[pilatesfordogs]

Does anyone have a link to a simplistic explanation of the block chain and why it seems to be so relevant?

[joeyspn]

A bit long, but probably the best explanation you can find out there...

https://www.youtube.com/watch?v=sE7998qfjgk

[brighton36]

It's a buzzword, its a database, but with better marketing behind it.

[macns]

blockchain aims to solve the "Two Generals' Problem"[0] short explanation in video[1]

On what the article says, transactions not relying on the first bitcoin blockchain are more vulnerable to 51% attacks[2]. Though if that many big corps joined, they could achieve a well established, attack-proof consensus relatively fast - - this probably is bad news[3] for Bitcoins' blockchain "ambitions" which is considered by many a solution to de-centralize the "internet" or services depending on third parties.

[0] In computing, the Two Generals Problem, is a thought experiment meant to illustrate the pitfalls and design challenges of attempting to coordinate an action by communicating over an unreliable link: https://en.wikipedia.org/wiki/Two_Generals%27_Problem

[1] https://www.youtube.com/watch?v=sYduOfRLHq0

[2] https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_...

EDIT: format, clarification

UPDATE: [3] just saw the linux foundation page, this might actually be a good thing, forgive my ignorance

[sanswork]

>blockchain aims to solve the "Two Generals' Problem"[0] short explanation in video[1]

PoW aims to solve that. Blockchains are just a way to store data in an agreed format with immutability and known ordering.

>On what the article says, transactions not relying on the first bitcoin blockchain are more vulnerable to 51% attacks

51% attacks are an issue for PoW systems. Private chains don't need PoW so aren't vulnerable to them.

[brighton36]

Private chains are also trivially compromised. Much more so than a traditional database

[sanswork]

Please share with the class how?

[brighton36]

Look into nxt, peercoin, a few of the other pos chains. They all failed due to stake grinding. read the poelstra papers for why pos is untenable

[sanswork]

When you know every participant you don't need PoS or PoW you can us RR.

Like I've said elsewhere you are arguing from ignorance and because you've bought into the religion of bitcoin.