100 Steem for your thoughts on blockstack

in blockstack •  28 days ago  (edited)

What are your thoughts on blockstack.

I recently reviewed the whitepaper of blockstack. I am curious to read your thought and analysis on the project.


I care particularly about:

  • what are the technological innovation, how is it better than its competitors (ETH, EOS etc)
  • what do you think its long term success will be and why
  • what about the token economics, over economics of the system and how value is built and created


as of now I have not really learned much from the responses, so the bounty is very much up for grabs still. I have so far just upvoted the first responses, but I don't feel they have done a good job analyzing the value and potential blockstack

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The last time I researched Blockstack was when they got regulatory approval for their ICO. Based on what I remember and perceived at the time;

They have a weird funding structure based on getting "x" amount of users by a specific date, and the rest of the escrow money will be released. At the time, my thought was, "even if they are prime beef, getting a million real users or whatever it was in 6 months is impressive. If they do, I consider it a marketing ploy."

The plus of Blockstack is that they may very well have the ability for the deepest rollout of Dapps. The minus is there are several more popular apps for each one currently.

I'm sleeping on Blockstack until they quit that milestone nonsense. Maybe the price will moon, perhaps not. Either way, the jargon is currently not for me.

Note: I don't think I answered your question, it be like that sometimes.

I think the more blockchian Dapp building platforms there are the better. Anything that helps to onboard business minded people to the decentralized side of things is a positive step in the right direction for all blockchains and Dapp creators/users.

Blockstack has a clear tutorial outlining what is needed for those who are interested in using their system. This is important as those who are business minded but may not be familiar with Dapps/Decentralization and blockchains can read said tutorials to get a better understading of such things.

Blockstack Tutorial: https://docs.blockstack.org/browser/hello-blockstack

About DApps and App Mining: https://docs.blockstack.org/develop/zero_to_dapp_1.html

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  • In my opinion at this moment clearly we can't say if this space is better or inefficient than other Blockchain Space. We all know that this world is Transformingand Transforming world needs the real ingredients to come up.

Blockchain Space is evolving but yet this space is not adopted as we are expecting and Technology is powerful but users 👥 are lacking Knowledge or Confidence in this space.

Security is utmost Priority without any doubt and good to know that Blockstack Blockchain is coming up with Authentication and DATA Storage services which is most vital because we are in Big Data times.

But every Project try their best to bring their Products and Services on top but the most important aspect for Blockchain Projects is Survival.

  • In my opinion Long Term success can be determined by, how much effectively particular project is collaborating and partnering with other space and projects to spread the Ecosystem of respective space.

I've read one of the Blog regarding Blockstack Blockchain and in that blog it's mentioned that Blockstack partnered with Blockchain.com and it's reflecting that Blockstack Blockchain spreading their Ecosystem.

More Partnerships means more Promotion and Learning Curve for the world. Not just that Partnerships improves the effectivity of services and boosts the Service Expansion Points.

Application Centric Blockchain space is always a great ingredient because diversified Applications can come into existence with diversified use cases and that's the beauty of Application Centric Blockchain space.

  • As per stackstoken.com, Token use case is defined as below.

Stacks tokens are consumed as "fuel" when users register digital assets, like usernames, or when they register/execute smart contracts. Using Stacks, developers can build and distribute apps that let users maintain ownership of their data and protect their digital rights.

In my opinion we have to yet see how Token Economics will work but Theoretically above definition is giving the initial picture of it.

Genuinely i have to dig deep into this Ecosystem more to know about the whole so for now it looks awesome and in my opinion one more Application Centric Platform is added to Blockchain Space.

@knircky, Keep up the great work and stay blessed.

I quickly ran through the Whitepaper and also through this article called Fundamental Differences Between Ethereum and Blockstack. In my eyes, Blockstack is doing something similar to Elastos or Holochain, when not everything (like on Ethereum) is stored on the blockchain so there could be less scalability issues with better security of data.
The identity model sounds interesting, but not sure at this moment, how it would be working in a real digital world, how secure could this be for a user.
Proof-of-Burn mining algorithm sounds very promising, but how that could work? Is this a perfect solution? What about PoS systems like Algorand or Cardano using the Verifiable Random Functions for random selection of block proposer - those sounds more understandable to me at this moment. But maybe for this purpose, it will work, I am not sure. I need to put more time to study Blockstack, but I heard of it for the first time right now.
Btw. the competitors are strong so I have some concerns about anything new I hear about those days. Anyways, I will put this project under my radar, thanx for the first seed of Blockstack :)

Yea I am not convinced of the innovations tbh. It creates not much benefit or new architecture over ETH. Thx for the effort.

Blocksack is similar to EOS,
He should is a platform of apps.
He applied the technology of blockchain,
Let's be on the blockstack , can build your own application.

official said that part of the profit will be paid to the most good apps.
Is an incentive,
Want at the blockstack,
Build your own application,
Is need to pay for BTC or paid with Stacks Token (STX).

Compared with EOS,
it is more simplified,
Easier to use than EOS,
But EOS has already occupied a large market,
So he wants to open out a road,
it is very difficult.

i don't really see as many similarities to EOS as to ETH. Also don't get how it is simpler. It creates a new language.

Hi @knircky

I think it takes a link to visit and see what it is.

Thx for feedback

Don't know enough about it

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Hi dearest friend @knircky.

It would be a kind of outproxy network (a network with its own rules but capable of also communicating with the current Internet), which bases its strength on two main elements:

The blockchain: Blockstack architecture and the way it has to associate digital identities (users, URLs, portfolios ...) with destinations (IPs, servers ...) is based on blockchain. The blockchain certifies exactly that a package has left one place X and can reach another without the intervention of intermediaries who have been able to intercept and / or modify it.

That is the user who manages his identity: In Blockstack each client has a username and encryption keys that allow him to manage his profile. Profile that would be used by all apps (websites, services ...) of Blockstack to identify us. In this way, at any time the user can delete his profile, create another or modify it so that all the apps that already had it are updated to the new identity.

Within the custom browser with Blockstack's private and distributed DNS, open source technology helps developers create decentralized and encrypted blockchain-based applications, with the same security levels that the Bitcoin network can offer. The main advantage for developers is that they do not have to manage the backend and it is not possible for users of your app to be hacked, since the storage and processing is done distributed on the nodes, without depending on a network or servers Main or centralized.

The token system is based on a utility token (STX) that is used to access the resources offered by the ecosystem to developers. To register identities, STX tokens must be available. And to establish smart contracts, native tokens must also be available. In this way, transactions established in smart contracts must be established with STX token exchange.

I hope I have contributed some knowledge with my humble presentation.

Your friend, Juan.

To stand out in this world, it is necessary to generate innovations that have not been shown to date, especially in the blockchain ecosystem; First of all, I have heard that Blockstack received a strong investment from Japanese companies resulting in a good capitalization and that they are betting on the number one crypto market in the east, there is a point in their favor; In addition to being the first to receive ratings from the US Securities and Exchange Commission. UU., Another strong point in its favor.
Another strong point in its favor, is the relevant feature of the Blockstack network that does not depend on a server, it does not need to rely on third-party cloud storage providers, such as Amazon and Google, but the data is stored in private containers of data that only users or customers control.
As a fourth strong point, it is the easiest way so far to create decentralized applications, because the language is as simple as developing traditional internet applications, in addition to having a large library for developers; This creates greater value by facilitating the task of creating core protocols and developer tools; There are also other key features in user accessibility - customer!

thx for your efforts.

Blockstacks uses bitcoin infrastructure as their underlining blockchain technology, the main aim blockstacks is trying to achieve is to be a replacement for Microsoft in terms of offering similar applications to users, except that these applications offered are decentralized, e.g Microsoft office, notepad, file storage, etc but decentralized versions of the traditional apps, one of which I use myself is a file sharing app known as envelope. You can check the review I wrote about it here.
Hope I could add to your knowledge a bit.

are u sure. this makes sense and ur link is entirely different thing

Yes I'm sure, I got to know about Blockstacks a while ago when reviewing the Envelop App with the link above.

The app referred to in the link above is one of the many applications available in the blockstacks network, it is meant to serve users as an alternative to the traditional google cloud or apple icloud, it is decentralized and ensures user privacy.

That is basically the aim of Blockstacks blockchain, being a decentralized computing network.

They also offer users a unique identity system that is used to access all applications on the blockchain.

They also boast of being secure...