[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

30 years ago, “Weird Al" Yankovic's "UHF" becomes a cult classic

Afghanistan Isn't Worth Dying For

Trump: Sen. Rand Paul to help with Iran negotiations

In Bizarre Move, US House Chaplain Gives ‘Exorcism’ Prayer to Drive Demons Out of Congress

MDMA Shown to Help Alcoholics Shake Addiction in New Study

Another Associate of Trump and Clinton Just Got Charged with Sex Trafficking

Charges Dropped vs. Mom Facing 60 Days in Jail for Toddler Peeing in Parking Lot

Detroit Man who Spent 3 Nights in Jail for Jaywalking Settles for $45,000

Texas Cops Beat and Taser Man after finding Antibiotics in his Car

White supremacy could be issue that 'ends this country,' presidential candidate says

Trump has not built a single mile of new border fence after 30 months in office

Mark Levin puts war first and America last

Somali-Born Journalist Returned To Her Homeland To Document How 'Safe' The Country Is But Terrorists Killed Her

A Florida woman was fined $100,000 for a dirty pool and overgrown grass. When do fines become excessive? [she didn't even own it]

Family Gets $750k After SWAT Raided and Destroyed Their Home, Killed Their Dog—Over Unpaid Utility Bill

Michelle Obama is ‘most admired’ woman in the world, new poll says (Bullshit Alert)

U-M student Kathy Zhu stripped of Miss Michigan World America title

Moon Landings Debate on False Flag Weekly News with Massimo Mazzucco 07/19/2019

Grand Jury Filing Over Use of Explosives on 9/11 ‘Names Names’ of Who May Have Blown Up Towers

Hating America After 9/11

The CIA Wants To Make It Easier To Jail Journalists And No One In Congress Is Stopping It From Happening

Jeffrey Epstein: CFR and Trilateral Commission Member

Robert Mueller Should Be Arrested for Conspiracy to Overthrow the President of the United States

Surprise Twist in WikiLeaks Case! UK Refuses to Extradite Assange to Country With Death Penalty!

Tempus Fugit

"It's Going To Be Staggering": Epstein Associates Prepare For Worst As Massive Document Dump Imminent

Rush Limbaugh Abandons Fiscal Conservatism

Round-Up of Crypto Exchange Hacks So Far in 2019 — How Can They Be Stopped?

Bitpoint Hack Shows That Regulators’ Scrutiny Does Not Equal Safety

The Federalist: Democrats Called for Seb Gorka to Be Deported Over Sham Twitter-Based Claims, and Jerry Nadler Even Opened an Investigation Seeking to Deport Him, and the Media Cheered

A Kentucky farmer, ex-Marine wants to challenge Mitch McConnell in 2020 US Senate race

Police called on boy holding 'ice cold beer' sign

What Was It All for For: Vets Have Finally Turned on America’s Endless Wars

Or you can mail donations to Henry Shivley at P.O. Box 964, Chiloquin, OR 97624 ← JINSA Bob Nelson Famous Duck Routine → Video shows Donald Trump partying with Jeffery Epstein and Ghislaine Maxwell

Republicans Defending Trump Are 'Hurting Themselves and They're Hurting the Country'

DIVORCE AGREEMENT Between Republicans & Democrats

Rand Paul Wants To Be Trump's Man in Iran. That Would Be Good News for Peace.

Elderly robocall scam victim committed suicide after 'fraudsters' stole life savings

Watch Elon Musk’s Neuralink presentation

“Did He Not Make Them One?”

Jon Stewart Eviscerates Rand Paul for Blocking 9/11 Victim Funding: ‘It’s an Abomination’

President Trump On Ilhan Omar: I Hear She Was Married To Her Brother!

SHOCK: Portland ANTIFA Holds Memorial For ICE Firebomb Terrorist

‘Trump’s Going to Get Re-elected, Isn’t He?’

Surprise! Illegal immigration deeply unpopular with voters … in Mexico

FBI To Ramp Up Social Media Surveillance

THE NEW ROTH SHOW #16C Timing is everything,

America, Love It or Leave It!

Trump May Appoint Fringe Neocon to Head Intelligence

What Would a Free Society Actually Look Like?


Status: Not Logged In; Sign In

Computers-Hacking
See other Computers-Hacking Articles

Title: THERE'S NO GOOD REASON TO TRUST BLOCKCHAIN TECHNOLOGY
Source: [None]
URL Source: https://www.wired.com/story/theres- ... o-trust-blockchain-technology/
Published: Feb 6, 2019
Author: Bruce Schneier
Post Date: 2019-02-06 10:14:55 by A K A Stone
Keywords: None
Views: 96

In his 2008 white paper that first proposed bitcoin, the anonymous Satoshi Nakamoto concluded with: “We have proposed a system for electronic transactions without relying on trust.” He was referring to blockchain, the system behind bitcoin cryptocurrency. The circumvention of trust is a great promise, but it’s just not true. Yes, bitcoin eliminates certain trusted intermediaries that are inherent in other payment systems like credit cards. But you still have to trust bitcoin—and everything about it.

Much has been written about blockchains and how they displace, reshape, or eliminate trust. But when you analyze both blockchain and trust, you quickly realize that there is much more hype than value. Blockchain solutions are often much worse than what they replace.

First, a caveat. By blockchain, I mean something very specific: the data structures and protocols that make up a public blockchain. These have three essential elements. The first is a distributed (as in multiple copies) but centralized (as in there’s only one) ledger, which is a way of recording what happened and in what order. This ledger is public, meaning that anyone can read it, and immutable, meaning that no one can change what happened in the past.

The second element is the consensus algorithm, which is a way to ensure all the copies of the ledger are the same. This is generally called mining; a critical part of the system is that anyone can participate. It is also distributed, meaning that you don’t have to trust any particular node in the consensus network. It can also be extremely expensive, both in data storage and in the energy required to maintain it. Bitcoin has the most expensive consensus algorithm the world has ever seen, by far. Finally, the third element is the currency. This is some sort of digital token that has value and is publicly traded. Currency is a necessary element of a blockchain to align the incentives of everyone involved. Transactions involving these tokens are stored on the ledger.

Private blockchains are completely uninteresting. (By this, I mean systems that use the blockchain data structure but don’t have the above three elements.) In general, they have some external limitation on who can interact with the blockchain and its features. These are not anything new; they’re distributed append-only data structures with a list of individuals authorized to add to it. Consensus protocols have been studied in distributed systems for more than 60 years. Append-only data structures have been similarly well covered. They’re blockchains in name only, and—as far as I can tell—the only reason to operate one is to ride on the blockchain hype.

All three elements of a public blockchain fit together as a single network that offers new security properties. The question is: Is it actually good for anything? It's all a matter of trust. Trust is essential to society. As a species, humans are wired to trust one another. Society can’t function without trust, and the fact that we mostly don’t even think about it is a measure of how well trust works.

The word “trust” is loaded with many meanings. There’s personal and intimate trust. When we say we trust a friend, we mean that we trust their intentions and know that those intentions will inform their actions. There’s also the less intimate, less personal trust—we might not know someone personally, or know their motivations, but we can trust their future actions. Blockchain enables this sort of trust: We don’t know any bitcoin miners, for example, but we trust that they will follow the mining protocol and make the whole system work.

Most blockchain enthusiasts have a unnaturally narrow definition of trust. They’re fond of catchphrases like “in code we trust,” “in math we trust,” and “in crypto we trust.” This is trust as verification. But verification isn’t the same as trust.

In 2012, I wrote a book about trust and security, Liars and Outliers. In it, I listed four very general systems our species uses to incentivize trustworthy behavior. The first two are morals and reputation. The problem is that they scale only to a certain population size. Primitive systems were good enough for small communities, but larger communities required delegation, and more formalism.

Click for Full Text!

Post Comment   Private Reply   Ignore Thread  


[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Please report web page problems, questions and comments to webmaster@libertysflame.com