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RE: The 7 Design Principles of a Blockchain Economy

in #steemit8 years ago

Well written, but there are couple of subtleties that you missed that are important.

  1. This one's really about being able to nearly instantly, and independently verify that someone isn't trying to give you money they've already spent. It doesn't actually record anyone who tries, because that transaction won't be included in the log.

  2. This one's really more about distributing points of failure. If you attack any one person in the blockchain, you only gain access to their funds, as opposed to hacking a bank, and gaining access to everybody's funds. And where a bank has the power to just move money around however they want in the accounts they control, you couldn't do this on the blockchain without convincing everyone that the moves were legitimate (near impossible).

  3. You actually did catch this one. It has been shown that it's not super difficult to figure out real identities based on data in the blockchain. There are some other crypto-currencies working on this problem, but it is a very tricky one.

Anyway, just a few things I thought were worth pointing out. Good article overall.

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@logicalliberty- Many thanks for the feedback!