A Quote by Naval Ravikant
The ledger, the distributed database - it's called a Blockchain - is held in the cloud by all the parties involved. It can't be broken by any of them. It's cryptographically too strong. You would have to compromise the entire network to take over Bitcoin.
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The blockchain concept was pioneered within the context of crypto-currency Bitcoin, but engineers have imagined many other ways for distributed ledger technology to streamline the world. Stock exchanges and big banks, for example, are looking at blockchain-type systems as trading settlement platforms.
Blockchain technology, or distributed ledger technology, is just a way of using the modern sciences of encryption to enable entities to share a common infrastructure for database retention.
Bitcoin was created with security in mind. The Blockchain is Bitcoin's public ledger that records every transaction in the Bitcoin economy.
Blockchain is moving beyond cryptocurrency, and it's worth paying attention - especially since successful prototypes show that blockchain, also known as distributed ledger technology, will be transformative.
Bitcoin as a globally distributed public ledger - that's the thing I'm most excited about going forward. Thinking about how to use Bitcoin in new and innovative ways. In the meantime, we have the boring uses of Bitcoin that are in the process of going mainstream.
Blockchain assets derive value from their usefulness. Bitcoin has value because people value the payment network. BTC is required to use the network, so people demand it. If Bitcoin continues to be useful, it will continue to have value.
Bitcoin is valuable as a currency because of the economic efficiencies the bitcoin network is already creating as transactions flow over it. As with the Internet, more applications will flourish which will make the bitcoin network, and thus bitcoin as a currency, valuable.
The Hyperledger Project is gaining traction on a daily basis, displaying how vital this effort is in advancing distributed ledger technology. Uniting the industry to drive this initiative forward is paramount to the success of distributed ledger technology.
A distributed ledger is basically a shared database that allows institutions to directly send and receive money in a trustworthy fashion without a middleman. As a result, we have the capacity to connect the world's payment systems for the first time.That's a big deal.
The blockchain is a distributed network that solves all the problems that we have of finance, but more broadly, it's like a philosophy. It's a way of life.
Everyone, it's okay to say the word 'bitcoin' and acknowledge that it is the actual platform that is driving this innovation that we're all building on. It's also okay to say 'the bitcoin blockchain,' or 'the blockchain,' if you're afraid that people will think you're weird.
I call the blockchain 'the Internet of value' and 'the Internet of trust.' Because everything becomes trustless. It's a big distributed ledger. Think of it like an Excel file that's being maintained and updated and managed by millions of computers around the world.
Bitcoin is a currency, bitcoin is a network, bitcoin is a technology and you can't separate these things. A consensus network that bases its value on the currency does not work without the currency.
Because the supply of Bitcoin is limited, the price of Bitcoin is going to have to increase and increase very substantially over time. My advice is that if you're interested in Bitcoin and excited by Bitcoin, then buy some Bitcoin and hold onto them, and you're likely to do very well over time.
Distributed ledgers are inherently harder to attack because instead of a single database, there are multiple shared copies of the same database, so a cyber stack would have to attack all the copies simultaneously to be successful.
On the evenings when my parents held parties, the drawing-room mirrors multiplied to infinity the scintillations of a crystal chandelier. Mama would take her seat at the grand piano to accompany a lady dressed in a cloud of tulle who played the violin and a cousin who performed on a cello. I would crack between my teeth the candied shell of an artificial fruit, and a burst of light would illuminate my palate with a taste of blackcurrant or pineapple: all the colours, all the lights were mine, the gauzy scarves, the diamonds, the laces; I held the whole party in my mouth.
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