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RE: Cryptocurrency !== Blockchain

in #bitcoin7 years ago

You missed the biggest part though which is that they are connected. You can't have the most secure, most decentralized, and what will eventually be the fastest blockchain without Bitcoin. If one entity owned the blockchain it would really just be a database at that point.

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I didn't want to get into the specifics, but the future of blockchain technology is going to be less about virtual currencies and more about creating secured decentralised databases for things like voting, moving money (which is already digital anyway). What Bitcoin did was beautiful: they incentivised validation, do this work and maintain the blockchain infrastructure in exchange for some coins which are worth real money.

I think there are advancements being made that allow for a decentralised blockchain to exist without needing a whole lot of validators (nodes) to maintain the network. But for now, you are right: cryptocurrency is keeping blockchains alive.

If one entity owned the blockchain it would really just be a database at that point.

Exactly, like what Ripple has done, to the disdain of many.