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Endure

In 10 Years We Won't Have Blockchains

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Will Murphy is the vice president for blockchain at of Talla.com, the company behind Botchain, a blockchain for managing autonomous intelligent agents.


I predict that in 10 years blockchain technology will improve to a level that calling it "blockchain" will no longer be a useful term.

Let's think about this a moment. Why do we call it a blockchain? The three most interesting parts of the blockchain are:

  1. Consensus mechanisms
  2. Management mechanisms (meta-consensus of how to manage future improvements to the overall chain)
  3. The structure of the blockchain itself

The last one will affect how large the network can get, how fast transaction times will happen, and so on. And the structure of the blockchain is why we call it a "blockchain."

So, what do we mean by "blockchain?" Let's break out the two component terms:

Block: A bunch of transactions bundled together.

Chain: The blocks cryptographically connected in a linear fashion.

Bye-bye blocks

I think in the future the block will not be needed. In its place will be a system where transactions are linked together and can confirm previous transactions.

In order to submit your next transaction, you need to validate others in the queue. In order to get what you want (your transaction submitted), you have to do some work for others.

Why do it this way? Transaction times in this model would be faster than, for example, bitcoin's transaction timestoday. The miner is technically removed and each transaction validates past transactions. Transaction times can actually go down as more people use the system.

Ciao to chains

I also think that in the future, the chain won't be a single directional string of blocks. I think it will look more like a mesh (or graph). Maybe we could have a non-linear set of of branches that go in several different directions, where many parallel transactions are happening.

So, maybe we'll call it a transaction graph. I've also seen the term Tangle (in the IOTA protocol) for early similar concepts.

Maybe we'll call it "the graph" much the same way we speak of "the cloud" today. We will all save information and transactions into this global graph (whether we know it or not).

Enter the DAG

The closest thing I've seen so far that matches my imagined path is a directed acyclic graph.

1*MFJvbhAwOwm2f3rON9Ywjg.png
What a future "blockchain" will look like

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DAG's will be fantastic if they can master the tech. IoT will change the world. Smart toaster to smart cars and infrastructure connected. Quantum Resistant.

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Very important news.
•  George Soros' investment business, Soros Fund Management is set to invest in cryptocurrencies, according to Bloomberg.
•  Adam Fisher, who oversees global macroeconomic investing for the fund, has gained internal approval to invest in and trade cryptocurrencies.

https://www.businessinsider.in/Billionaire-George-Soros-is-reportedly-getting-ready-to-dive-into-crypto/articleshow/63646962.cms?utm_source=social_Twitter&utm_medium=social_sharing&utm_campaign=Click_through_social_share

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Thanks for this post. You clearly deserve a like for the effort and its quality! :)

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@ErdalKunt George Soros is known for bringing down world economies though and he is very bearish on Bitcoin. He knows there is money to made in crypto's, I just hope he doesn't short the crap out of it causing it to go to $1000.

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On 08.04.2018 at 1:07 AM, tennesseeJedEYE said:

@ErdalKunt George Soros is known for bringing down world economies though and he is very bearish on Bitcoin. He knows there is money to made in crypto's, I just hope he doesn't short the crap out of it causing it to go to $1000.

What is important is that a large fund standing in front of the crypto market sees an opportunity in this market. We're talking about a $ 25 billion fund. And from other funds following the move of this fund. Imagine that 100 billion Dollars of fresh money are entering this market. With leverage effect in derivative markets,This money is worth trillions of dollars. How much is the value of Bitcoin when this happens? 

1000$

5000$

20000$

50000$

.

.

.

 

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Another important news.

 

Rockefellers became interested in crypto currency. Venrock, a Rockefeller venture company, will work with the CoinFund crypto investment group to support digital currencies and business innovations based on blockbuster technology.

 

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