| Author provides 2 examples: (1) blockchain and (2) big data Hadoop map reduce (1) blockchain: most arguments about blockchain always being replaceable with a traditional single node central database conveniently leaves out the constraint for decentralized control. Yes, if you change the ideal goals for the solution, of course you can propose the traditional solution. (E.g. a government central database of property records does not solve the same problem as a decentralized blockchain of property records.) The problems that blockchains are attempting to solve is real. The more interesting discussion is whether the costs of implementation (whether Proof-of-Work or Proof-of-Stake) will ever deliver on that promise. Two possibilities: (1) subsequent failed attempts of blockchains eventually lead computer scientists to a theorem that states any decentralized scheme always costs more than the economic value returned. (The theorem would be similar to the ironclad conclusions of CAP theorem or Godel's Incompleteness Theorem and also similar to discovering you _can_ synthesize gold but the cost (of a nuclear reactor) to do it costs more than the gold itself.) Or (2) more computer science thinking finally makes blockchains feasible for real world applications. Feasibility includes cpu costs, transactions-per-second, 51% attacks, rogue forks, etc. (2) Hadoop map reduce: he writes... >"The entire business plan of a ton of companies [...] set up these huge data clusters based on Hadoop and write complex MapReduce queries for basic operations, and wait for the spice to flow. But there’s no end game. When asked, there’s no vision on what to do with the data that will actually make money" Author should spell out exactly which data companies are spending millions gathering hundreds of terabytes/petabytes with zero clue what to do with it. Yes, there are all sorts of examples out there of "solutions looking for a problem" but this particular essay is empty of insightful data points. |
He specifically says that virtual currencies themselves are a valid reason to use the Blockchain.