Re:Is Worldcoin a Crypto-Currency for the Masses or Your Dig...
by willbudd on Thursday December 22, 2022 @08:22PM
(#34101241)
It really isn't all that interesting to just "use" a blockchain to offer identity management on top.
What is interesting though, is to use identity management to offer a blockchain.
Let's think about it. The whole point of a blockchain is to establish decentralized consensus regarding a chain of transactions.
Bitcoin and the like do so by wasting a ridiculous amount of energy proof-of-work-ing a hash pace that would thwart any attempted 51% attack. Others use proof of stake that effectively tends to put all control into the hands of an oligarchy of early adopters and/or old world capitalists.
But we could do so much better. Imagine if everyone was capable of use public key cryptography while keeping their own identity-linked private key properly private. No more Sybil attacks. No need for PoW or PoS shenanigans. You'd simply only need a certain number/threshold of transparently unique _real_ individuals to sign off on a block for consensus to arise naturally.
I've always believed properly implemented PKC could be key to a truer form of democracy than the world has seen so far. Then again, I'm not sure I have enough faith in humanity for this to actually ever happen.
Let's think about it. The whole point of a blockchain is to establish decentralized consensus regarding a chain of transactions. Bitcoin and the like do so by wasting a ridiculous amount of energy proof-of-work-ing a hash pace that would thwart any attempted 51% attack. Others use proof of stake that effectively tends to put all control into the hands of an oligarchy of early adopters and/or old world capitalists.
But we could do so much better. Imagine if everyone was capable of use public key cryptography while keeping their own identity-linked private key properly private. No more Sybil attacks. No need for PoW or PoS shenanigans. You'd simply only need a certain number/threshold of transparently unique _real_ individuals to sign off on a block for consensus to arise naturally.
I've always believed properly implemented PKC could be key to a truer form of democracy than the world has seen so far. Then again, I'm not sure I have enough faith in humanity for this to actually ever happen.