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The immutable audit trail uncontrolled by any single party is certainly useful, but there are many costs to create such a system. Let’s examine some of the issues.
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Creating a provably consistent system is not an easy task. A small bug could corrupt the entire database or cause some databases to be different than other ones. Of course, a corrupted or split database no longer has any consistency guarantees. Furthermore, all such systems have to be designed from the outset to be consistent. There is no “move fast and break things” in a blockchain. If you break things, you lose consistency and the blockchain becomes corrupted and worthless.
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CURATOR'S NOTE
These Ideas give a great understanding of why Cryptocurrency/Blockchain need to develop further!
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Curious about different takes? Check out our Blockchain Revolution Summary book page to explore multiple unique summaries written by Deepstash users.
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