When people say "put everything on the blockchain" - this is what I imagine :
The blockchain has very specific use cases; things that are better off with some amount of decentralization present.
Currency is really the ideal example. And anything that needs to be censorship resistant - social media on the blockchain makes sense, steemit has this niche. Something similar for youtube - LBRY.io is doing it, but I haven't really researched into it to comment. Then there's Musiconomi - kind of like a spotify on the blockchain, which directly connects two of the most important people in the industry - the musician and the listener, without all the record label/license middle men nonsense that take cuts and restrict the artist's freedom for producing content.
It make sense for these sort of things to utilise the blockchain.
When does it NOT make sense to use the blockchain ?
Everywhere else. People don't seem to understand the many trade offs that render it massively computationally inefficient.
Cheers
This was exactly my conclusion today after I did some research about Numerai.
At first I thought: what a great idea!
But after I've jumped deeper into details and read the whitepaper, my question is this: what's the benefit of doing it on the blockchain?
Numerai depends on a central entity that runs the underlying hedge fund and pays the rewards. The only benefit I can see is in this case is the convenience of issuing a currency. But it's just a matter of convenience, not necessity. The whole thing could just as well be based on a centralized scoring system.
its the stepping stone to the mark of the beast system perhaps
the new internet is IPFS(Interplanetary File System)
blockchain is only a layer protocol at the moment it is possible
in the future with decentralized file sharing sytems to exist as/without the internet
I wonder if it can be used more for security and investigative services though to keep such things really secure.
Yeah, decentralized data storage might provide that edge with security, however, my guess is the transfer/retrieval speeds couldn't compete with centralized architectures.. (Which is what the average person requires, but If u can make that trade-off, it's a great deal)
I'm not really sure about the details here so if anyone can fill me in, I'd be grateful
you could have a decentralized system with centralized security
thats what IPFS is
a combination of blockchain technology and P2P file sharing essentially backing up the web everywhere
Here you are on steemit one of the most advanced blockchains. The words you wrote are on the blockchain.
Do you mean that you can't imagine the referents of your words being on a blockchain because networks are slow?
There are different sub networks though for other types of content.
If the content was ocean freight for instance then I'm sure that the blockchain would not slow it down.
I know that is a far stretch but I am serious. If you think the answer should be more specific then maybe you should be more specific about what your doubts are.
Hi @josephd, this makes sense on the blockchain:
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