Re:The new business of AI and how it’s different from tradit...
by UweSchmidt on Tuesday February 18, 2020 @07:58AM
(#22355656)
Bitcoin is the ecological desaster that OP talked about.
Smart contracts have the fundamental problem of people having to write perfect, error free code (as it can't be changed later), i.e. an impossibility. Often these smart contracts deal with a monetary value (as people strangely assign value to those "coins"), so something like the DAO hack on the Ethereum blockchain is inevitable. Also to do anything on a blockchain, even just add 1+1, on any hardware, no matter how expensive, no matter how far in the future, has to work at full capacity to hack some crypto. Your laptop will heat up and the fans go on full. Sounds trivial but if you've experienced it it's weird.
Oracles are a fundamental problem of blockchain: If you trust an outside source of truth, why need the blockchain? Go straight to the oracle.
Smart contracts have the fundamental problem of people having to write perfect, error free code (as it can't be changed later), i.e. an impossibility. Often these smart contracts deal with a monetary value (as people strangely assign value to those "coins"), so something like the DAO hack on the Ethereum blockchain is inevitable. Also to do anything on a blockchain, even just add 1+1, on any hardware, no matter how expensive, no matter how far in the future, has to work at full capacity to hack some crypto. Your laptop will heat up and the fans go on full. Sounds trivial but if you've experienced it it's weird.
Oracles are a fundamental problem of blockchain: If you trust an outside source of truth, why need the blockchain? Go straight to the oracle.