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dcawrey
dcawrey
12/26/2016 10:54:23 PM
User Rank
IoT Visionary
Re: looking forward to many more "chains"...
@mhhf1ve The blockchain is less about security and more about verifiable data. 

This is because once a segment of data is generated on a blockchain, it cannot be changed. In IoT, this could become really useful because it would ensure that device data cannot be tampered with. There's a lot of potential for this. 

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mhhf1ve
mhhf1ve
12/20/2016 9:56:38 PM
User Rank
IoT Visionary
Re: looking forward to many more "chains"...
The blockchain is an interesting way to secure data, but I haven't seen exactly why it's so much better than traditional encryption techniques. I suppose encryption always has some non-zero chance of a man in the middle attack, but is the bloackchain really that bulletproof? Once developers start tacking on protocols on top of bitcoin, they're likely to introduce insecurities, too, right? 

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dcawrey
dcawrey
12/20/2016 7:50:52 PM
User Rank
IoT Visionary
Re: looking forward to many more "chains"...
Blockchain is a really interesting way to make sure the data that IoT devices generate is not tampered with. I believe security is going to be a huge deal with IoT going forward. While many may not realize it quite yet, blockchain may be the answer to security issues. 

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mhhf1ve
mhhf1ve
12/20/2016 3:34:39 PM
User Rank
IoT Visionary
The drawback of Bitcoin...
One of the criticisms of the Bitcoin protocol that I've seen is that it is terribly energy-intensive -- by way of using an ever-increasing amount of computational effort. I understand why it needs to be that way, but... it also seems like a waste of precious resources to chase a digital currency. I know there are some concensus algorithms that are trying to be "greener" in their approach while still maintaining the security and verification reliability. 

 

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mhhf1ve
mhhf1ve
12/20/2016 3:28:21 PM
User Rank
IoT Visionary
Re: Is anyone else worried that Chinese Bitcoin miners are dominating that protocol?
Ariella, if you followed that imgur link I posted, you'd see the kind of conditions that couldn't legally exist in the US or EU. If the images are down, I'll describe the Chinese Bitcoin mining operation as a makeshift datacenter that basically connects an abandoned hydroelectric dam to a dumpster-dive collection of computers. I'll give these guys credit for at least using hydroelectric power and recycling a lot of spare parts, but the setup looks like a serious fire hazard. Perhaps this particular bitcoin mining operation isn't competitive with a shiny new datacenter filled with custom mining processors, but the costs for using a hi-tech junkyard must be pretty close to zero.

If this "no regulations" datacenter is typical of the kind of mining operation that makes China the leader in Bitcoin mining, then that's a bit concerning, no? I don't think too many US or EU Bitcoin enthusiasts are going to want to compete with miners who have minimal operational costs and nothing to lose. 

 

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Ariella
Ariella
12/20/2016 1:10:19 PM
User Rank
IoT Visionary
Re: Is anyone else worried that Chinese Bitcoin miners are dominating that protocol?
@mhhf1ve what safety regulations would come into play? Mining bitcoin is all about computational power. In the early days, people could mine with just their standard computers, but as more people got into the act, it took more and more computational prowess. Consquently, people would form teams to bring their computer power togehter. When bitcoin's value dropped, some argued, it wasn't worth the time and energy, but when it swung back up, there was some more interest agai.

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mhhf1ve
mhhf1ve
12/19/2016 6:17:08 PM
User Rank
IoT Visionary
Is anyone else worried that Chinese Bitcoin miners are dominating that protocol?
I'd like to know if Bitcoin advocates are worried that Chinese Bitcoin miners are dominating the field. There's almost no way any Western organization can keep up legally -- because some miners don't have to abide by any kind of safety regulations....

http://imgur.com/a/WAROS

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mhhf1ve
mhhf1ve
12/19/2016 6:05:21 PM
User Rank
IoT Visionary
Bitcoin protocol not build for speed... or so many sidechains?
The thing about Bitcoin's blockchain is that it has inherent design decisions built in that don't necessarily make it a good choice as a public ledger of a lot of different "things" besides being a digital currency. I haven't followed the proposed "fork" for Bitcoin in a while, but I thought the transactional verification times and the size of the "blocks" were holding back some other uses. I think there's a lot of "sunk cost" in Bitcoin, but that shouldn't prevent a complete revision and redesign to make a different cryptocurrency or concensus algorithm.

 

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mhhf1ve
mhhf1ve
12/19/2016 5:42:51 PM
User Rank
IoT Visionary
looking forward to many more "chains"...
Bitcoin seems to have a problem with "forking" -- but if there's a way to aggregate many different cryptocurrencies without introducting any significant insecurities or inconveniences, then blockchains might really take off. 

I'm beginning to wonder if some completely separate consensus algorithm will ultimately dominate the non-currency public ledger market for security of digital transmission, though.... 

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