Wednesday, June 17, 2020

An article demystifying crypto-coins, and if it's even possible to value Bitcoin

This post has nothing to do with Oracle technology as I haven't yet tried Oracle blockchain. I'm also aware that much has been said  on the subject by others and inner workings of blockchain have been explained ad-infinitum over the years. 

But here's my analysis that describes ideas like money, "value", price, some history of "ledgers" and how they evolved to "Distributed Ledger Technology". 

Must add that many of the shortcomings around scalability of Bitcoin (which is only one of and the pioneering cryptocoins) are covered on Bitcoin FAQ's

Abstract below:
The meteoric rise of the price of bitcoin, and its accompanying wild fluctuations, piqued the interest of many investors and speculators. Cryptocurrency has often been hyped as a gold-like replacement for fiat currencies by virtue of its “finite” supply. There have been many publicised stories of the early stage “miners” who “solved puzzles” (as they put it) on their computers to “mine” bitcoin early on, who then went on to cash-out with spectacular windfalls. The underlying “blockchain” technology and proposed applications designed to be built “on the blockchain” also received much attention and, reportedly, investor funding. This paper will first attempt to clarify these terms, explain some of their working based on the author’s research, and then examine these claims. It will attempt to answer a simple question: where does the actual “value” for a unit of crypto come from? This should help both potential investors and users of applications based on these concepts to make more informed decisions.

Full article can be read here:
https://www.researchgate.net/publication/342027792_Demystifying_Crypto_-_From_Bookkeeping_Ledgers_to_Blockchain

Representation of a blockchain network, depicts main function of a node






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