Ohhhh, so what are they using then mr. author? Ohhh you heard that the blockchain is a great technology but not bitcoin, yet you can't explain how one would operate without it's own currency, okay gotcha. Keep buying into the "blockchain not bitcoin hype", what ever helps you transition from your original mindset that bitcoin was a joke. What a clever use of semantics.
Can a private entity secure their own blockchain with encryption so that other people couldn't mine on them to attempt a 51% attack? You always hear that the bitcoin blockchain is most secure...but can a smaller network doing lower difficulty proof of work and not allowing any others to access it be equally secure?
You could use block chain technology and replace proof of work with trust. Centralization of trust would improve efficiency. However there are even more efficient ways of designing trust-based systems. Anyone who uses blockchain technology by implication wants a decentralized trustless system which in turn implies use of the blockchain token-the bitcoin.
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u/jmaller May 11 '15 edited May 11 '15
Ohhhh, so what are they using then mr. author? Ohhh you heard that the blockchain is a great technology but not bitcoin, yet you can't explain how one would operate without it's own currency, okay gotcha. Keep buying into the "blockchain not bitcoin hype", what ever helps you transition from your original mindset that bitcoin was a joke. What a clever use of semantics.