lie by informing a random address just to avoid any automatic debit? once every wallet is anonymous. tks
Totally fascinating to observe philosophy of governance, decentralizing tech, with a system of reward to marry into the operation of a currency and contract......mind blowing the many social aspects brought to bear philosophically in concept to development. Impressive how you process and anticipate.....I think you are a droid, or you used to captain a Pirate ship....(or both).....I am truly freaked out.
BitShares started out as a PoW based project with PTS, and learned many valuable lessons and pitfalls about financing a crypto project without being a centralized dictator. It's really hard to do! They then transitioned into the Angel shares model, and in 2014 arrived at the DPoS model, a unique governance model.
So there is yet one more example of the innivations and forward thinking of the brainchild of BitShares, Daniel Larimer. You oughta reach out to him and schedule an interview! In a nutshell his ideology is NAP, Austrian economics and empowering individuals, so aside from blockchain tech you two would have much in common to talk about.
+motech man Thanks for this information. And yes, I'm aware of the merits of Bitshares' Daniel Larimer. I interviewed him last week, actually, but that was before I figured out Google Hangouts, and so the video recording didn't even work.
As a result, I wrote the blog "I Don’t Buy Insurance — But If It Looked Like This, I Might," talking about our interview and Daniel's work: http://thedailydecrypt.com/i-dont-buy-insurance-but-if-it-looked-like-this-i-might/
If some apps that cannot be shut down if using IPFS, will the silk road (drug dealing website) be able to reloaded by using this technology without TOR? Could ISIS, terrorist and some criminals do something like share informations by using this technology? Why Amanda have HKSAR flag in the wall?
Hey Amanda, aren't you violating YouTube policy with your sponsorships? I don't have a problem with them, but it would be a shame if your business got in trouble because of it.
+David de Kloet In their case it counts as product placement or content sponsorship which is fine, otherwise most of the Top 10% of youtube would not even be able to exist. The only rule they need to follow is to report that their videos are done that way via settings. The policies you mention is for when people get their videos rewrapped when embedded off youtube and in turn add ads that were not put there by YouTube AdSense. Or when the in-video content emulates YouTube ads, but are instead encoded into the video.
11:48 He really doesn't seem to understand how proof-of-work works. You can't build the block after finding the hash. The hash depends on the block. And the miner finding the block is not the only one validating the truth. Every full node in the network validates that the block that was created is valid.
The problem with proof of stake is that it's not rooted in the real world. If at any point in time you had a majority stake, you can always go back in time and manufacture an alternate reality.
+The Daily Decrypt in any blockchain, every block depends on all previously blocks. So if you want to change the record of history, you would have to not only change that one block in history, but also all following blocks.
For proof of work, that means you would have to do all the work that all miners did since that one block again. And once you catch up, you'd have to outrun the longest chain. So this is possible with >50% of the mining power but even then it would take an enormous amount of computing power and time to catch up.
For proof of stake, you could do the same thing with 51% of the stake (for example by cooperating with a number of wealthy individuals). Now, the big problem with proof of stake is that if you want to change something recorded in the past, it doesn't matter how much stake you have now (the system can't see that in the past); it matters how much stake you had at the point in time where you want to change the record. And that will never change. So if a group of people ever had a 51% stake, they will always have had that stake at that point in time, so they can always go back in time and recreate history from that point on.
The reason for the difference between proof of work and proof of stake is that the work in proof of work is rooted in reality while the stake of proof of stake only exists inside the blockchain system itself.
As far as I know all existing proof of stake system rely on some form of centralization in order not to be attack this way.
I hope that made some sense.
+David de Kloet I'm not perfectly familiar with the nuances of the two mining types. Are you saying that in Proof of Stake, past blocks can feasibly be changed with enough 'stake', while in Proof of Work, they cannot? Would appreciate further information and/or resource links, thanks.
Great video, I am not that into Ethereum mostly because of the fact that everyone else seem to be. This makes me usually look around for other lesser popular -- but innovative altcoins, like DASH, GridCoin, NuBits, StartCoin, MaidSafe, NXT, and Ripple.
Exactly why I dont really want to get into all that. For something that still at this point vaporware. Is better to wait and see. Most other altcoins already have a track record and have been proven. Nubits have been holding the 1 dollar peg for more than a year. NXT have hold an Asset Exchange for a while as well and it has been prospering and DASH is also blooming. MAIDSAFE as well have been evolving greatly.
Awesome video, thanks Amanda and Taylor. I think you should do interviews more often (well ... a few times a month). I would love to see Evan Duffield from DASH and other devs/creators of cryptocurrencies.
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