Balaji Srinivasan: Applications: Today & 2025
Curated from: TechCrunch
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Money: from physical to bitcoin
We started trading using physical objects, like gold. If I gave a coin to someone I no longer had the coin. This does not work in the digital realm: If I give a file to some-one I can still keep the file.
So digital cash required centralisation, in the form of banks that act as trust-worthy middleman.
Bitcoin works without a central authority to verify the integrity of the transactions. The authority is replaced by an algorithm running on the devices of all bitcoin players.
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Blockchain
Is a tamper-resistant database for storing things of value.
Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change.
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Benefits of Blockchain
- The blockchain is a database for storing things of value: cryptocurrencies, tokens, assets, or identity
- The blockchain is a protocol, which means the infrastructure can be operated by machines, who can hold and send money with a script.
- Blockchain is better than gold, faster than SWIFT transfers, enabled 10x more crowdfunding than Kickstarter, etc.
- It can enable huge internet-scale cap-tables (the docs that are kept in Excel)
- It can transform social networks by making early users shareholders in tokens.
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