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by cl0rkster
3295 days ago
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From what I read, any holder of a private key that is accepted as authoritative can add data to the chain at will and without restriction. The consensus algorithm would then allow that user to rewrite the entirety of the blockchain at will from the point their key was trusted forward by simply creating a longer chain at no cost. What am I missing? |
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You're not missing anything, in my opinion.
Private blockchains make little sense, and the standard rebuttal of this simply lists a large number of "potential applications", without going into detail on any of them and explaining how a private blockchain solves that specific problem.