Re:Ask HN: How would you explain the blockchain (and BTC) to...
by dozzie on Tuesday February 06, 2018 @04:31AM
(#16315218)
> I know how the blockchain works, in some detail (the consensus algorithm, [...])
This alone shows that you don't. There's no such thing as "consensus
algorithm" in blockchain. Blockchain does not work with distributed consensus
problem.
> How do I explain all of this in 5 to 10 minutes to someone who does not follow tech (for example, my grandparents), as simply as possible?
Blockchain: a service that puts so called "timestamps" under documents, so you
can tell which one of two related documents was issued earlier.
Bitcoin: the documents that are timestamped by blockchain describe who sends
how much to whom. (So kind of a ledger.)
This alone shows that you don't. There's no such thing as "consensus algorithm" in blockchain. Blockchain does not work with distributed consensus problem.
> How do I explain all of this in 5 to 10 minutes to someone who does not follow tech (for example, my grandparents), as simply as possible?
Blockchain: a service that puts so called "timestamps" under documents, so you can tell which one of two related documents was issued earlier.
Bitcoin: the documents that are timestamped by blockchain describe who sends how much to whom. (So kind of a ledger.)