Re:JP Morgan rolls out first US bank-backed cryptocurrency t...
by annonch on Friday February 15, 2019 @10:07AM
(#19171443)
I agree that smart contracts are by far the most interesting thing about this kind of blockchain idea. However since it is permissioned (i.e., not a blockchain), then JP can just change the rules whenever they want. The novel idea that came out of blockchain was the permissionless aspect. While there are tons of problems with blockchain today, you have some assurance that the smart contract will operate as the terms originally sent to the chain. Having a JP run a blockchain essentially cant provide any more (meaningful) assurance than an existing written contract by JP.
Furthermore to say that interesting applications will emerge in permissioned blockchains is akin to saying ever since 2010 Neural networks will make a large impact. It may be true but NNs have been around for decades while Permissioned Blockchains (i.e., distributed ledgers) have also been around for decades. They are merely; append only, distributed, permissioned data structures/bases that have some level of throughput and information guarantees
Re:JP Morgan rolls out first US bank-backed cryptocurrency t...
by johnmarcus on Friday February 15, 2019 @05:21PM
(#19175264)
Block chains are always permissioned in a way though. The developers create the rules, and if you have commit access, you can change them. It’s more open, but it’s still permissioned.
Being able to not transact large amounts of money and instead using a permissioned blockchain to prove you have the funds seems like a great use case to me.
Although mining some ether was fun as was making money on bitcoin, I believe that the really interesting applications will probably be in permissioned systems that either like JP Coin allow virtual transactions or support smart contracts. To get started, taking the eDX course on blockchain for business is a good start.
I also admit that after working as an AI/machine learning practitioner since the 1980s that blockchain applications interest me just because it is something new (for me).