Blockchain technology is an innovative technology for todays and tomorrows generation. It demonstrates the power of the internet in a manner never before seen and has place power within the collective rather than the select few. In class, we were able to get a glimpse of the technologies power and utility. The primary talking point that I took note of was privacy within the blockchain. One major privacy idea I thought was important was the fundamental functionality in creating the elements of the blockchain. Placing stakes within a node to gain a passive income from your stake is one way many node managers are able to hold other people accountable for their nodes to be able to process a transaction that occurs. Staking is the act of placing one money on a nodes ability to correctly process a transaction. If the node you place your stake and it does anything bad, then your money is taken as compensation. It is a valid way to hold processor and people accountable for applying anything to the blockchain. Personally, I think that it is a very smart action to take and had added an impressive amount of trust to the overall process of conducting a transaction. A banker would never imagine place their money on the line of correctly processing your. As a matter of fact a banks general business model is to use your money to pay other people and invest to gain more. Compare this to the staking, you see the type of culture or narrative being push within the cypto-community that differences them from modern banking. Trust by money is an amazing model.
-AL
Comments
Post a Comment