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Bitcoin & Blockchain

The necessary scalability of Layer-1 on blockchain

Blockchain has opened up many possible applications, including payments, tokenization, smart contracts, and in general, data access management. For beginners, a recent article The Crypto Story written by Matt Levine on Bloomberg is a good read. It explains quite well in non-technical language some of the problems blockchain could potentially solve, as well as the problems it currently has. Especially, the article makes a good common sense case for the need for a new kind of database to replace the existing ones, something that the current crypto world largely misses.

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
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Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

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DAOs and the reality

The delusion of DAOs (Decentralized Autonomous Organizations) being out of the reach of law is just an extension of the old fancy of using an invisibility cloak to commit an illicit act. Here is the catch: as long as the scheme has a connection and an effect in the real world, law can, and should, reach it. Even a DAO in the so-called metaverse falls within the jurisdiction of the real-world law, as long as… Read More »DAOs and the reality

Triple Entry Accounting & Blockchain

Triple entry accounting was introduced by Ian Grigg in 2005 (Triple Entry Accounting (iang.org). Bitcoin blockchain is a perfect system on which triple entry accounting can be implemented. This is not only because Bitcoin blockchain is an ideal 'independent third-party' to keep and verify the third entry (cryptographically signed cross-entity receipts as transaction records), but also because it provides a highly efficient built-in payment system.

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here

What about Hyperbitcoinization?

Hyperbitcoinization is a term coined by Daniel Krawisz to describe the phenomenon of a fiat money being replaced by bitcoin at a hyperspeed with exponential acceleration. The concept is similar to hyperinflation in which a fiat money is replaced by an alternative money, except that in hyperinflation, a fiat money is replaced by another fiat or in some cases something even worse, but in hyperbitcoinization a fiat is replaced by a superior money, namely bitcoin.… Read More »What about Hyperbitcoinization?

Merkle Tree and Bitcoin

A post on Twitter summarizes how Merkle tree works, but has caused some debates. To be fair, the original post did a fairly good job to explain Merkle tree, albeit quite basic, not nearly as deep as how Dr. Craig S. Wright explained it in Merkle Trees and SPV, and further in Simplified Payment Verification. But as the two BSVers pointed out in Twitter replies, with its limited block size BTC does not need a… Read More »Merkle Tree and Bitcoin

The US needs leadership in Blockchain and the New Internet

Statements of purpose: In this document, we first point out the existing problems in the field of blockchain and cryptocurrencies, but it is not our belief that a crackdown by the US government can be the primary solution to the problem. Rather, our focus is to point out the right direction of the technological development...

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here

Value – creation, definition & transaction

From an abstract point of view, the three most fundamental elements of the human economic and financial system are: (1) creation of value (2) definition of value (3) transaction of value.   Creation of value ‘Creation of value‘ is the central purpose of a productive economy. It should not be controversial to say that value is...

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here

Switching to PoS – Ethereum’s predicted corruption

Ethereum is about to switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS). It is a predictable stage of corruption for an account-based system like Ethereum (see below). But it is incredible that people, even institutional investors, actually thought PoS was going to scale Ethereum.  It’s scientifically impossible, because scalability has to do with parallelization, which is...

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here

More proof that UTXO is superior to account-based systems

The biggest structural and elemental difference between Bitcoin and Ethereum is that the former uses Unspent Transaction Output (UTXO) while the latter uses an account-based model. UTXO is like cash, In that every bill or coin is independent from each other. As long as a dollar bill itself is authentic, the validity of a transfer...

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here

The unsecure Lightning Network as BTC’s layer 2 scaling protocol

“University of Illinois researchers have discovered a vulnerability in Bitcoin’s most popular second layer scaling protocol, the Lightning Network. Cosimo Sguanci and Anastasios Sidiropoulos published an academic paper describing a hypothetical attack based on a collusion of node operators. At the time of publication, they estimated that a coalition of 30 nodes could steal 750...

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here