Here is my summary of the book What is blockchain?
- Blockchain principles
Start with the story of Changpeng Zhao - a blockchain billionaire in less than a year.
He created Binance in 2017 a flatform to transfer bitcoin and altcoins.
For every user who joins a blockchain, the more valuable that blockchain becomes.
… networks that are more open are generally more successful.
- The sweet spot between permissioned and permissionless.
Eliminate the Intermediaries
- Story of apple juice supplement. The more middleman in the process, the more price customers will pay.
- Where do we have inefficient intermediaries? Who can we eliminate from our supply chain? “Going direct to the customer” has always been a way to save money for both producers and consumers.
- where can we eliminate steps in our supply chain? Where can we replace a centralized record keeper with a decentralized ledger? Where can we eliminate an intermediary? That’s where a blockchain solution is often hiding.
Code, Not Contracts
- A contract is paperwork that records a transaction between two or more parties.
- A smart contract is computer code that establishes agreements between parties and then executes the transaction when certain conditions are met, without the need for a third party.
- Still don’t understand the idea of it???
Forking bitcoin should be avoidable for 2 main reasons
- You lose users
- You are more likely to fork again
Four simple principles of a blockchain project: Free, Instant, Scalable, and Trusted.
The story of blockchain in 2017-2018 periods: Evolution vs Revolution