Re:Why are we calling it crypto? Just call them private coins
by koolala on Saturday May 28, 2022 @03:47PM
(#31543146)
Aren't there lots of ways to decentralize a ledger? For example, create a collective of 30 independent organizations all over the globe - each audited separately - and have them create a shared ledger based on consensus?
Anyone honestly working in cryptography will tell you that it will never be full proof, it's a game of delaying the inevitable. The NSA knew that DES was vulnerable when it was first created! It still lasted what? 20 years? I wouldn't be surprised to here that AES has an "expiration date" either. SHA 256 has a predicted end date aswell, hense why SHA3 was created. It's not a game of finding the "perfect cryptogram to protect my message forever", that game will never be achieved.
But that fact does not mean that privacy is unimportant.
Block-chain is the only way to decentralize a ledger afaik. All those alt-coins out there just have a different way of doing the same thing. It's not that I think it's the best way to do things, but besides decentralizing the the banks themselves, is there any other way?