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w3c / blockchain

Discussion of blockchains for the Blockchain Community Group and workshops
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RE: What is Blockchain #17

Open ScroogeMcDuckButWithBitcoin opened 8 years ago

ScroogeMcDuckButWithBitcoin commented 8 years ago

The current definition of blockchain on the Wiki would define a blockchain as merely a message passing system, with no distinction from legacy distributed ledgers such as ACH and SWIFT.

Wasn't the innovation of a blockchain that of a 'permissionless' system, secured by Proof of Work? Or have we been using blockchains since the 80's? (And if so - why is this project relevant or interesting?)

newgen1infinite commented 7 years ago

The feature that makes the Blockchain interesting is its decentralized platform where every node is complete within itself. However, the blockchain provides the private key to the user which makes the user an authorized person to work on the platform. As far as the innovation of a blockchain that of a 'permissionless' system, secured by Proof of Work is concerned, I don't think that this would happen. Every technology is supported with the "Proof of Work" to ensure the committed volume of work with superior quality.