> Without a single trusted party. You're trading trust for one entity for trust for many entities.
The notion of “single” entities in society is, I think, flawed. A bank is not a single entity, for instance—they are not just a single actor—they are governed by a board and bylaws and shareholders and government regulations and judges, etc. If something goes wrong, which is expected and built into the system process,there is due process. And the strength of that due process is governed by the self interest of all the parties at play.
The main purpose of blockchain is to attempt to replace the messiness of human governance with the certainty of algorithmic governance. But it is an illusion in many ways and dangerous, in a sense, to put so much trust in an algorithm. I think that much of the philosophy around blockchain comes from the lack of faith in human governance—which is to say, a certain kind of misanthropy.
The notion of “single” entities in society is, I think, flawed. A bank is not a single entity, for instance—they are not just a single actor—they are governed by a board and bylaws and shareholders and government regulations and judges, etc. If something goes wrong, which is expected and built into the system process,there is due process. And the strength of that due process is governed by the self interest of all the parties at play.
The main purpose of blockchain is to attempt to replace the messiness of human governance with the certainty of algorithmic governance. But it is an illusion in many ways and dangerous, in a sense, to put so much trust in an algorithm. I think that much of the philosophy around blockchain comes from the lack of faith in human governance—which is to say, a certain kind of misanthropy.