First of all, we want to wish you very merry holidays. These are days when it’s important to think of others, to love them a little bit more, to understand them and to accept them.
We at Bloqbuzz are aware that the challenge with blockchain and cryptocurrencies, is that it’s still a new and rapidly changing field that it’s hard to find any good books or established resources on the topics. You mostly have to read blog articles, original whitepapers, and Wikipedia pages and figure it out as you go.
So, in Christmas spirit of giving, we filtered through what we thought it’s helpful.
Enjoy and have a Merry Christmas and Crypto New Year 🙂
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.
In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.”
“What Ethereum intends to provide is a blockchain with a built-in fully fledged Turing-complete programming language that can be used to create “contracts” that can be used to encode arbitrary state transition functions, allowing users to create any of the systems described above, as well as many others that we have not yet imagined, simply by writing up the logic in a few lines of code.”
Cryptocurrency is Going to be a Great Democratizing World Force by Coinbase
“We think access to crypto globally is still largely an unsolved problem. In emerging markets, it’s still quite difficult for people to get their first bitcoin or crypto. We’re really focused on expanding the number of people and countries that have easy onramps to crypto.”
“Digital currency may be the most effective way the world has ever seen to increase economic freedom. If this happens, the implications are profound. It could lift many countries out of poverty, improve the lives of billions of people, and accelerate the pace of innovation in the world.”
“Bitcoins are scarce (Central Banks can’t inflate them away), durable (they don’t degrade), portable (can be carried and transmitted electronically or as numbers in your head), divisible (into trillionths), verifiable (through everyone’s block chain), easy to store (paper or electronic), fungible (each bitcoin is equal), difficult to counterfeit (cryptographically impossible), and can achieve widespread use.”
“Imagine automatically sending money from one person to another but only when a certain set of conditions are met. For example an individual wants to purchase a home from another person. Traditionally there are multiple third parties involved in the exchange including lawyers and escrow agents which makes the process unnecessarily slow and expensive. With Ethereum, a piece of code could automatically transfer the home ownership to the buyer and the funds to the seller after a deal is agreed upon without needing a third party to execute on their behalf.”
“Currency is a tool of trade. People tend to hoard gold and silver when things are uncertain, and that’s harmful when it limits currency flows on a large scale. Removing the relationship between a currency and commodity doesn’t create “worthless money.”
“…we will likely discover that at some point we will hit an inflection point, where most instances of “blockchain for X” will be made not by blockchain enthusiasts looking for something useful to do, coming upon X, and trying to do it, but rather by X enthusiasts who look at blockchains and realize that they are a fairly useful tool for doing some part of X.”
“Trust is a complicated thing. We all want, at least to some degree, to be able to live without it, and be confident that we will be able to achieve our goals without having to take the risk of someone else’s bad behavior – much like every farmer would love to have their crops blossom without having to worry about the weather and the sun. But economy requires cooperation, and cooperation requires dealing with people.”
“This relationship between protocols and applications is reversed in the blockchain application stack. Value concentrates at the shared protocol layer and only a fraction of that value is distributed along at the applications layer. It’s a stack with “fat” protocols and “thin” applications.”
And of course, last but not least