Binance's books are a black box, filings show, as it tries to rally confidence

Re:Binance's books are a black box, filings show, as it trie... by streb-lo on Monday December 19, 2022 @04:47PM (#34058223)

Blockchain also only works the way people intend in entirely digital domains.

As soon as you tie it to real-world assets it's no different than an Excel sheet because you must validate everything manually anyways.

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Re:Binance's books are a black box, filings show, as it trie... by meowkit on Monday December 19, 2022 @09:40PM (#34060879)

This is called the Oracle Problem.

It can work outside of the digital realm.

https://blockpit.io/en/blog/how-to-solve-the-oracle-problem/

> A decentralized oracle uses a decentralized network of nodes to obtain real-life data from off-chain sources of information and transfer it to smart contracts on-chain. These decentralized oracles are like public libraries with multiple sources of information. Using many sources of information helps to minimize counterparty risk. More importantly, decentralized oracles aim to reduce concerns about reliability and trust because oracles that provide false data will be penalized for data manipulation.

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